Shirrom

I know NZ is expensive property wise however there is modern apartments up for sale $180000 in the city centre. Whats the catch? I thought they were like $500000?

BEVS

A link would help.

Shirrom

Q Central Two Bedrooms Split Levels - realestate.co.nz

That is a price is brilliant for Auckland.

A Rush And A Push

My guess is either really high body corporate fees (could be thousands a year) or a possibly leaky building which may require work in the future. Total guess though - I know nothing about the apartment block in your link.

Shirrom

What is that maintainence fees? Like ground rent and such?

A Rush And A Push

Just did a quick google and another apartment in the same block is listed in the link below. Ground rent (as its leasehold) is over 7k a year, body corp over $3k and rates over $1k. So getting close to $12k a year, another $1k a month it will cost above the asking price
http://https://www.bayleys.co.nz/Listing/Auckland/Auckland/Auckland-Central/1650784

Shirrom

Ah right. I thought that was the reason.

A Rush And A Push

Yes the ground rent is because it's leasehold, not freehold so you're paying rent on the land. The body corp is for stuff like maintenance of the building, general
upkeep, paying staff if there are cleaners etc of communal areas.

Shirrom

Thanks!

scrubbedexpat094

It'll also be blooming noisy living there I reckon. Traffic noise and other people's noise but if you're okay with that! I wouldn't.

All those extras would definitely put me off.

Shirrom

Yeah those extas are not worth it. An extra 1k a month!

simonsi

And only 70 yrs on the lease, if you like musical chairs...you will be surprised how early that effect kicks in...

Bo-Jangles

It's also only 62 m2 about the size of my lounge and therefore likely targetted at students.

wez130

I nearly got caught out by this when i was looking too! They are leasehold.

Another one to watch out for too....

5 Star Living in 'Spencer on Byron" | Trade Me Property

I was tempted by that, then when i went on the Ray White website who are also advertising it, and watched the video, what they don't tell you in the advert is that what you are buying, you can't live in, you can only rent it out.

Bo-Jangles

There's an even bigger issue with Spencer on Byron as it is pretty well known for being a leaky building. I can't stress enough the need to do due diligence and research before considering purchase of any any property - particularly in Auckland

Even apartments in buildings that leak or that require other remediation work are finding buyers - at a price | interest.co.nz