Header Ad Module

Collapse

Announcement

Collapse
No announcement yet.

earthquake prone apartments

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • 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

  • #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


    • #3
      Looking in Wellington

      Comment


      • #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.
        SEARCH PropertyTalk, About PropertyTalk

        BusinessBlogs - the best business articles are found here

        Comment


        • #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


          • #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
            SEARCH PropertyTalk, About PropertyTalk

            BusinessBlogs - the best business articles are found here

            Comment


            • #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


              • #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
                SEARCH PropertyTalk, About PropertyTalk

                BusinessBlogs - the best business articles are found here

                Comment

                Working...
                X