Hi there everyone. I need help to evaluate a property in Hamilton. It is located at the Sanctuary . The project details are:
3 bedroom house and land with double car park , 175 sqm , double story house. Currently giving a rental guarantee of 6.75% gross for a year and having a weekly rental of $400 . The club house housing the gym, heated swimming pool, jacuzzi, pool table would set me aside around $3000 annually.The house is valuated at $395k and is expected to complete in December 2006. Most of the house has already been sold – 60%.
We are an overseas investor from Singapore and this development was being exhibited in Singapore by Charta who does a lot of projects in Auckland primarily.
Can any body provide us about whether we should consider the project as we are not aware as to how much the surrounding property cost .
Thank you very much .
I don’t know the area so can’t comment specifically, but have you googled the suburb itself to see what you can find more broadly that is available for sale and rent?
That will bring up for sale listings with lots of agents. You should be able to get an idea of current values for similar sized property then factor in the worth of the communal services like gym, pool.
I’d also google news too to see what has been written about the actual development. Good luck .I had a look at allrealestate.co.nz and saw the houses for sale in Hamilton with a minimum asking price of $355,000. I am not a Valuer in NZ but I recommend you email Ray White Real Estate in Hamilton and get their opinion on whether it represents market value.
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Be careful of a rental guarantee, it generally means you will get that rental for a specified time, then the market rent may actually be lower when the guarantee is up. Ask Ray White.
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