Header Ad Module

Collapse

earthquake prone apartments

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • phillip30
    Opinionated
    • Jul 2006
    • 235

    #1

    earthquake prone apartments

    hi All,

    any feedback appreciated. I have seen a number of earthquake prone apartments selling at what appears a good price. I can see there are many potential pit falls. Can anyone suggest what areas of due diligence are worth considering and what risks need to be factored.

    thanks
  • John the builder
    Fanatical
    • Nov 2013
    • 2295

    #2
    what area are you looking?
    in the areas where risk is real? or low risk area Auckland/northland , south of south island?
    as critical dates (2030?) fall there may be pressure on govt to stay the execution? oe change the law

    Comment

    • phillip30
      Opinionated
      • Jul 2006
      • 235

      #3
      Looking in Wellington

      Comment

      • donna
        Enjoy today!
        • Aug 2003
        • 9771

        #4
        Can you get insurance? What would it cost?
        Building users, owners, councils and engineers need to be aware of how earthquake-prone buildings are managed.
        Last edited by donna; 30-05-2023, 09:32 PM.
        Email Sign Up - New Discussions, Monthly Newsletter, About PropertyTalk


        BusinessBlogs - the best business articles are found here

        Comment

        • jemimafisher
          Freshie
          • Apr 2023
          • 12

          #5
          Sounds like a very risky investment, especially in Wellington. What are your intentions long-term? I suppose it all comes down to whether you're in a position to manage the risk in a worst-case scenario and whether you can get insurance on a known earthquake-prone property.

          Comment

          • donna
            Enjoy today!
            • Aug 2003
            • 9771

            #6
            What earthquake strengthening can you do to avoid it failing? I've seen steel frames put on the outside of units and buildings, including small single-story townhouses. - It doesn't look pretty, but it does the job. This would be a decision you could make if you were considering semi-detached or standalone but not apartments, so that makes it tricky - getting all owners on board to get the work done.

            cheers,

            Donna
            Email Sign Up - New Discussions, Monthly Newsletter, About PropertyTalk


            BusinessBlogs - the best business articles are found here

            Comment

            • phillip30
              Opinionated
              • Jul 2006
              • 235

              #7
              Agreed there is risk. My thought was if it can be remediated and bought at a significantly lower price it may be worth considering. I do wonder what they will do with so many buildings unlikely to meet the required dead lines.

              Comment

              • donna
                Enjoy today!
                • Aug 2003
                • 9771

                #8
                Family have earthquake prone - must fix apartments and I think they’re waiting till the deadline as there is one other owner - commercial - maybe there will be a cheap loan on offer to prompt action.

                cheers

                Donna
                Email Sign Up - New Discussions, Monthly Newsletter, About PropertyTalk


                BusinessBlogs - the best business articles are found here

                Comment

                Working...
                X