Property investors are constantly wrestling with valuations. Why do we want a valuation?
1. When purchasing a property
2. To get equity out of existing properties
2 weeks ago a client had a valuation come in on their property of $530K. A figure that was well below what they thought it was worth. This would have given them $50K to release based on their debt levels on that property.
We can accept that and release the $50K to use or we can order a new valuation using another lender. This is the power of using a experienced mortgage broker who thinks outside the box and looks across numerous banks to get the best outcome for client. We went with the second option and boom. The valuation was $120K higher and an extra $80K to use for next investment property to cover deposits and costs.
In summary – the valuation can sometimes determine the lender we use and not necessarily the lender that we can have a coffee with and have been loyal to over the years.
If you have any questions and need help getting your next investment underway don’t hesitate to email me at john@solverewealth.com.au or call me on 0438 396 478. I live for this stuff and would love to get you on the path to success.