12/07/2022
This weeks lessons learned ........ 🏡🏡
We were looking to re-mortgage a mid-terrace house, 3 bed, fully refurbished with a new kitchen and bathroom. We had evidence of 2 sold comparables of 140-145k, within 1/2 mile and within the last 6 months. With this particular property it was more important for us to get a high end valuation to get as much money back out from the re-mortgage as possible. The company, working for the mortgage provider, valued it at 125k, and refused to change their minds despit our clear evidence!!!! This did not make any sense to us so we took the slight risk, paid the valuation fees again and got a second opinion.
The results = 20k difference in end valuations!!!!! Valued at the higher end of comparables at 145k😊
Lesson ...... Don't take the first valuation as gospel. It's worth spending the extra valuation fee to ensure you get what you know it's worth and why you entered into the purchase in the first place.
Know your exit strategy and make it happen 👍👍
