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Buying Property in ChCh - can we buy as soon as we arrive?

Buying Property in ChCh - can we buy as soon as we arrive?

Old Feb 8th 2013, 5:23 am
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Default Re: Buying Property in ChCh - can we buy as soon as we arrive?

Originally Posted by GoingIn2011 View Post
I can't answer your question directly but I would warn that the property market and processes are quite different here to the uk. Coupled with the unique circs of ChCh, I would do your research thoroughly and don't rush. If anything, from what I understand, the ChCh market is super-inflated at the moment so be very careful.
FWIW I totally agree. Take your time once here.
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Old Feb 8th 2013, 8:34 am
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Default Re: Buying Property in ChCh - can we buy as soon as we arrive?

Originally Posted by MrsFychan View Post
not sure that but from reading this

http://www.enz.org/getting-a-mortgage.html

if you don't have PR then you will be required to stump up a bigger deposit.

Personally I would wait sometime before buying to make sure you know what area is best for you and yours
The common denominator in all the replies is the advice to put off buying until we have worked out what's right for us. However, research I have done so far leads me to look at north Christchurch city and North of the Waimak river. I have scoured the estate agent websites and compared the location map of the properties we like against the Cera TC Zone map. We are currently only looking at TC1 land. Whilst I understand that there are no guarantees, is there anything else we should be researching in terms of land (schools obviously!).

Another consideration I am concerned about is the issue of contents insurance. I read a while ago that insurers weren't offering new business, is this still the case?

Also, I have to ask - with all this controversy surrounding the quakes, what is it that keeps people settling in ChCh? Part of me is concerned that a move there would be foolish in terms of risk to family and our home if there was another massive quake. But then I still feel the pull of everything ChCh will offer us - career opportunity for my husband etc.

In a way, my heart is already there!
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Old Feb 8th 2013, 5:43 pm
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Default Re: Buying Property in ChCh - can we buy as soon as we arrive?

If you look over the Waimak, as far as I am aware none of the land west of Kaiapoi is in any TC category, so no worries there.

I have heard of people getting insurance now. Our house insurance and contents insurance are separate policies and our contents policy has not even gone up much (our building policy has) BUT to be honest for the size of house we have here, it's STILL cheaper than my house policy was five years ago in the UK on a cheaper house.

There are some interesting areas north of the Waimak - you can either stay in the town and live in Rangiora but sadly the town centre is quite impacted last year by earthquake closures of major shops and it looks quite sad, not as thriving as it was. There are other tiny communities too, we live in one, and I find it interesting, peaceful and spacious.

Given the fact that it is not just ChCh house prices that are rising in NZ, and that NZ is pretty well cushioned from international housing boom/bust trends, I think if you wait another year, you will be spending dead money on rent. Also rents here in ChCh are pretty phenomenal at the moment as there is not enough housing for people who lost their homes. Even written off/badly damaged houses with cracked foundations have found their way into the rental market. We have many examples at work of people paying rents now that make your eyes water.....

About them quakes - Wellington sits right on top of a fault with numerous non-code office buildings downtown. It doesn't seem to be stopping anyone moving there. Although I wouldn't!!!!!

Jan

Last edited by Jan n Neil; Feb 8th 2013 at 5:45 pm.
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Old Feb 8th 2013, 5:52 pm
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Default Re: Buying Property in ChCh - can we buy as soon as we arrive?

Originally Posted by Jan n Neil View Post
If you look over the Waimak, as far as I am aware none of the land west of Kaiapoi is in any TC category, so no worries there.

I have heard of people getting insurance now. Our house insurance and contents insurance are separate policies and our contents policy has not even gone up much (our building policy has) BUT to be honest for the size of house we have here, it's STILL cheaper than my house policy was five years ago in the UK on a cheaper house.

There are some interesting areas north of the Waimak - you can either stay in the town and live in Rangiora but sadly the town centre is quite impacted last year by earthquake closures of major shops and it looks quite sad, not as thriving as it was. There are other tiny communities too, we live in one, and I find it interesting, peaceful and spacious.

Given the fact that it is not just ChCh house prices that are rising in NZ, and that NZ is pretty well cushioned from international housing boom/bust trends, I think if you wait another year, you will be spending dead money on rent. Also rents here in ChCh are pretty phenomenal at the moment as there is not enough housing for people who lost their homes. Even written off/badly damaged houses with cracked foundations have found their way into the rental market. We have many examples at work of people paying rents now that make your eyes water.....

About them quakes - Wellington sits right on top of a fault with numerous non-code office buildings downtown. It doesn't seem to be stopping anyone moving there. Although I wouldn't!!!!!

Jan
Thanks! I'm so torn between renting and buying now! Ideally my husband would like us to build something while we rent, but I'm not convinced the build would be expedited in a timely fashion as the rebuild (quite rightly) takes precedence in terms of trades available.

I've seen so many lovely homes that we could afford with a relatively small mortgage and that would be half the price of renting.

People talk of the 'process of buying a house' in NZ and how different it is. What do they mean by this? Thanks.
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Old Feb 8th 2013, 9:14 pm
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Default Re: Buying Property in ChCh - can we buy as soon as we arrive?

Originally Posted by Larryloo View Post
Thanks! I'm so torn between renting and buying now! Ideally my husband would like us to build something while we rent, but I'm not convinced the build would be expedited in a timely fashion as the rebuild (quite rightly) takes precedence in terms of trades available.

I've seen so many lovely homes that we could afford with a relatively small mortgage and that would be half the price of renting.

People talk of the 'process of buying a house' in NZ and how different it is. What do they mean by this? Thanks.
Rents are ridiculous now
http://www.trademe.co.nz/property/re...-557123691.htm
You can still get a bargain in Rangiora
http://www.trademe.co.nz/property/re...-553492500.htm
If you were to build it would cost more than it is worth but you get what you want.
I don't know what "People talk of the 'process of buying a house' in NZ" is referring to in particular, however there doesn't seem to be chains as often people are moving into rentals while they build again, the legal aspect can be really quick, my first house here took 2 weeks, from my offer to moving in! Good luck
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Old Feb 8th 2013, 10:13 pm
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Default Re: Buying Property in ChCh - can we buy as soon as we arrive?

Originally Posted by theghostofdustybin View Post
not going to bite....
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Old Feb 11th 2013, 11:00 am
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Default Re: Buying Property in ChCh - can we buy as soon as we arrive?

These links might help: http://www.kiwibank.co.nz/personal-b...g-an-offer.asp

http://www.dbh.govt.nz/UserFiles/Fil...ome-buyers.pdf

http://www.eqc.govt.nz/canterbury-ea...property-claim
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Old Feb 11th 2013, 11:04 am
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Default Re: Buying Property in ChCh - can we buy as soon as we arrive?

and this one, if you're thinking of building in the Waimakariri Council area http://www.waimakariri.govt.nz/servi.../dwelling.aspx
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Old Feb 12th 2013, 1:31 am
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Default Re: Buying Property in ChCh - can we buy as soon as we arrive?

Originally Posted by TeamEmbo View Post
and this one, if you're thinking of building in the Waimakariri Council area http://www.waimakariri.govt.nz/servi.../dwelling.aspx
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Lovely to see yu.
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Old Feb 12th 2013, 7:13 am
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Default Re: Buying Property in ChCh - can we buy as soon as we arrive?

Originally Posted by BEVS View Post
TeamEmbo

Lovely to see yu.
Absolutely
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Old Feb 12th 2013, 8:50 am
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Default Re: Buying Property in ChCh - can we buy as soon as we arrive?

Thank you I do look in now and then but rarely comment. Nice to see so many old faithfuls still here being as helpful as ever
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Old Feb 12th 2013, 6:03 pm
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Default Re: Buying Property in ChCh - can we buy as soon as we arrive?

Originally Posted by TeamEmbo View Post
Thank you I do look in now and then but rarely comment. Nice to see so many old faithfuls still here being as helpful as ever
Welcome - I wondered if you had left NZ over the cost of living frustrations.
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Old Feb 14th 2013, 6:54 am
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Default Re: Buying Property in ChCh - can we buy as soon as we arrive?

We have just spent the last 18 months renting (not in ChCh) we put what money we have and returned 4.50% on our savings and that cushioned the blow of paying the rent. Just found a nice property and put a bid in last night so fingers crossed. If I had bought straight away I wouldn't have picked the area I'm now wanting to live in. Sooooo glad I rented first but then again I am in Dunedin. It's the first time we have rented longer term but made sense to us.
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Old Feb 14th 2013, 6:45 pm
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Default Re: Buying Property in ChCh - can we buy as soon as we arrive?

Originally Posted by Larryloo View Post
Thanks! I'm so torn between renting and buying now! Ideally my husband would like us to build something while we rent, but I'm not convinced the build would be expedited in a timely fashion as the rebuild (quite rightly) takes precedence in terms of trades available.

I've seen so many lovely homes that we could afford with a relatively small mortgage and that would be half the price of renting.

People talk of the 'process of buying a house' in NZ and how different it is. What do they mean by this? Thanks.
The process is different. I'm not going to go into it here - I don't know all of the details myself. All I'm saying is, given that it is an unknown, as a general principle in life I would not do anything as significant as buying a house until I know the process very well indeed. That is the natural caution in me, but I think it makes a lot of sense. I've seen too many people get burned on property because they rushed in without understanding the process and the lay of the land well enough. I've also seen many people make an absolute killing while still being largely ignorant - they could have quite easily been burned like the others. All I'm saying is be careful, be informed. It is a lot of money. If you get it wrong, you could be shafted for the rest of your life. Buying a house SHOULD NEVER be something without thorough research in my view.
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