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Yes I have an uninsured (as is) place. Not much damage done to the place. A number of small cosmetic cracks in the inside. A hairline crack in the garage floor. The reason the payout was taken is that one corner of the house is 60mm lower than the front door and most of the rest of the house. It's a 60yr old house and it's hard to say if this is from the earthquakes or not but was deemed to be from them. Got the cosmetic stuff fixed up and it looks like any normal 60yr old house. The corner is still sunken and in one room the floor does slope a little but I've been in other old houses that have that too. Structurally it seems fine.
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Nice, good work.
Interesting read on Stuff.co.nz.
Over $1m paid for an 'as is' house in Merivale I think.
T
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Yes the price seems pretty high. I view the house as worth about land value. It may be worth a bit more but if there is a fire or earthquake or some other reason for the house to be pulled down then all you are left with is the land plus the expense of dumping the house remains. In return for this risk I get a greater return.
Perhaps the land value in Merivale is high enough to justify a price like that, I haven't looked into that area of Chch that much but even empty land in that area goes for a lot.
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These are Good purchases that will never again be repeated. Brave people will be rewarded. Do some repairs and get some paperwork and try to get some insurance by knocking on a lot of doors. You CAN get it again. With a bit of paperwork from some building inspection company or repairer you will get it again. Or an acknowledgement from the council of the schedule of repairs executed. It may involve time, but i am starting to hear stories. First few years premiums may leave you unable to sit down for a few days.
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I've heard stories too. Of houses being resold as they can't get an engineer to sign off. Therefore no insurance possible. That was from a friend who is a mortgage broker and was dealing with the houses.
You'd want to get advice before you purchase if the intention is to try and make it insurable.
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Too many FW engineers around with their heads up their own asses. only Time will heal the problems as people start to question the closed minds of the paper shufflers justifying their public sector jobs. We are still in a state where the government is still paranoid about cliffs falling on people here. When we turned up, nobody questioned living on the cliffs and shaking happened the whole time throughout as well, ask the oldies on cave terrace . We have actually regressed past the point of progress now. No more pioneering spirit...worksafe NZ issues on the spot $2-5k fines for that ! Bureaucracy moves us into stupidity because somebody gave some green graduate a year paid to dream up some policies.
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Lol. Just jump in with eyes wide open mate. The numbers can be large if you have to take a hit.
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What amazes me is that many folk are entering the 'property mkt' for rental or whatever and buying anything to rent out...at precisely the exact time to leave the rental market...I kid you not ...its actually happening....in about a year or 2...there will be so much carnage with these pre tend ****ers bailing out...because rents have halved..,.you heard it here first...
PS..my posh female neighbour bought a rental a few weeks back...it was trendy....
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hey troyvdh, do you think the property market (nationally or locally) is topping out? That's my gut feeling, but its a tough one with the ongoing statements around the shortage of supply in AKL
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trackers,,,Giday."topping out"...for rental properties absolutely yes.Ive had rentals for over 35 years in CHCH.Today Ive heard that 1/3 of bank loans are requested by investors...( I think its nationwide..or maybe just Auckland ..not sure).
But here in CHCH ..its just nuts...Like I said my neighbour bought one.As your are probably aware...a regular 3 bedroom house a few years back went for 3-400 a week.After the earthquake some folk (I never did) ..started to fleece EQ workers..charging 200 plus a room...no ****.
Anyways that's all coming to an end...there are thousands of "new houses"..being built (Im sure in say ten years time there will a name for them.....)..and some folk have been buying "as ..is"....good luck to them I say.
I used to have a few rentals..but have steadily sold ....this whole rental thing will end in tears....unless of course you are in for 10-15 years plus...
PS...have you heard on talk back radio ..an outfit called Propellor something....have a listen...cheers
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