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Old LIM report
Well, we done it - sold the house privately and decided that we'd seek a new place in the city, get a few extra rooms and rent these out... while living closer to the city. Lifestyle/work balance and the rest of it.
Well, we have put in an offer - and had accepted for a 1930s villa. I plan to get the property file, but the seller gave me a LIM report for 2000s. We are getting a builder inspection. My question - would the LIM report from the 2000s be ok? Combined with property bag and builders inspection?
You will need to ask the council about earthquake rtisk, new developments etc. They have been going mad over the past few years.
Thanks Tan - even in Kingsland/Auckland? Will call them tomorrow.
QUOTE=Tan;281054]You will need to ask the council about earthquake rtisk, new developments etc. They have been going mad over the past few years.[/QUOTE]
My solicitor didn't like a 3 month old LIM report.
Says it all, really.
Originally Posted by Westie82
You know, I don't understand why people get hung up on LIM reports
A LIM report will tell you no more than what you can discover yourself.....just go to the council and ask the relevant people the right questions.....including "what else have I not asked that might be covered in a LIM report"
This will save you quite a lot of dosh......sure it will take a wee bit of your time, but think of the education you will receive
But the biggest drawback to these reports is that a LIM report only tells you what the council know
A LIM report that raises no issues does NOT guarentee their are no problems with a property
In other words, if the vendor has done extensions/alterations without a permit then it follows the council don't know about it and it won't appear on the report
So yes.....go and check this out.....being careful to compare what the council knows with what you observed when you saw the property
That's what your eyes are for, though, Ahar. Comparing what the council know with what you see in front of you, surely.
A villa in Kingsland is probably going to cost you a $800k minimum investment. I think paying $345 for a fresh new LIM is not going to break your bank and its going to give you piece of mind.
You have ordered a building inspection...so why not go the whole way and get the LIM too? I would think it s small price to apy to protect your $800k investment.
* Buy as much 8%+ yielding property as you can
* Don't go broke
Yes I'd get one too, just not worth trying to save a few dollars.
However, do you guys find LIM's helpful? I find these days, they just contain a lot of phaff. And usually have words along the lines of "It's not known if this property has any contamination/unauthorised building work/flooding issues etc. Please ring this number for further information..."
And that sort of text is just repeated over and over throughout the LIM. 11 times with the last one I bought.
Sot they charge you for a LIM and it just contains a bunch of disclaimers as far as I can see.
Best answer I could come up with this a few years ago is to get copy of the title, then stand in front of the building and make sure it looked the same. better yet, give a copy to whoever is doing the building report, to make sure they match. Have seen garages built across boundaries . . . .
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