First home buyer needs some advice.

[evaluate]

Hello,

Need some advice on a property "737 te atatu peninsula" (not yet advertised on the market), me and wife both works in city .. and have been looking to get our first property for quite sometime.. most of the auctions we were out bid . The current CV on this property is around 385k and the vendor is asking a mid 500's. Would it be worthwhile investment.

Thanks
Ben

[Maccachic]

If it is a good buy you have just told the world about it...
Why not get a registered valuation? Have you had a look around Trademe for comparative values?

As it will be your home what do you feel it is worth to you?

[PC]

Are you buying "investments" or a house to live in?

It's the same as buying anything else - just a few extra 0's on the end.
So comparison shop - see what you can get for your money in that area.
Drive around this weekend and go to as many open homes as you can find.

If it seems to stack up - then a cheaper option is to get an E-Valuer report.

http://www.qv.co.nz/

[halfempty]

The Gv is $385,000 but the current owner paid $410,000 for it in 2008.

It's a 90 sqm 3 bedroom which is a bit small so you probably won't be able to split a room to make it 4 bedroom without building outside the current footprint.
Comparable sales in the area would tend to say that it's worth about the GV or a little over.
But unless the vendor is motivated they will probably want more, on the other hand they are listing it after owning for only 4/5 years so they may be motivated.

What will it rent for?

Does it need remedial works?

[evaluate]

Thanks Maccachi/PC,

I am looking for live in, not as an investment.

I would go for a valuation/QV, do you guys have recent sales figures around that area. The asking price seems to be 40% above CV, so wanted to make sure that I am not over paying it.

[evaluate]

thanks for those data Halfempty!

Its has been redone slightly, looks liveable. Am I overpaying if its goes around 520k -540 range.

[evaluate]

Also I am not sure about how much rent it would fetch

[halfempty]

Sorry I've got some stats but couldn't say what local values would be.

If it's a rental figure out the yield by dividing the annual rent by the purchase price and if its around 8.5%+ then get it under offer and pay for a valuation.

[NovInvestor]

I say 520 - 540k is not expensive at all for a full section house in this location.

Recent sales data from RPNZ shows full section 3 bedrooms sold between $540-600k within 500m of this address.

[GenY]

Out west properties with CVs (from my auction result watching between $275-400k are selling for between 25 and 35% over CV. I have no sales results for that area but the peninsula is sought after by 1st home buyers so 35% over CV/ or $520k wouldn't be far off 'market rate'. Good luck

[evaluate]

Thanks NovInvestor/GenY.! I have to get valuation done any recommendations ?

[GenY]

Sheldons, ask for Paul- they have guys that do out west

[N AMIN]

I would like to know the current market value for 737 tea tatu peninsula some one is offering 565k for this