Hi all,
We have a TC3 house in Christchurch, major repair (as in fully lift the house, move to the back of the section, lay new foundations, put house back and then repair inside after). The job is well over 300k worth of work which we can chose to take as a cash payout. It's currently tenanted - and completely weathertight, insulated and livable - at $395 a week to a wonderful tenant (single mum with three kids and she really does not want to move). As you might imagine we are thinking of taking the cash and using it to pour into other investments. The property would be mortgage free and uninsured - as is where is - so there is some risk there. However we are thinking of holding it like that for a few years until we return to work (currently travelling) and have income and can develop the section. Maybe the price of TC3 founds and builders labour will have come down by then and we can build a home and income or 2-3 smaller homes. Section size is 658sqm.
I'd love to hear from anyone who has used their TC3 or insurance claim creatively in order to benefit from this horrible situation in Chch. I've tried asking on the facebook forums but people there are too scared to talk in case the insurers are watching and they say something wrong.
Thanks,
syd2chc
We have a TC3 house in Christchurch, major repair (as in fully lift the house, move to the back of the section, lay new foundations, put house back and then repair inside after). The job is well over 300k worth of work which we can chose to take as a cash payout. It's currently tenanted - and completely weathertight, insulated and livable - at $395 a week to a wonderful tenant (single mum with three kids and she really does not want to move). As you might imagine we are thinking of taking the cash and using it to pour into other investments. The property would be mortgage free and uninsured - as is where is - so there is some risk there. However we are thinking of holding it like that for a few years until we return to work (currently travelling) and have income and can develop the section. Maybe the price of TC3 founds and builders labour will have come down by then and we can build a home and income or 2-3 smaller homes. Section size is 658sqm.
I'd love to hear from anyone who has used their TC3 or insurance claim creatively in order to benefit from this horrible situation in Chch. I've tried asking on the facebook forums but people there are too scared to talk in case the insurers are watching and they say something wrong.
Thanks,
syd2chc
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