Originally posted by Damap
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How much should the government intervene in apartment purchases?
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Originally posted by klauster View PostWell, more government, more regulations…?
Have you ever been on a BodyCorp committee, attended the AGM…?
What is the percentage of involvement, anticipation of unit owners… when the BodyCorp fails to do the job?
It is not good enough just to own an unit title – people need to grow up.
I do often wonder, when you read about someones bad experiance, how involved they were before they suddenly realised that this affected them.
I suspect there is some middle ground to be had here and the call for the review to be completed is justified.
When the result comes out we can argue how much growing up needs to be done.
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Originally posted by John the builder View Postbut the unspohistocated owner doesn't know this and cant afford the advice to find out.
This was levies point in the first place?
Most people understand houses as they have lived in them all their lives.
Few understand apartments - at the moment.
This will change over time and more spohistcated owners will emerge.
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Originally posted by Wayne View Post..... Few understand apartments - at the moment. This will change over time and more spohistcated owners will emerge.
People who make the largest purchase of their life so far should be doing DD, whatever the purchase. If they choose not to, well let's just say I would not call them 'unsophisticated'.
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I have lived in many cities that are apartment driven overseas and excluding government regulated nations like Malaysia where there can't be problems I still don't hear the sorts of complaints we have in NZ. We just aren't an apartment country, yet.
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Originally posted by John the builder View Postwho decides that a recklad is required? The majority/those that can afford it? in order to determine that the rest of building is ok this would need an invasive investigation of the whole building, every time an apartment is sold (and who will allow this and who pays? yes there is provision in the Act for remedy but the unspohistocated owner doesn't know this and cant afford the advice to find out. This was levies point in the first place?
Regarding testing the whole building, we are not talking about absolute zero risk. But some level of risk assessment of the common areas is sensible to enable the purchaser to make a decision. No reason why the BC cannot commission this as part of the mandatory long term maintenance plan and I am sure many do.
Doesn't cost anything to go to the library or online to read the UT Act, or to consult the community law service, or to read some of the many web pages written by law firms. We are not talking about 18 year old school leavers - these are owners or prospective owners of a very large asset in respect of which they will be receiving professional advice.
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Originally posted by artemis View PostHuh? I live in Wellington. There is a huge number of unit titled properties. Nothing to indicate that most don't understand their main rights and responsibilities, apart from the very occasional problem that hits the media. Of course they will in general have sought and received advice before signing a contract.
People who make the largest purchase of their life so far should be doing DD, whatever the purchase. If they choose not to, well let's just say I would not call them 'unsophisticated'.
Same goes for Auckland.
I still say few people understand apartments.
Apartment owners might (hopefully before they brought) but this was about encouraging more people into apartments.
People should certainly be doing their DD and hopefully their legal representative has helped them ask the right questions.
Given a lot of the questions are probably new to them since they may never have owned an apartment before.
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Originally posted by Damap View PostI meant much of these regs were a reaction to that fiasco. The reason a lot of body corps got accused of raping and pillaging was to fix leaky buildings?
I am not into apartments myself so may be off base. I think apartment investing is nuts when houses are still so cheap myself :-)
One reason I've not really considered a relative cheapie in Auckland suburbia is that the motorway is broken. I guess if the train services improved.... and you were close to a station.......
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Originally posted by artemis View PostNo reason a prospective purchaser cannot have their building inspector look more widely than one particular unit. And carefully check out the documentation the BC is required to have, much of which is not kept or even known by owners of standalone homes. I agree the required DD can be greater than for other properties but that is why people engage advisers.
And if the whole building needs to be re-clad, the cost will probably be shared by all owners, though not necessarily equally. And if only part of the building needs maintenance, there is provision in the Act for this also to be allocated unequally. And the Act sets out remedies in cases of dispute.
I agree with klauster - people need to grow up, accept that sometimes things turn to custard whatever the property, and work through the issues.
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Regarding testing the whole building, we are not talking about absolute zero risk. But some level of risk assessment of the common areas is sensible to enable the purchaser to make a decision. No reason why the BC cannot commission this as part of the mandatory long term maintenance plan and I am sure many do.
Doesn't cost anything to go to the library or online to read the UT Act, or to consult the community law service, or to read some of the many web pages written by law firms. We are not talking about 18 year old school leavers - these are owners or prospective owners of a very large asset in respect of which they will be receiving professional advice.
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Originally posted by Wayne View PostAnd getting more people into apartments who have never had one before - or lived in one - will only exacerbate the issue.
Most people understand houses as they have lived in them all their lives.
Few understand apartments - at the moment.
This will change over time and more spohistcated owners will emerge.
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Originally posted by Damap View PostI have lived in many cities that are apartment driven overseas and excluding government regulated nations like Malaysia where there can't be problems I still don't hear the sorts of complaints we have in NZ. We just aren't an apartment country, yet.
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Originally posted by amado View PostSo would you consider buying an apartment with the problems 'priced in', and then wait on the remedial bill? Genuine question. I'm thinking there must be some opportunities for picking up a relatively good cheap apartment these days.
BTW I have done exactly this both for apartments and for a standalone house with issues. Both bought cheap and fixed up later. Cash cows now as rentals, all of them. But we did DD and also have a property maintenance company so knew what we were doing! Well most of the time ....
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Surely there has to be a 'sea-change' in the mentality in the next few years.
They are entrusted by UT Act to maintain the present condition not rebuild at uneconomic cost every few years. The UT 2010 made them reponsible for managing the maintenance not as some believe responsible/liable when some damage is found. Problems need to be managed in the long term not subjected to knee jerk reconstruction!
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