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Precautions to take when buying an under construction house

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  • Precautions to take when buying an under construction house

    Hi there

    i have been offered a house which is under construction.

    its a site on which 2 houses are being built.
    The owner will stay in 1 and is selling the other one

    The drawings are finalised and the specifications are frozen and all council approvals are taken

    The construction is starting soon is to be done by a reputed builder.

    I am required to make stage wise payments as the construction progresses.

    As there are 3 persons involved in the transaction, ( The owner, builder and me ) how can I safeguard my interest in case either of the 2 default.?

    Thanks for advising

  • #2
    I thought you were buying two houses next to each other and removing the cross-lease title?

    You seem to be asking detailed questions on here about each property that you could potentially purchase. That's sort of what this place is for of course but a) how valuable is free advice and b) folks are going to gradually disengage if they're helping you on the Nth property in a row.

    I know someone who offers a fixed price coaching service in Wellington for $5K+GST for a year. That gets you 12 one on one lessons and he'll help you through these kinds of questions when you evaluate properties, within reason. I can vouch for the service because I went through that program. One of the best teachers in the country, particulalry if you're buying in Wellington region, PM me if you'd like an intro.

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

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    • #3
      Hi Nick

      I have to look at several properties at a time because you are never sure which one will click.
      Properties are sold in 2/3 weeks of listing and so if you missed it, one has to move on

      As I am on a tight budget, I wouldn't be able to spare 5K at the moment
      However, if I feel I can spare it in future, I will get in touch with you.

      Anyways, I will try to keep my questions to a bare minimum



      Thanks for helping
      Last edited by jamesnz; 08-09-2016, 08:24 PM.

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