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Thread: Curious... (real estate type of question)

  1. #1
    God/dess GoldCoastGirl's Avatar
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    Curious... (real estate type of question)

    I've managed to acquire the "new valuation" for the whole property which the unit I am renting currently is part. The new valuation amount is $525,000

    Now.. the 'block' of units is only really four units. The garages are on the ground level with my unit having the double garage. The first two units (Unit 1 and 2) on the second floor are actually one unit. The third unit (Unit 3) has recently been renovated. The fourth unit (the one I am a tenant within/renting) is probably in worse shape than the other ones due to being a rental unit (it requires a reno. basically -- I rent it 'unfurnished').

    Now here's the thing... I'm speculating that the unit I'm in due to how it is a rental unit and not in the best of shape compared with the other two units (remember Units 1 and 2 is actually one unit) will be worth the lesser amount. If you divide the new valuation figure by four it works out to be $131,250 .... so I'm speculating that the unit I'm currently renting would be worth $120,000-$125,000 at the very best...

    The reason I post this is I am curious to your opinions... do you think I'm close to the mark as to the value of the unit I am within? The reason my curiousity has piqued is ... if the unit is this cheap I might be able to afford it as a home residence (mortgage, rates and so forth).

    The value went up btw from $375,000 to $525,000.


    enter: E3167322D9 for your 10% discount

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    God/dess montythegeek's Avatar
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    Default Re: Curious... (real estate type of question)

    Vee,

    I presume you are talking about a tax valuation. In the US that would be a lousy way to gauge the value of a property. Local rules for how to value property for tax reasons are not market assessments. For my first home purchase the local rule of thumbe was closer to the market value=3*tax value. It was weird but consistent across town. If it was their valuatio take it with a grain of salt, or talk to a real estate professional.

    You would be far closer to a good idea by comparing asking prices *90-95% for comparable properties advertised in the paper. Go past a couple properties for sale and get an idea.

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    God/dess GoldCoastGirl's Avatar
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    Default Re: Curious... (real estate type of question)

    The valuation came from the Department of Natural Resources and Mines (Gov't department) and is titled "Annual Valuation Notice".

    Quote from the letter:
    The NEW VALUATION may be used as a basis for local government rating and land tax purposes from 30 June 2005. ... This valuation is the unimproved value of the land only under the VALUATION OF LAND ACT 1944.


    Hope that information is of some use ??


    There are about 2 other properties in close proximity to me...

    Here is the one that is literally a couple of doors down from me. Here is one that is in the next street from me.

    My unit is 2 bed, 1 bath and 1 double lock up garage... might that mean it is worth in the $300,000 range compared with these other 1 bed, 1 bath units ? It is just as old (if not older) than them.


    (Unrelated... O! How I wish I was in a position to purchase this property! There are some real "motivated" sellers out there!)
    Last edited by GoldCoastGirl; 03-31-2005 at 08:04 AM. Reason: Because I can... (hehehehe)


    enter: E3167322D9 for your 10% discount

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    God/dess Emily's Avatar
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    Default Re: Curious... (real estate type of question)

    Oh gosh, the value of my house for tax purposes, from my township, is like 70% of the price I paid (realize that these were done way back before the real estate boom and homeowners don't want to have them re-evaluated because the tax owed is established by the property value.)

    Are you wondering if you can afford a mortgage of a similar place? I'm sure you can. Usually mortgages are less than what your landlord is paying, plus you might get a tax break (unsure about all this down under, but up here the interest on the mortgage is tax-deductible.)

    I think you should definitely check out home ownership. Despite what anyone says about the real estate market, experts feel renting is almost always a losing proposition.

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