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  • Buying a leaky apartment

    Hi Team trying to buy the following apt listed on trade me


    http://www.trademe.co.nz/property/re...-911877092.htm


    Any ideas what would be a good purchase price, as current owner wants $429k, but it is leaky and previous owner have already settled with council.

    No incentives from body corporate to fix the leaky issues, as owners of buliding are divided on the issue.

    My guess the complex will be comdemned in the future,lets say 10 years from now,


    but trying to buy now for the LAND that will increase in value,in case the complex is demolished

    Thanks and any advise from owners who may own an Apt in the comlex really appreciated thanks

  • #2
    Originally posted by Propertytrader View Post
    but trying to buy now for the LAND that will increase in value,in case the complex is demolished
    Then the correct price is the land value plus a bit to reflect the potential income. I suspect you have not a chance of getting an offer at that pricing accepted.

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    • #3
      Your buying a property off a trader that bought it in Jan 2015 for $295K.
      I personally wouldn't touch it, one of the reasons that it maybe divided amongst owners is the cost for repair - which I've seen apts that needed over $200K per apartment for repairs. It just doesn't add up and you'd be paying top dollar when you could be much better without issues.

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