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  1. #1
    Join Date
    Feb 2005
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    Auckland
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    795

    Default TV3 Inside NZ: House Trap

    Hi Forumites

    Thursday 20th April 2006 at 8:30pm is the first new series of "House Trap", Part 1 of 4

    "Tips on how you might afford to buy a bach somewhere in idyllic New Zealand."

    Cheers and Happy Viewing
    Ron

    (Sorry I ain't in this series)

  2. #2
    Join Date
    Mar 2004
    Location
    Thames, NZ
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    477

    Default

    Hi ,

    Just finished viewing Part 1. The show much like one I saw a year or so ago along a similar line regarding baches was a bit of a waste of time. All the show demonstrated was owning a Bach is still miles outside the average person's affordability. In fact even buying your first home is pretty much in this catergory. I felt the advertisements on tv saying that it is affordable was quite misleading. The best and most cost effective ownership was the Tram at $100,000. I know the site it is on, and I would be stuffed buying on it. I work on river and stream catchments and know what the Te Puru Stream can do. Others thoughts on the show?
    How do you eat an Elephant?
    One Bite at a Time!! (Source: Spaceman)

  3. #3
    Join Date
    Apr 2005
    Posts
    2,694

    Default

    yup.

    They are milking a dead cow with that one.

    Was interested on the LQAC turn around expectation.

  4. #4
    Join Date
    Oct 2003
    Posts
    3,578

    Talking

    Quote Originally Posted by McDuck
    Was interested on the LQAC turn around expectation.
    What? Are they planning on changing a LAQC into a LQAC?

    What did they say re the turnaround?

  5. #5
    Join Date
    Jan 2004
    Location
    Whangarei
    Posts
    5,867

    Default

    It made me laugh they way they kept describing all the properties as "affordable"! The TV3 execs are obviously over-paid!

  6. #6
    Join Date
    Jun 2005
    Location
    auckland New Zealand
    Posts
    5,236

    Default

    I agree Austin. I guess we view these shows through investors eyes and mostly think "what a load of old #&$^#". But I thought it was very misleading for the uneducated. Could easily tempt someone into big debt with the hope of renting out over summer. By far the riskiest way to getting into IP.
    My brother in law did exactly this in Taupo without any education and he goes backwards over 30K a year.
    I guess also similar to P Climbers the info on House Trap is old and prices have moved enormously since they recorded.

  7. #7
    Join Date
    Apr 2006
    Posts
    4,018

    Default

    I agree with Dean - buying a premium property (beach or lake) with the hope of renting it out (cashflow+ve) as a holiday home is not a good idea. I have briefly looked into this, as I would love a lakeside property in Rotorua, but the figures don't stack up. Prices have simply gone through the roof. A two bedroom bach at my favourite location on Lake Rotoiti (over the back of Rotorua) recently sold for 1.37 million. I'd have to charge something like $2470 a night over the 6 week summer holiday period to meet the interest repayments on the loan for that ammount!!!

    Paul.

  8. #8
    Join Date
    Mar 2004
    Location
    Thames, NZ
    Posts
    477

    Default

    Looking at the 5 friends who bought a place at Okahune for $175k and placed it into LAQC. Correct me if I am wrong, but I do not recall the show mentioning how they balance their use of the property against renting it out.

    If it is their bach and they are using it as well as renting it out, they are effectively tax dodging if they claim all expenses.

    Did I miss a bit? I had to get up a few times to check my 2 banana cakes in the oven.
    How do you eat an Elephant?
    One Bite at a Time!! (Source: Spaceman)

  9. #9
    Join Date
    Oct 2003
    Posts
    3,578

    Default

    Quote Originally Posted by AustinWong
    Looking at the 5 friends who bought a place at Okahune for $175k and placed it into LAQC. Correct me if I am wrong, but I do not recall the show mentioning how they balance their use of the property against renting it out.

    If it is their bach and they are using it as well as renting it out, they are effectively tax dodging if they claim all expenses.

    Did I miss a bit? I had to get up a few times to check my 2 banana cakes in the oven.
    Aren't you domestic.

    I have friends who did this (wonder if it was the same ones as I didnt see the show) and they charge who ever stays there $10 a night regardless of whether you are thw owner or just a guest. May not sound like much but in the peak of winter they maybe over 20 people staying there. On this basis, I do not think it would be seen as a tax dodge that they are staying there themselves (provided they are paying the same as everyone else. I do think you would have to show that the $10 was reasonable though.

  10. #10
    Join Date
    Apr 2005
    Posts
    2,694

    Default

    Quote Originally Posted by CJ
    What? Are they planning on changing a LAQC into a LQAC?

    What did they say re the turnaround?
    I thought they said something about the Tax departments expectation that a LAQC would eventually turn around and stop making a loss….which seems daft to me…or else the name is daft….?


 

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