The Risk of Getting a Property Valuation Right Now | Episode 540
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Should I get a property valuation right now or wait for the market to change?
We are back in your life and today we're asking the simple question, could getting your house value be an amazing opportunity right now, or will it make the next move harder? I've got my best bud in the whole entire world, Michael Vinson here. Mate, you know a thing or two about valuations. I
know a thing or two about a thing or two. Uh number one being property, number two being how much I don't like valuers and they don't like me. But hey, look, that's all right. It's just part of the job.
Value is next girlfriend. So there's uh there's a Facebook group going it would be a hell of a group, man.
Yeah.
There was Mike and I bought a property together and we both agreed that it was best that I do the comms with the value because I
think he agreed that after my second phone call with him. Yeah, yeah. It's
kinda yeah. Whether you're negotiating a property, you're at the end of a relationship, your comms just get a little bit blunt, like I It was very blunt.
Oh no, see right, but like it's not just that value. It's almost every value. I don't know what it is about the differences between me and them, but we just don't really get along. Um for example, recently I've asked someone to do a valuation, they did the valuation, sent the valuation to the bank. Banks like, oh hey, um, we're not gonna accept this. Not a panel of value. I was like, what do you mean? They were a panel of value two days ago. They're like, no, he's not anymore. I call them like. Yeah, what happened? He's like, Oh, I moved cities. I'm like, what does that mean? He's like, Oh, well, I move cities. I'm like, I don't know what that means. He's like, Oh, well, I move cities. So I gotta I drop off the panel in that city and then I come back on the panel in another city.
I'm like, how would I know that? What are you talking about? And he's like, Oh yeah, like I don't know, man, it'll be back on like three months or something. What? Ah yeah. It's like the
reverse with the ex girlfriends where the ex girlfriend's like calling you a city and you're like, I've moved cities. She's like, What does that mean?
You know what that means? I've dropped off the panel. Yeah, well
I had I had a a panel in this city, now I'm over on the panel in this city I'm off your pedal. Anyway, let's move on to something somewhat relevant. Um, most people would go, well, property market's down in a lot of places in the country. Of course, it's a bad time to get my house valued.
When does a registered valuation actually add value for a homeowner?
Is there times that getting your house valued in the current market is a good idea?
There absolutely is times where getting your house valued in the current market is a good idea. Um and it also depends on what you're trying to get the valuation for, right? At the moment, and it's it's this interesting thing where everyone's like, buy low, sell high. Very easy thing to say. Much trickier thing to do because when prices are low, a lot of stock on the market, not a ton of demand, everyone's like, there are bargains out there. I'm gonna go to my bank now and I'm gonna go get some money. And the bank goes, Great, you can afford it. Show me the equity. Where's the deposit? And you go, Oh, well, like the market's just come back a little bit. But you know, like my house, my house is great. The other houses, like they're they're different.
You're like, okay, but where's the deposit? You know, and it's So one of those things where when prices are down and everything's on sale, you don't have any equity.
I do laugh at that when like I'm looking at like I want to move but my house has dropped too much value. And I look at some of these other houses and I go like Bargains. And then I look at the value of my house and like that's bullshit. Yeah, yeah, exactly. Yeah, exactly.
Exactly. Right. And so what we do, and we have to be kind of careful about this, but like what we do at the when prices are up is we lock out our usable equity. So we will go borrow, borrow revolving credit facilities, and we basically just leave them sitting there. So when the value of our property drops, we still have this buffer, right?
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Chapters
7 chapters
1
Should I get a property valuation right now or wait for the market to change?
0:00–2:08
2
When does a registered valuation actually add value for a homeowner?
2:08–4:36
3
How much does a professional valuation cost and who should order it?
4:36–7:16
4
What can I do if my valuation comes back lower than expected?
7:16–10:23
5
How can I use a low‑equity situation to still buy my next home?
10:23–13:34
6
Do I really need a 20% deposit or can I buy with less?
13:34–16:29
7
Which scenarios absolutely require a valuation (e.g., refinancing, family sales)?
16:29–18:21
Speakers
1 identifiedMore from Cheques and Balances
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