land valuation

[lasher]

bought a house 5years ago on the sunnycoast , small beach house type place , 2 bedrooms but good living areas , 400m from beach , land is 524sqm .
renting for $220pw..

in 2002 the land valuation was $37000 ,
got a letter today saying the 2004 value was $139000...
not sure yet what it will do to my rates , wait and see...
normally around $1600 anually..

paid $94000 for the place and its now valued at around $300000...

not bad growth i must say...

 

[prized bitch]

My parents have some land on a canal development. Paid around $200k for it two years ago....had an offer of $380k a little while ago. The fascination with water is somewhat hard to understand. Anything with views of water can fetch $$.

 

[bunsen burner]

. The fascination with water is somewhat hard to understand.

Simple economics. Land on water near a capital city is a limited resource. Will always appreciate faster than land away from the water. The longer the period, the larger the difference in values between the two.

 

[bunsen burner]

bought a house 5years ago on the sunnycoast , small beach house type place , 2 bedrooms but good living areas , 400m from beach , land is 524sqm .
renting for $220pw..

in 2002 the land valuation was $37000 ,
got a letter today saying the 2004 value was $139000...
not sure yet what it will do to my rates , wait and see...
normally around $1600 anually..

paid $94000 for the place and its now valued at around $300000...

not bad growth i must say...

I got a couple of valuations in from Qld today too. The various councils seemed to have reassessed their valuations as we had similar increases in value. Council land valuations are usually on the low side too.

 

[Kingpin]

Our home is a double story, double conjoined wooden building in North Hobart, only 1.7kms from the Hobart CBD.
Built in 1909 and on two seperate titles and the land is 190 m2.
When valued in 1990 it was listed at I *think* from memory $98,000.
During the last real-estate boom about a year ago it was valued at $440,000 despite its rather old and ramshackle appearance.
Another similar size building at the bottom of the street built of brick went for $510,000.
The whole area has undergone a change from dirty old inner-city slum to yuppie area since the early 90's and the land values alone are reflecting the change, it's quite amazing really.

Great grandparents paid a couple of thousand pounds for it in 1918, got a good bargain!!

 

[lasher]

Our home is a double story, double conjoined wooden building in North Hobart, only 1.7kms from the Hobart CBD.
Built in 1909 and on two seperate titles and the land is 190 m2.
When valued in 1990 it was listed at I *think* from memory $98,000.
During the last real-estate boom about a year ago it was valued at $440,000 despite its rather old and ramshackle appearance.
Another similar size building at the bottom of the street built of brick went for $510,000.
The whole area has undergone a change from dirty old inner-city slum to yuppie area since the early 90's and the land values alone are reflecting the change, it's quite amazing really.

Great grandparents paid a couple of thousand pounds for it in 1918, got a good bargain!!

feels good does'nt it.....

 

[Frodo]

bought a house 5years ago on the sunnycoast , small beach house type place , 2 bedrooms but good living areas , 400m from beach , land is 524sqm .
renting for $220pw..

in 2002 the land valuation was $37000 ,
got a letter today saying the 2004 value was $139000...
not sure yet what it will do to my rates , wait and see...
normally around $1600 anually..

paid $94000 for the place and its now valued at around $300000...

not bad growth i must say...

increase the rent

 

[lasher]

increase the rent

having been on both sides of the coin as a renter and landlord , you learn some things..

i have never increased the rent on tenants while they are renting..if they sign for say $200 then it remains $200 until they move out...dont rock the boat and risk having your tenants lose respect for you or your property..
i used to hate it when i , or we ( renting with mates ) , had our rent increased all of a sudden..you instantly lose respect for the landlord and house and 9 times out of 10 we would move out , and into a cheaper place..
its better to have steady tenants than a constant turnover of different people.....

that extra 20 bucks a week could be their beer money , could be for fuel , could be acumulated to 240 bucks a quarter to pay sparkies bills or phone..
it can make a huge difference to some people..
i raised the rent to $220 not long ago when i had new tenants..if you put the rent to high you could wait up to a month finding someone and i dont like leaving my house vacant for longer than a week...
when the current tenant moves out in a year or so , i will up it again..maybe to $250...