Asking for advice - Home Loan and Bank Valuation

• 

  Belgarath on 22/06/2020 - 08:22

  +5

  If in Vic, give the tenant 24 hours notice that you will be attending the property for a valuation. They cant refuse.

  https://www.consumer.vic.gov.au/housing/renting/during-a-lea…

  • 

    hashtagbargain on 22/06/2020 - 12:45

    Werrington seems to be in NSW

• 

  Porker on 22/06/2020 - 08:56

  +3

  Those list of maintenance items sounds fair to ask, although annoying as hell - not sure of the relevance to the eventual question but see above response.

  • 

    MrHyde on 22/06/2020 - 09:13

    +2

    I can't see Antenna installation being fair. If it was not there during the inspection or listed as an inclusion; the tenant can ask; but you don't have to do it. The tenant can install it on his dime with your permission and uninstall it when he leaves as long as he leaves the property in the same state as before.

    • 

      Porker on 22/06/2020 - 09:16

      Yes that's true, but at the same time you'd want to do things to make your tenant comfortable such that they stay long-term. If you're happy to have this tenant move on, the by all means ignore the request.

      Also, you shouldn't be relying on the tenant's quote for the installation - you should get one yourself or arrange the agency to obtain one.

      • 

        Seraphin7 on 22/06/2020 - 09:57

        +4

        I'd be tempted to make this tenant uncomfortable such that they bugger off tout suite.

        I just don't understand the mentality of some people that call upon another's generosity and then in the next moment issue a list of demands. A big part of the reason why I've never become a property investor.

        • 

          netjock on 22/06/2020 - 11:02

          +2

          @Seraphin7: You drop $400k on a property and your cashflow is held to ransom by one tenant.

          You drop $400k on the ASX200 the risk is diversified.

          But then you can't brag about your one hit wonder at dinner parties. To say 200 companies did the heavy lifting, that just ain't skill.

          • 

            Seraphin7 on 22/06/2020 - 12:29

            @netjock: Haha … mate, you've hit the nail right on the head from my perspective!

      • 

        brendanm on 22/06/2020 - 10:17

        +2

        This tenant does not seem worth keeping. Asks for an 80% rent reduction then wants an antenna fitted?

• 

  Skramit on 22/06/2020 - 09:09

  +4

  Welcome to the world of being a landlord where you need to maintain and repair your property adequately.

  • 

    netjock on 22/06/2020 - 10:07

    But think of a pot of gold at the end with massive capital gains.

    • 

      Porker on 22/06/2020 - 10:23

      Yes, but only after (generally) a long period of time unless there's some boom or a very well placed area, and then only after capital gains tax and after land tax (which is a killer in Victoria - this alone has decimated my income from some of my properties).

      • 

        netjock on 22/06/2020 - 10:59

        I know all of that but saying the truth is boring. You need good one liners like. "It will be okay mate! Property never goes down in value, it doubles every 7 years"

        You tell the truth and people can't sleep at nights.

• 

  mini2 on 22/06/2020 - 09:15

  -3

  Talk to your broker to see if they're able to negotiate with the bank to do a desktop or driveby val as oppose going in and have a looksie.

  Or slip the tenant couple of hundreds telling them look I want things sorted but the property manager is crooked I promise ya will get it sorted when they're back at work so please let the valuer in. What you do with the tenant comes renewal time is your choice but having a tenant now and a devil you know is better than turfing them and who knows if you will ended up with a bigger pain in the neck…

• 

  Wickz on 22/06/2020 - 10:00

  +3

  In VIC one of the reasons a landlord or their agent can enter the property is to value it, so serve the appropriate notice as per your states Residential Tenancies Act, and follow up with your states Civil Administrative Tribunal if your tenant refuses.

  As a tenant I've had to do this many times and it's not an inconvenience. Normally the agent emails to tell me that the landlord is refinancing and the bank needs to conduct a valuation, and that they has provided my contact details to the bank. Then you receive a call from the bank and you can book in a mutual agreeable time to conduct the valuation. It takes honestly 10mins.

  With repairs:

  • the antenna can be requested but you have no obligation to install it if it wasn't there when the tenant moved in. Its a nice to have not a must have. I have lived in houses where I have had to use bunny ears - $20 at Bunnings. Job done. But also, a digital antenna installation is only $160. I know as the landlord had to have the one at my old place replaced and the installed sent me the invoice by accident. If they are charging you $600 you are being massively ripped off.

  • Light blinkering. This is also fair, but you can say the to the tenant that you will send an electrician but if they find there is no fault, or it is due to a cheap globe, the tenant is liable for the call out fees and invoice. (I have had this line used on me when I reported a broken downlight. They made me put it in writing in an email that I agreed to the conditions before sending the electrician. I was happy to agree as I already knew the transformer in the fitting was broken so no way i would be liable)

  • Door lock. You could do this yourself with some WD40 or graphite. But maybe use the same line above - if there is nothing wrong with the function of the lock the tenant is liable for the callout fees.

  • Shower head. This is a wear and tear item and they do break. You can pick up decent and cheap ones from Bunnings. This (and toilet seats) are one the items I always swap out when I move into a new place. Put the generally very old and disgusting ones in a box in the garage, and swap them back when I move out.

  If it was me, I would visit the property with the bank to do the valuation, but also to assess the repairs the tenants are asking for. (Access to the property to conduct repairs is also another reason you can enter) You can see first hand how bad the "blinkering light is (maybe take a globe with you to swap it just to check), try your key in the lock (they might just have a bad copy - this does happen) and also see the damage to the shower head (take on with you from Bunnings)

• 

  [Deactivated] on 22/06/2020 - 11:52

  The joys of being a landlord arnt for everyone

• 

  miwahni on 22/06/2020 - 22:33

  Contact the office, as per property manager's request, and get them to accept valuation booking. Valuers are currently operating under approved Covid rules which banks / LMI providers are pretty-well all accepting, which include in some instances no internal photos, or photos sourced from the last real estate listing coupled with a walk-around, or even getting the tenant to take photos if they don't want anyone in the property. So if your tenant continues to be an absolute dick about letting a valuer in, the valuer has alternatives.