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that’s a good point, i forgot Auction does costs extra…
what would be a good figure to start with? i’m hoping to pay no more than $300,000 for the property. The house is quite run down so we’re really bidding for the land only.
wow!! fantastic advices… thank you for giving me the steps on how to start a portfolio in NZ…. I will definitely start the research… i have been first encouraged with 10% return on studio apartments in Auckland.. but it’s a matter of sorting through the finances… ie NZ loan..
with the market conditions and everyone recommending to sell… it’s not a good time for us investors.. so I’m really tossing between development of a 3 unit property with a family syndicate or to put to money into positive cash flowed IP.
Thank you again!
Don’t worry about most of the questions! I manage through to sift through the info on this forum!
I have however contradicting information on getting a loan to purchase overseas property. Ie. I’m an aussie looking to take out an aussie loan to purchase a property in NZ. My morgage broker says I can using Citibank. Is this true?
because it is a new home, duty is only paid on the value of the land… not the building…
so when Mirvac built the property, they have only paid duty on the land. when they sell the property to us, they will pass on the savings to us, which we will negotiate by how much…
i guess that is their way of controlling prices in the estate… much like apartments…. if apartments have been sold in a new building for say $300k, and they are having troubles selling the remaining apartments, they will not drop the prices on the new apartments because that will not only piss the previous buyers but also drop the value…. so they provide other incentives such as home theatre systems, furnitures, appliances, etc when they sell the remaining apartments and maintain the $300k mark…
that’s my take from a newbie…
[blush2]Mirvac is strictly non negotiable on price of the house… but they can negotiate on the duty… knocking say $7k off the total $17k because its a new home and duty is on land only…
so there is an element of control of the price and they ensure that prices will not drop and will only increase… the next round of homes will be $400k+
but compared to older homes, there is definitely ability to negotiate 10% off with the current buyers market…
On another note, is it illegal to to quote a too low of a price and then expecting to sell for more than 10% of the quoted price? Eg. Judd White real estate have been asking $230+ or $320+ and expecting sales of $270+ and $390+?
Mirvac have planned through really well from landscaping, park areas, to organising busses into the estate.
Its just some friends/family are against Mirvac homes and seem to think that it’s not worth buying… maybe because of their old perception that old estates are better and new ones are overpriced?
What I was hoping was, as Psychiatrist put it, someone experience in trends of estates? especially from Mirvac. Especially with our Waverley Park Estate, there is no way you can buy a brand new townhouse at $360k that’s only 25mins from the CBD.
Cheers!
any comments?
its a deceased estate. Grand-daughter is living in there at the moment and she’s abit of a drug user. Hence the problem. I suspect the parents are the benefitories and wants the place sold ASAP. There were actually 2 open inspections but on the first day, the agent couldn’t get into the property with the wrong key given to the agent.
our intentions is to demolish the current house. it’s 40+ years old and in need of major renovations. the land is also covered with shrubs, trees, etc.
we’re thinking of putting a bid in and subject to plan, loan approval, and removal of native trees (if any).
interesting feedback. definitely very helpful info, tactics (matt!) and insights. thanks!
i guess its not much use to hold out and make a steal when we have based our numbers on $350k buy.
im more concerned about the agent playing funny games. it is possible that the owner is fed up and wants to sell, and the agent is creating a frenzy with this arrangement to maximise offers. the agent is a real salesman persona, old dog in the business.
will keep you guys updated with the progress… cheerrs
Thanks for the tips!
Any suggestions on where can I get information on successful negotiation tactics?
Cheers!
