advice needed ,i have a ppor on a block of land i also own the block of land beside me ,these are on seperate titles but i have amalgamated both for rates reduction ,i also have 2 investment properties one i owe $142,000 (rental is $270 per week) and is valued at $265,000 the other i owe $192,000 (rental is $260 per week)and is valued at $310,000. i owe $280,000 on the ppor(both lots together)with a market value of $360,000 .the vacant block of land standing alone would be worth about $120,000 by itself ,now i want to sell my existing home on a single block of land to build a smaller home on the vacant block ,by selling the ppor i will be able to clear the debt ($280,000) leaving the vacant block of land debt free ,i own a small business that i have run for 29 years now and with all small businesses taxable figures arnt the best (if you know what i mean) last year with the gfc i ran my first loss for 20 years ,can any one see a way to get finance to build the new house while i am selling the existing home .i want to do it this way so that i dont have to move into one of the investment homes while i am building and loose the rental income
new home build
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Hi Tom
Questions:
When are you selling the PPR
Have you asked the bank to come value the block of land on its own as you're going to have to do a partial release of security with them and you're throwing the subdivision in at that point in time?
Is the block wired with power / have water etc
Questions:
When are you selling the PPR
Have you asked the bank to come value the block of land on its own as you're going to have to do a partial release of security with them and you're throwing the subdivision in at that point in time?
Is the block wired with power / have water etc
vacant block is stand alone already with water,temporary power pole on lot ,energex would only connect it because it was a seperate rateable property ,reason for selling is i want to be debt free when i build the new home , i had thought about refinancing all the properties to raise the funds for building but that would increase my debt and therefore repayments,thats why i,m here to try to get answers
Hi Tom,
Would you clarify the val on the PP.
You say the land next door is valued at $120K. You mention the home at $360K, is that including both blocks?
Regards
Steve Roberts
Would you clarify the val on the PP.
You say the land next door is valued at $120K. You mention the home at $360K, is that including both blocks?
Regards
Steve Roberts
pp alone is valued at $320,000 (realestate valuation).the vacant land is valued at $120,000 .the $350.000 was the valuers price about 3 years ago for the bank
