I am interested to know how you go about putting a value on a property yourself without using a valuer to try and find the real bargains.
We are about to dip our toes back into investing in property and are particularly keen on buying on the northern Gold Coast within close proximity to the broadwater, transport and employment.
Researching selling prices I have occasionally found properties selling in the early $300k's but with unimproved land valuations (Govt Valuations) in the mid $200k's - typically the house / improvements being around $70k on top of the unimproved valuations (June 2012). These aren't derelict houses either, most are older but very livable / rentable and have been updated, modernised or low end renovated.
These have now become my focus as target properties however finding them is hard without looking at a property around $400k and then ending up in an argument with the agent when I want to go low $300k on the offer. In each case I end up walking away hoping to never see that agent again, and probably vice versa. I am absolutely amazed how few of them actually either dont know the local selling prices for comparable properties, or at least, pretend they dont know.
Does anyone investing in Queensland and particularly the Gold Coast use a similar method using unimproved valuations in trying to locate the true bargains for investment or know any success stories doing it?
We are about to dip our toes back into investing in property and are particularly keen on buying on the northern Gold Coast within close proximity to the broadwater, transport and employment.
Researching selling prices I have occasionally found properties selling in the early $300k's but with unimproved land valuations (Govt Valuations) in the mid $200k's - typically the house / improvements being around $70k on top of the unimproved valuations (June 2012). These aren't derelict houses either, most are older but very livable / rentable and have been updated, modernised or low end renovated.
These have now become my focus as target properties however finding them is hard without looking at a property around $400k and then ending up in an argument with the agent when I want to go low $300k on the offer. In each case I end up walking away hoping to never see that agent again, and probably vice versa. I am absolutely amazed how few of them actually either dont know the local selling prices for comparable properties, or at least, pretend they dont know.
Does anyone investing in Queensland and particularly the Gold Coast use a similar method using unimproved valuations in trying to locate the true bargains for investment or know any success stories doing it?