If this is your first visit, be sure to
check out the FAQ by clicking the
link above. You may have to register
before you can post: click the register link above to proceed. To start viewing messages,
select the forum that you want to visit from the selection below.
Yep. Looks like even with the mortgage paid, you'll be paying 'rent' in body corps. Still, a lot cheaper than proper rent. I'm inclining towards buying a good-sized three bedroom cheapy with outstanding and unknown remedial issues. Either that or a low priced lease-hold down on the harbour. Then you have the ground rents to deal with. Crikey, just about makes one want to go and live in a campervan. No wait, I've been in a camper these past two years.
Stay away from leasehold mate. That is rule no. 1.
Rule no. 2 would have to be stay away from anything needing remedial work unless you know exactly what you're doing. And you say you're a newbie...
Stay away from leasehold mate. That is rule no. 1.
Rule no. 2 would have to be stay away from anything needing remedial work unless you know exactly what you're doing. And you say you're a newbie...
Cheers Davo. Yes, I think leasehold may be out. But I have to admit the second option of a 75,000 [hypothetically] 3 bedroom apartment, easily rentable, in a building you like the feel of, is tempting. Say the remedial bill comes in for 120,000, you may end up with a nice apartment for 200,000. I've been told that because of the uncertainty factor the prices are so low. Once the remedial work is known and billed, the prices go up. Depends I guess whether I want to have a bit of a gamble, or play it safe
Never buy leasehold property. Many apartments in the city are leasehold, if the price is cheap then check it might be leasehold.
Doing work on apartment is different from a house. Unless minor work that doesn't have impact on the neighbors. It will be a big gamble to remedy the apartment you mentioned. Apartment shares a lot of things with neighbors, so remedy work might not be as simple as you think.
You better play safe until you have more experience
Never buy leasehold property. Many apartments in the city are leasehold, if the price is cheap then check it might be leasehold.
Doing work on apartment is different from a house. Unless minor work that doesn't have impact on the neighbors. It will be a big gamble to remedy the apartment you mentioned. Apartment shares a lot of things with neighbors, so remedy work might not be as simple as you think.
You better play safe until you have more experience
Thanks for the reply Nomoneynotalk, I guess it comes down to whether I want to gamble or not. Playing safe will buy me a box, or then buy nothing at all- I go overseas and see prices inflate over the next few years outpacing my growing deposit.
Reasons to gamble on a 'remedial' apartment; have 75K, am in my 40s, a potentially liveable space in wonderful downtown Auckland : )
Any problem with moisture can be broadly classified by people as leak.
The biggest leaks are the plaster exteriors, but apartments these days are built with concrete precast panels for the exterior, steel frame, and cast in-situ slabs for floors.
If the architects don't design the joints details right, moisture can enter, hence create maintenance problems later on.
jan 2013 4F - 45m2 was advertised for $198,000. at the time it was known that all the windows needed replacing
oct 2014 same apartment sold for $260,000 after repairs completed?
every 'leaker' is different
argent hall was a big job, but not as big as some
have today read of another building needing some replacement/repairs of the cosmetic cladding
but it is expected that the costs will be met from the existing contingency fund
at the moment they are saying there has been no water penetration so it isn't leaking and therefore not a leaker...
Cheers. Even though the orthodoxy is to run when the word leak is mentioned, surely there has to be also some opportunity. Say I buy a 3 bed apartment in a building that doesn't look like a rabbit warren for 80,000. And then say the remedial bill finally comes in at 120,000 [which I should be able to pay in full in a couple of years time]. And then say it has been rented out for that time to pay all running costs etc. There doesn't seem to be huge risk involved here because it is priced into your purchase price. Risk, yes! But perhaps not mega risk where the reward/ risk ratio is reasonably favourable.
Any problem with moisture can be broadly classified by people as leak.
The biggest leaks are the plaster exteriors, but apartments these days are built with concrete precast panels for the exterior, steel frame, and cast in-situ slabs for floors.
If the architects don't design the joints details right, moisture can enter, hence create maintenance problems later on.
Thanks Gary. So before you'd go near anything with the L word, you'd want some kind of assessment down/ known. Is it major or minor etc. Crikey, I've been told of one building down near the waterfront where the foundations are subsiding!!!!! What were all the builders, architects on a few years back. Oh no, that's right, you can expect developers along with bankers to be greedy. It's in their nature right. It gets things done. Hence the nature of government to regulate!!
Thanks Gary. So before you'd go near anything with the L word, you'd want some kind of assessment down/ known. Is it major or minor etc. Crikey, I've been told of one building down near the waterfront where the foundations are subsiding!!!!! What were all the builders, architects on a few years back. Oh no, that's right, you can expect developers along with bankers to be greedy. It's in their nature right. It gets things done. Hence the nature of government to regulate!!
Unfortunately nature is very hard to predict, and water is one of them. (Now you should understand why Chinese often compare water with women!)
So I guess the best way to ensure you lower the risk is buying an older type of apartment that has withstood the test of time...
Waterfront ones, if they are subsiding, then they probably didn't pile deep enough to the bedrock...
you're not going to get written guarantees from anyone!
but you will get a lot of opinions
especially from the bookie, i mean rea
so you'll just have to study the form guide and trust your gut
if there is a good chance you'll live there for a long time
i suggest you really, really like the location and apartment before signing the contract
as that way you'll still be able to tolerate living there
when 1 of the many, many things that can go wrong
does go wrong
Thanks Eri. Yes, I am thinking along those lines. It would have to be a nice apartment, in a nice building, near the town and sea, at a rock bottom price before I would take the risk. It would also have to be comfortable for renters. If serious remedial work would see all occupants evicted for a year or two, then there would be no point in buying.
Unfortunately nature is very hard to predict, and water is one of them. (Now you should understand why Chinese often compare water with women!)
So I guess the best way to ensure you lower the risk is buying an older type of apartment that has withstood the test of time...
Waterfront ones, if they are subsiding, then they probably didn't pile deep enough to the bedrock...
Thanks Gary. A savvy friend of mind suggested the same thing- go for the older more solid building. But I'm thinking those apartments are a lot more expensive right? plus, the agent showing me around at the moment doesn't seem to interested in them. I wonder if I might need an agent who specializes in older apartments??
Thanks Gary. A savvy friend of mind suggested the same thing- go for the older more solid building. But I'm thinking those apartments are a lot more expensive right? plus, the agent showing me around at the moment doesn't seem to interested in them. I wonder if I might need an agent who specializes in older apartments??
The good quality ones are expensive for good reasons.
Well you should be looking for apartments yourself as well, never rely on agents to find them for you...
The good quality ones are expensive for good reasons.
Well you should be looking for apartments yourself as well, never rely on agents to find them for you...
Yes, good point. My problem is that I'm time constrained. About to head overseas for for in December. I wonder whether it is all a bit too rushed, and I'd be better just leaving the deposit in the bank gaining its measly few per cent while earning the cash overseas. Surely, apartments won't go through the roof anytime soonish?? Doesn't help when Key tells everyone to buy apartments. ha ha
Well you should be looking for apartments yourself as well, never rely on agents to find them for you...[/QUOTE]
Yes, good point. My problem is that I'm time constrained. About to head overseas for for in December. I wonder whether it is all a bit too rushed, and I'd be better just leaving the deposit in the bank gaining its measly few per cent while earning the cash overseas. Surely apartments won't go through the roof anytime soonish?? Doesn't help when Key tells everyone to buy apartments. ha ha
Comment