Tag Archives: Real Estate

New Zealand’s Problem With Leaky Homes

Leaky HomeNew Zealand’s homeowners aren’t that much different from the rest of the developed world. One thing that distinguishes them, though, is a rather unusual problem: a huge number of leaky homes. This is a problem that has been around since the 1990s and 2000s and still exists today, despite the existence of weatherboard houses and related preventive measures.

An Old Problem That Seemingly Wouldn’t Die

According to the Weathertight Homes Resolution Services (WRHS), a leaky home is a “dwelling house into which water has penetrated as a result of its design, construction, alterations made to it, or materials used in its erection.”

The New Zealand government duly recognises this as a major real estate issue. As a result, there are multiple State-sanctioned aid programmes available for owners of leaky homes. Eligible parties can claim for the Financial Assistance Package (FAP), for one, in which they share the cost of repairs with the government. If applicable, the local council can also be involved.

One apartment block in Auckland is enough proof of the magnitude of this problem. Residents of St. Lukes Garden Apartments in Mount Albert, Auckland, filed a massive $60 million leaky homes claim against the contractors involved in the apartment complex’s construction. This is made after the discovery of extensive defects and other flaws due to water damage.

Construction of the complex started in 2003 and finished in 2011—all 285 units spread across 15 buildings. This means that the project is within the timeframe of the leaky homes issue. Now, the problem lies with most of the 285 units showing serious damage, including fire hazards and leaky external walls. Roger Levie of the Home Owners and Buyers Association expressed concern since most of the defects are structural in nature. In the event of an earthquake or similar situation, the buildings are not likely to hold up.

When perusing New Zealand real estate, one must be wary of the huge number of leaky homes in the market. There are an estimated 42,000 homes with leaking issues, with only 3,500 or less having seen repairs. Home buyers must keep their eyes peeled when house hunting, or else risk buying a property with extensive damage (and potential to require a steep price in terms of repairs). 

Real Estate Debate: Should You Buy a Home or Sell Yours First?

Home Buy-Sell Strategy

Home Buy-Sell Strategy So, you have decided to leave your current house for a new one.

There are numerous considerations that come with the purchase and selling of homes. Most people have three goals when it comes to moving house:

  • To purchase a cheaper home
  • To sell the current house at the biggest price
  • Survive the entire process with minimal pain

But before they can achieve all of these goals, they must answer this burning question: Should you buy or sell first?

When You Sell First

Sell first then buy is a logical order most homeowners follow. According to Prestige Real Estate LTD, this process helps you know exactly the amount of money you have to spend for your new home. Overestimating the worth of your current home may result in serious trouble if you are not careful.

Selling your home first before a new purchase is the less-risky option. This keeps your budget safe and prevents you from overextending your new house. On the other hand, you might have to rent for a period of time while you look for your next home. This results in costly utility connection bills and the constant packing and unpacking.

When You Buy First

If you are financially stable, then buying first makes sense. When you immediately purchase a new home, you need not worry about renting. This is often a cause of concern for families with elderly residents or homes with too many furniture.

A number of buyers find their dream home before they sell their current ones. When you buy first, you ensure that you get that special property.

Like selling your home first, buying first also comes with a set of disadvantages. For example, if your monetary buffer is not that huge and you feel the pressure to sell your home immediately because of a property purchase, you might sell your home at a price much lower than the original value. In a slow market, selling your home takes time.

Answering the question “should I buy or sell my home first?” can prove to be a challenge for the regular homeowner. With a little research and some professional help, though, you will be able to decide quickly and with confidence.

Expert Guide to Sealing a Commercial Real Estate Deal

Real Estate Deal

Real Estate DealInvesting in commercial real estate is one of the guaranteed ways of securing your financial stability. Investors have a high affinity for them and compete rigorously to secure them due to the high returns most of the estates.

Here are some secrets to help you secure a lucrative commercial real estate deal.

Do Research

Intensive research will help you know what other parties who are directly involved in the deal know. You need to think like a professional and understand the various aspects. For instance, the methods used to valuate residential property are different from those of commercial SMSF property investment evaluations. The expected income or gain is directly proportional to the usable square footage.

Have a Viable Action Plan

Some of the questions that you need to ask yourself when formulating your plan include, how much are you willing to pay for the property? How much will you earn from the deal? How many tenants are already on board? Think critically about the answers to these questions to make the right decisions.

Consider the Neighbourhood

One of the best ways of accurately evaluating the feasibility of a commercial property is by carrying out your own survey of the neighbourhood. Interact with some of the owners of adjacent properties to get a clear picture of what to expect when you finalise the deal.

Have a Couple of Motivated Sellers on your Side

Motivated and focused sellers are the main drivers of the real estate industry. First, you need to understand that nothing really goes on in this industry if you do not have a deal. More often than not, motivated sellers are willing to sell their properties below the set market value in a bid to cater to other pressing issues. If the seller is not motivated, your chances of getting a good deal are low, as most will not be willing to negotiate.

Securing a good commercial property is not complicated, but you need to make strategic steps along the way. Be sure to consult other real estate professionals to get more insights.

Estate Planning: Why Do You Need It?

Estate Planning

Estate PlanningBuilding an estate to bequeath to loved ones is the ultimate goal of many — if not all — responsible adults over the course of their life. It is, however, common for people to amass wealth and yet forget to instate a plan by which their wealth shall be handled in the case of their passing. Some consider death as taboo; some are just simply scared of the thought of planning one’s passing.

Nonetheless, estate planning is always a good idea. As the Utah estate planning attorney of ChristensenYoungLaw.com notes, “An estate plan provides more than the distribution of wealth and will provide peace of mind.”

Here are a few reasons that make it so:

  1. Death is a certainty that comes at an uncertain time.

Tomorrow is an uncertainty. The phrase, “I’ll do it tomorrow” is so common that some people say it with such confidence, as if it were inevitable. The fact of the matter is that no one knows when their time on this earth will come.

  1. Your possessions go exactly where you want them to go.

By planning your own estate, you can entrust your wealth however you please to whomever you want, which brings us to the third reason.

  1. Your loved ones can avoid unnecessary anxiety, confusion, and stress.

After the death of a loved one, family members need to deal with plenty of arrangements, along with the devastating grief and sorrow. By sorting out the distribution of your assets before your time comes, you are helping your loved ones with the process of moving on.

Many estate-planning tools out there can help you prepare for the future. If you want to start estate planning today, talk to estate planning attorneys today. As they say, it is never too early to plan for what may come later on.