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  # 2212494 7-Apr-2019 23:22

quickymart: Note that I'm looking at buying an existing property (an apartment) - not a new build.



There is your problem. Look for standalone houses instead. Apartments tend to drop in value more than houses if a downturn occurs. Non bank lenders can still lend over 80 percent on existing houses as well. Whether they will in the current market is another matter though.

You have to pay body corp fees, which in itself is risky. As some Wellington buildings have had massive increases to their BC fees. Due to needing very expensive earthquake insurance. There is a risk that earthquake insurance would also become extremely expensive for apartments in Auckland as well. And that is before you consider leaky building and fire risks.

And a landlord can claim a tax deduction for paying the body corp fees. Owner occupiers cant.





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  # 2212499 8-Apr-2019 04:44
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Christchurch is in a good slump for now, do you have to buy in Auckland?




Involuntary autocorrect in operation on mobile device. Apologies in advance.


 
 
 
 




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  # 2212500 8-Apr-2019 04:58
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Aredwood:
quickymart: Note that I'm looking at buying an existing property (an apartment) - not a new build.


There is your problem. Look for standalone houses instead. Apartments tend to drop in value more than houses if a downturn occurs. Non bank lenders can still lend over 80 percent on existing houses as well. Whether they will in the current market is another matter though.

You have to pay body corp fees, which in itself is risky. As some Wellington buildings have had massive increases to their BC fees. Due to needing very expensive earthquake insurance. There is a risk that earthquake insurance would also become extremely expensive for apartments in Auckland as well. And that is before you consider leaky building and fire risks.

And a landlord can claim a tax deduction for paying the body corp fees. Owner occupiers cant.

 

Houses in this area cost an extra $200000 - the apartments I'm looking at have Body Corporate fees of around $3000 a year. I'm just trying to find somewhere affordable to make my start.




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  # 2212501 8-Apr-2019 04:59
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Batman: Christchurch is in a good slump for now, do you have to buy in Auckland?

 

Unfortunately yes, at this stage - one of my boys (who is autistic) attends a special needs school where he's doing quite well. Wife and I both have jobs here too - moving there (while I'm not adverse to the idea) would mean uprooting everything to move there. If my boys were older it would be a bit easier.




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  # 2286854 31-Jul-2019 22:02
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Update:

 

A couple of relatives have said they would be happy to chip in the deposit for a place for me and be my property investors. I was planning on using a portion of the amount to clear my debts (so I can afford the mortgage) - but I'm a bit worried that if they just transfer the money to me, there would be taxes to pay. Would it be better to set it up in something like a trust, and they would own 20% of my property - with the option (one day) for me to buy them out?


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  # 2286931 1-Aug-2019 08:49
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quickymart:

 

Update:

 

A couple of relatives have said they would be happy to chip in the deposit for a place for me and be my property investors. I was planning on using a portion of the amount to clear my debts (so I can afford the mortgage) - but I'm a bit worried that if they just transfer the money to me, there would be taxes to pay. Would it be better to set it up in something like a trust, and they would own 20% of my property - with the option (one day) for me to buy them out?

 

There's no tax on gifts, but you would be best to speak with a solicitor and the giftor for the exact plan (specifically for buyout/payback plans). There are both pros and cons to using trusts, or not. 


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  # 2286941 1-Aug-2019 09:10
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quickymart:

 

Update:

 

A couple of relatives have said they would be happy to chip in the deposit for a place for me and be my property investors. I was planning on using a portion of the amount to clear my debts (so I can afford the mortgage) - but I'm a bit worried that if they just transfer the money to me, there would be taxes to pay. Would it be better to set it up in something like a trust, and they would own 20% of my property - with the option (one day) for me to buy them out?

 

 

 

 

Also bear in mind that the bank will still expect you to come up with 20% yourself. There was a discussion on here a little while back regarding gifts or inheritance. So check with the bank first as they will want to see a savings record. 

 

Or they may not. But check nonetheless. 


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