As you all know; I'm always pro-property.
Well, how's this kiddies;
Last year (about July) when we bought the workshop business, we had to get our whole financial position re-evaluated. The Banks came in and got everything valued, financial statements - the whole deal.
Two of the valuations at that time were:
PPoR - $650k
Vacant Land - $330k (across the road from PPoR)
Total value of both = $980k, based on recent comparables.
So, fast forward to last week:
PPoR - sold for $850k
Block of land right next door to ours sold for $450k last week.
Therefore, our block is now worth approx $450k
Total value of both, based on recent comparable sales = $1.3mill.
A cap growth of $320k in 12 months. Call it $300k just in case
For those who struggle to see the benefits of the compound effects of property investment....
Well, how's this kiddies;
Last year (about July) when we bought the workshop business, we had to get our whole financial position re-evaluated. The Banks came in and got everything valued, financial statements - the whole deal.
Two of the valuations at that time were:
PPoR - $650k
Vacant Land - $330k (across the road from PPoR)
Total value of both = $980k, based on recent comparables.
So, fast forward to last week:
PPoR - sold for $850k
Block of land right next door to ours sold for $450k last week.
Therefore, our block is now worth approx $450k
Total value of both, based on recent comparable sales = $1.3mill.
A cap growth of $320k in 12 months. Call it $300k just in case
For those who struggle to see the benefits of the compound effects of property investment....