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tdgeek
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  #2161850 16-Jan-2019 08:14
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Apartment buildings are generally higher than wider, so if you added solar panels to the roof, you may only be allowed your % of roof space, otherwise others are locked out. 




  #2161856 16-Jan-2019 08:25
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Very unlikely a body corp would allow that. If I was sitting on the panel I certainly wouldn't allow it. Not because I'm an arsehole, its just a bad idea to allow a resident to use part of the communal property for their own individual purpose.


Handsomedan
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  #2161871 16-Jan-2019 08:54
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The only way I could see that working is if the Body Corp agreed to install solar for everyone - then all residents would be hit with a portion of the cost and they'd also have complete control over the who, how and when, etc. 





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JimmyH
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  #2161893 16-Jan-2019 10:04
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Hammerer:

 

For comparison, my parent's house in Lower Hutt

 

1962 ~5,000 pounds = $10,000

 

1982 $45,000 sale an increase of 7.8% p.a.

 

2018 $455,000 capital value for rating a further increase of 6.6% p.a.

 

Overall house price increase 7.1% p.a.

 

Whereas the average wage increased 1.8% p.a. during the same period from about $1,600 to $64,000.

 

 

Your math is off. A house price increasing from $10,000 to $455,000 from 1962 to 2018 does indeed equate to a compound annual rate of increase of 7.1%. However, an average wage increase from $1,600 to $64,000 corresponds to a compound growth rate of 6.8%, not 1.8%.


Aredwood
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  #2161972 16-Jan-2019 12:59

quickymart:

Thread bump as I had another thought tonight (reading John's home purchase thread) about buying a house. If I am in a body corporate managed apartment, and say I have a place on the top floor, what are the chances of them letting me install a solar panel (most likely on the roof) to provide electricity to my apartment - as well as using power from the grid? Might be good for saving on the power bill, but would a body corporate just allow you to install solar panels on the roof of the property? I haven't seen many (if any) apartments with this.



It would be a complete can of worms. As the BC is responsible for maintaining roofing and cladding. So probably won't want to risk damage to the roof. If roofing repairs are required, there might be arguments over who should pay to remove and reinstall the panels. Can they withstand strong winds? Will neighboring buildings block the sun to the panels? The power cables almost certainly need to travel through firewalls and common property. Electricity supply to the building might be by a single bulk meter, and the BC billing for the power to each apartment via check meters. If So, then no way for you to get paid for exported power.

Some BC have a ”no holes in cladding” policy. Which means that you can't even get a heatpump installed, and extremely difficult to get gas cooking installed also.





quickymart

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  #2162059 16-Jan-2019 16:05
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Oh d'oh, well it was worth an ask :)

quickymart

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  #2212379 7-Apr-2019 18:12
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Bumping this thread as someone pointed out this website to me the other night:

 

https://youown.co.nz/

 

Looks like it could be a good way into the housing market. It would be expensive initially - but there is always the option to buy them out of their portion once the time presents itself.

 

Anyone used them or have any comments on them?


 
 
 

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alasta
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  #2212387 7-Apr-2019 18:41
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quickymart:

 

Bumping this thread as someone pointed out this website to me the other night:

 

https://youown.co.nz/

 

Looks like it could be a good way into the housing market. It would be expensive initially - but there is always the option to buy them out of their portion once the time presents itself.

 

Anyone used them or have any comments on them?

 

 

I don't see how this differs from a high LVR loan from a major bank. They say that their service is only available for new builds from developers that they partner with, but most banks will offer loans with 10% equity on new builds anyway for those who can service such a large loan.

 

It makes me wonder if it's just a marketing channel to help developers with selling off the plans. 


quickymart

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  #2212388 7-Apr-2019 18:45
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I read it more as "you can get into the property market with a lower deposit than what the banks require". Most of the banks I've spoken to won't do anything without at least 20%.


pctek
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  #2212389 7-Apr-2019 18:46
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we bought a house in 1982. $23500. 20% interest.

 

Sold it 22 years later for $148,000,

 

 

 

Current market value is $700,000.

 

Really though, just buy a home and live in it.

 

Don't buy an "investment".

 

 

 

Don't do any rent to buys, share ownerships or nasty apartments.

 

Yes it's hard to do now....I agree, 20% mortgages back in the day or not.

 

So we sold our last place to my son. for 1/2 it's current market value.

 

What a fuss from the lawyers. We both got them to shut up and get on  with the paperwork and son is able to manage the mortgage payments just fine/

 

We now live with very aged relative in a much bigger house, made of real materials so it's not all gloom for us either.

 

HArrass your parents if need be, if no parents, then whatever relatives you can find.

 

It's partly why we did it, we could have just sold, but hey isn't that what parents are supposed to do?

 

 

 

 

 

 


Aredwood
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  #2212392 7-Apr-2019 19:01

quickymart:

Bumping this thread as someone pointed out this website to me the other night:


https://youown.co.nz/


Looks like it could be a good way into the housing market. It would be expensive initially - but there is always the option to buy them out of their portion once the time presents itself.


Anyone used them or have any comments on them?



Not much detail on their website.

Since you can only buy certain properties through them. First thing to check- is the purchase price at market value. Or has the price been jacked up to pay for financing costs?


Are their properties available to view and purchase immediately? Or are you buying “off the plans”?



What would happen if the bank refuses to advance the mortgage on settlement day? Not so much of a risk for a house that is already built. But a much bigger risk if you are buying off the plans. As if property prices drop between you signing the contract, and settlement day. The bank might refuse to lend.

Are Youown allowed to request full repayment if they ask for it? Or allowed to refuse to extend the contract beyond 5 years? What would happen if you cant come up with that money?

The whole setup might be completely balanced. And simply a method for a developer to quickly get their development pre sold. And in turn allow them to draw down their construction loan and begin building. Or the contract might be heavily tilted in their favor.

Ironically, a major factor in the risk. Is what the monthly repayments would be, compared to paying rent. As the risk of negative equity is a red herring, if your repayments are less than what rent payments would be.





alasta
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  #2212397 7-Apr-2019 19:16
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quickymart:

 

I read it more as "you can get into the property market with a lower deposit than what the banks require". Most of the banks I've spoken to won't do anything without at least 20%.

 

 

New builds are exempt from the Reserve Bank's LVR restrictions and my bank has told me that they would lend 90% of the value of a new build, assuming that all other applicable criteria are met. However I don't know why you'd want such a high LVR loan if you live in the main centres because you would have to be very capital constrained to only have a 10% deposit, but you would have to have a very high income to service the loan on the other 90%. I wouldn't have thought there would be many people in that situation. 


Aredwood
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  #2212399 7-Apr-2019 19:16

quickymart:

I read it more as "you can get into the property market with a lower deposit than what the banks require". Most of the banks I've spoken to won't do anything without at least 20%.



Talk to a decent mortgage broker. As there are finance companies and other non bank lenders who are not constrained by the LVR rules.

Problem is, that low equity lending is far more risky when house prices are flat or falling. As there is less ability for either you or the lender to sell the house and get enough money to pay off the mortgage. If you get behind in the repayments.

And the stupid responsible lending rules dont help either. As a mortgage to buy a house is far different than buying a TV or a secondhand car on finance.





neb

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  #2212403 7-Apr-2019 19:53
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tdgeek:

Plus, banks here are far less exposed that overseas banks are in a GFC. Looking at rates in 2008 to 2011, they were about 5%, increased to about 6.5%+ then decreased again. On that, its looks pretty stable here

 

 

It's a lot less safe than you think. In the case of the GFC, for example, it affected European banks, which had subsidiaries in emerging Europe that became risk averse and withdrew credit once the parent banks suffered losses, plunging those countries into recession. Since these loans were the equivalent of US subprime mortgages, as the emergening economies fell the loans couldn't be repaid, hitting the parent banks. Then with both US and European banks in trouble, it became harder to get letters of credit, which affected all international trade, bringing it close to a standstill - the Baltic Dry Index dropped 90%. With trade in trouble, and Chinese supply chains to the rest of the world starting in many other Asian countries, this affected economies throughout Asia. Those countries' economies also rely a lot on funds remitted by migrant workers, up to 10% of the GDP in some cases, and now those stopped. etc etc. That's not a projection, that's what actually happened in the GFC.

 

 

In the case of NZ we depend on imports, which will suffer if you can't get letters of credit to guarantee them, and trade with Asia, which will suffer if their economies get hit, alongside trade with Australia, whose economy is in serious trouble if China stops using them as a giant open-cast mine. So NZ will be hit in another GFC, even if it's not via the obvious mechanism of mortgage interest rates.

quickymart

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  #2212483 7-Apr-2019 21:59
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Aredwood:
quickymart:

 

I read it more as "you can get into the property market with a lower deposit than what the banks require". Most of the banks I've spoken to won't do anything without at least 20%.

 



Talk to a decent mortgage broker. As there are finance companies and other non bank lenders who are not constrained by the LVR rules.

Problem is, that low equity lending is far more risky when house prices are flat or falling. As there is less ability for either you or the lender to sell the house and get enough money to pay off the mortgage. If you get behind in the repayments.

And the stupid responsible lending rules dont help either. As a mortgage to buy a house is far different than buying a TV or a secondhand car on finance.

 

I talked to a few mortgage brokers, same thing, unless I have a deposit they won't do anything for me. Not helping is the fact I have a loan with my bank already. I was hoping I could roll my loan into my mortgage and just make one payment but the bank (my own one) said no, which I guess is understandable.

 

Note that I'm looking at buying an existing property (an apartment) - not a new build. May just have to wait for a gift and/or inheritance then. Either that or a half-decent Lotto win.
Ah well, it was worth a try.


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