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Getting your house valued

This morning a bank had our house valued. The valuer gave some interesting insights to the process.

They value land size and improvements - no surprises there.

In the house they photograph your kitchen and bathroom, so they obviously have an impact on the value. Ducted heating and cooling were also items of interest. That all makes sense because they're items that can't be removed (easily).

The valuer measured the houses external dimensions and walked around the plot. He commented that he has to look for items like underground water tanks and nowadays, some houses have split cycle air-conditioners that look like pictures on the wall. An indicator is the presence of control units mounted on walls.

I asked about the sales data that is used. He said that banks prefer valuations based upon actual settlements, but that this can be a problem in fast moving markets. I suppose this is because settlements take 30, 60 or 90 days, and that is a long time in a hot (or slumping) property market.

As is usual, I suspect we won't be told that value, but having a loan approved is a sign that the loan is no more than 80% of its estimated value.

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