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Buying 50 Year old House in Wellington- How risky ?

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  • Buying 50 Year old House in Wellington- How risky ?

    Hi there

    I have across a house that I like and is within my budget
    However, its 50 years old
    I will get a builders report done, but I understand that they are accurate only to the extent of 50%
    This is my first house purchase and i intend to live in it

    It a weatherboard house nicely maintained and rented.
    No visible signs of moisture or cracks to a layman.

    Would you advise a fresher to go for such an old property ?

    Thanks for advising

  • #2
    50 years is not old in New Zealand. I am guessing you are from Asia where this is old. In Malaysia for example houses can falling down after 50 years. In New Zealand builds in the 60's and 70's are likely to be better than a new one in terms of build quality.

    Comment


    • #3
      Hi Bob

      I am not from Asia
      But i was apprehensive because all CCC write that the build is certified to last for 50 years
      So i thought that there must be some basis to the figure of 50 years

      Moreover, Roofs, Plumbing, Electrical wiring, Insulation all deteriorate over a period of time.
      I was worried that I should not be saddled with huge bills immediately after buying the house

      I will get a builders report done, but they don't cover plumbing and internal electric wiring etc.
      Is there any agency you can recommend who check the plumbing and electrical specifically in Wellington ?
      Or I can approach any licensed Plumber or Electrician for checking ?
      How reliable is their reports ?

      After the builders report, if the engineer points out any major problems in the sub floor area, I will get it inspected by a civil engineer, else not

      Other then these checks, is there any other check I should go for ?

      Thanks for advising
      Last edited by jamesnz; 05-08-2016, 10:32 PM.

      Comment


      • #4
        You'll be fine, note that a builders report will scare most people off since they report on everything!

        I have two over 100 years old, just keep borer treatment up and make sure if you add insulation you add ventilation! Can put you in touch with a good builder.
        Free online Property Investment Course from iFindProperty, a residential investment property agency.

        Comment


        • #5
          You're really worrying overly James. Just get a building inspection, or if you know a builder get them to have a climb over it. Then buy it before somebody beats you to it.

          Comment


          • #6
            The main things:

            1. Sun
            2. Pilings/Retaining
            3. Moisture checks
            4. Wiring
            5. Integrity of the walls
            6. Roof condition
            7. Location

            Less important things but check them out
            1. Kitchen and bathroom fittings
            2. Cosmetic condition of the interior
            3. Paint job of the outside
            4. Borer
            5. How old is the interior, not a biggie but the costs add up
            6. Insulation/ventilation/heating
            Free online Property Investment Course from iFindProperty, a residential investment property agency.

            Comment


            • #7
              on current guestimates

              you should be ok for another 50 years

              A major rupture is predicted to occur approximately every 840 years, and since the last one was 300 years ago...

              If a quake measuring 7.5 in magnitude did strike the capital, ground alongside the fault could shift sideways by 5m and lift one side by 1m.

              ... the report sketched a scenario that had only a one-in-10 chance of happening over the next 100 years, she said.

              The aftermath of a 7.5-magnitude quake include:
              * Wellington would be cut off for four months or more by damage to the main routes and rail lines;.
              * Most of the region would be without gas for nearly three months and without power and water for at least three weeks.
              * Telecommunications services would be out for 10 days.
              * Restoring sewerage would take several months.
              * Food, fuel and materials to a cut-off Hutt Valley might have to be barged to Seaview Marina or Petone beach.

              http://www.nzherald.co.nz/nz/news/ar...ectid=10847023
              have you defeated them?
              your demons

              Comment


              • #8
                Hi there

                i think Realsure co NZ claim to be the best inspection agency in Wellington
                But I am told that they flag almost every portion of the house which makes it impossible to buy the property after reading their report

                any work of advice whether this is true and any recommendations for an alternative builders inspection agency

                Thanks for advising

                Comment


                • #9
                  Hi James

                  I got your message. I have a builder, but not a building inspector. Sorry about that, they're different things and a building inspector has full indemnity insurance and writes building reports. My guy will just tell you what needs fixing (and will do it at a reasonable rate). Probably more useful (to me) in reality than an inspector where you have to pick between 6 levels of severity and a 30 page "fill in the gaps" report, but you'd need to be willing to take his word for it. My guy doesn't have the indemnity insurance to write reports so wont do a write-up with guarantees of this and that. For me he won't charge either so if later on I get "oops, you need $5K to fix xyz" I cough up.

                  Nick
                  Free online Property Investment Course from iFindProperty, a residential investment property agency.

                  Comment


                  • #10
                    Parts of the house are designed and rated to last at least 50 years, they're not designed to break in year 51 but in engineering there has to be a cut off point somewhere.

                    I have 3 over 100 years old and one that's 65 years old. Never bought anything newer. Apart from a bit more basic maintenance than a new house it's nothing to worry about.

                    Comment


                    • #11
                      Originally posted by Nick G View Post
                      Hi James

                      I got your message. I have a builder, but not a building inspector. Sorry about that, they're different things and a building inspector has full indemnity insurance and writes building reports. My guy will just tell you what needs fixing (and will do it at a reasonable rate). Probably more useful (to me) in reality than an inspector where you have to pick between 6 levels of severity and a 30 page "fill in the gaps" report, but you'd need to be willing to take his word for it. My guy doesn't have the indemnity insurance to write reports so wont do a write-up with guarantees of this and that. For me he won't charge either so if later on I get "oops, you need $5K to fix xyz" I cough up.

                      Nick
                      Hi Nick

                      Does the builder have a moisture meter to check the moisture levels around the susceptible areas of the house ?

                      Thanks for advising ?

                      Comment

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