hi everyone i was just wanting to know in what sort of condition you could expect a house to be in if it your paying say $70000 for the property and the ULV is $50000 and does that mean that you are paying $20000 for the house
thanks
Ben HatterI am not sure what you mean by ULV?
I imagine it would depend largely on what area, a $70k house around my area would be, well, non existent!
by ULV i mean unimproved land value set by local councils. say a property is on the market for $70k (there are properties for around this price not to far from a major city and beach). the ULV's of this area are around $48k does that mean that i'm getting the house for $22k and what sort of house would you expect for that price
thanksBenhatter,
Local councils use different way of estimating land value. My experience is that local council tend to undervalue properties (ULV and Capital improved value) for rate calculation purposes. I won’t rely too much on these figures, especially when estimating the “value of the building”.
The important thing is to determine the condition of house yourself (photos can be deceiving). If it is for investment, what the rental yield are you able to achieve with the property at its current state. If it is for yourself, will you be comfortable living in it?If you don’t mind me asking, what states are these property in? They sound quite affordable.
Cheers,
Kennyhi kenny, there are two area's in NSW that i've been looking at. There is a bit of crime in these areas but nothing that can't be mitigated with good management.
BenThank Ben,
Good luck with those properties.
Kenny
You must be logged in to reply to this topic. If you don't have an account, you can register here.
