Yesterday I got news back about our home valuation and fortunately it was good news! Five years ago when I started this blog our home was valued at $380,000 by our bank. Over the last few years prices have dropped and three of our close neighbours have sold in the last few years with prices from $343,000 – $360,000. Needless to say we’ve been worried about how it would be valued, given that it needs work done.
When the valuer came we had just ripped up all the carpets, removed wallpaper and we’re in the middle of painting several rooms. The valuation had to reflect the value ‘as is’ and that came in at $350,000, which was a good result. But he also added in that $370,000 was the more realistic value with painting done and carpeting complete. We are really pleased with that! We would have been happy with $350,000 AFTER we’d finished all the reno work that needs to be done!
So it’s reassuring to know that we are being realistic about the house value. DH has been organising qoutes. We have builders coming to quote of removing and replacing the front verandah railing and plumbers coming to quote of digging up the broken pipe, replacing it and clearing out another blocked pipe.
I know I need to update on the painting. We’ll be back into that this weekend.
Little Lamb
on Jan 25th, 2012
@ 7:36 am:
Happy to hear your news was so positive! All the more reason to keep on doing what you are doing!
Jane
on Jan 25th, 2012
@ 9:59 am:
So, a little $20,000 bonus?? That’s fabulous and will repay you for all of your hard work and renovations, you must be soooo happy!
Hawaii Planner
on Jan 27th, 2012
@ 3:49 am:
Great news!
Quest
on Jan 28th, 2012
@ 6:58 am:
That’s very good news regarding your home valuation. So many of the houses around here in my neighborhood have fallen in value so much that I’m not even sure anymore just how much my house is worth without an appraisal. I may have to pay for one in the spring but the other thing to consider before I spend $450 is that prices are still falling