I am the owner of one of 14 units. The BC have just resigned themselves to needing to be re-clad. Most of the owners would like to object to the new rating valuation but want to make sure we are doing the right thing.
Would we be shooting ourselves in the foot in getting the values reduced? Pros and cons of doing this would be... ?????
Our reason is, that we will be up for a huge costs and any way of reducing any outgoings will be appreciated.
We are not currently valued with any leaky aspect taken into consideration.
The valuations are very crafty as the majority of the value is in the land. Mine has increased from 180k to 295k, as have most of the other units.
They gave me a CV of 425k.
The estimated costs of the re-clad will be in the region of $150k.
The online form the council need filled in, requests you to put a value on what you think it is worth.
Normally, to arrive as a sell-able price of the unit, you would deduct the costs of the re-clad off the "market price". This would leave me with a negative improvement value. Doubt the council would be happy with that.
We do have a complex next door to us that were built by the same developers and are soon to start re-cladding. They have been valued as "leaky" and their improvements value are around 50 to 75k.
I guess siting that in our objections would give credence to our argument for a lowered value.
Any assistance in completing this form would be appreciated.
Would we be shooting ourselves in the foot in getting the values reduced? Pros and cons of doing this would be... ?????
Our reason is, that we will be up for a huge costs and any way of reducing any outgoings will be appreciated.
We are not currently valued with any leaky aspect taken into consideration.
The valuations are very crafty as the majority of the value is in the land. Mine has increased from 180k to 295k, as have most of the other units.
They gave me a CV of 425k.
The estimated costs of the re-clad will be in the region of $150k.
The online form the council need filled in, requests you to put a value on what you think it is worth.
Normally, to arrive as a sell-able price of the unit, you would deduct the costs of the re-clad off the "market price". This would leave me with a negative improvement value. Doubt the council would be happy with that.
We do have a complex next door to us that were built by the same developers and are soon to start re-cladding. They have been valued as "leaky" and their improvements value are around 50 to 75k.
I guess siting that in our objections would give credence to our argument for a lowered value.
Any assistance in completing this form would be appreciated.
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