When we finally get around to looking for an apartment to buy in Wellington we'll have to pay careful attention not only to the condition and safety of the building but also to government and council earthquake safety ratings and other regulations. These can change so a bit of professional advice will be needed.
Here's an example of what can go wrong: EGMONT STREET
In 2020 we took a lease on an apartment in that Egmont Street building. The apartment and the building seemed strong despite the earthquake warning notice posted on the front door. I feel sorry for the owners who have had to go for years now with uncertainty and changing requirements not to mention the financial penalties.
I've noticed from a quick look at Wellington apartments for sale that the body corporation or bodycorp rates differ wildly. We've owned apartments before in Auckland and are familiar with bodycorp arrangements. The different yearly costs have mostly been linked to the value of the apartment. In Wellington it seems that bodycorp costs differ mainly due to the earthquake safety rating of the building. It's the insurance cost that makes up the bulk of the costs. Instead of the $4k to $7k per yer that we've been used to, in Wellington yearly bodycorp costs can vary between $10k and $30k!
We like older buildings and houses and the 1920s, 30s and 40s styles in Oriental Bay appeal. What won't appeal though is buying something that is unsafe or likely to bring with it a whopping great refurbishment bill further down the track - on top of ridiculously high bodycorp rates. Buying into a new, earthquake strengthened building is probably more sensible. That, or buying a townhouse without any bodycorp arrangements.
7 comments:
"Instead of the $4k to $7k per yer that we've been used to, in Wellington yearly bodycorp costs can vary between $10k and $30k!" What is a yer?
Nice to see you paying attention.
At your age and state of cognition, little exercises are good for you.
I have some cotton reels and little sticks I can send to you to build things with.
And marbles. I know you need some of those because you’ve lost yours.
TC
I'm glad Rick finds you funny because I don't.
Proofread, for Christ's sake!
I doubt that any member of the Holy Trinity would have to proofread.
Rick Tim Bagno
I guess that your rudeness comes from your days in 3G back at school. Decency, etiquette, decorum and manners were taught in the 'P' classes.
Mmm - they are supposed to be foolproof but I prefer to think of them and their followers as - proof of fools.
I'll ignore the banter.
When we cleaned at Rona House in Eastbourne (the six story ex housing Corp building) which is now tenanted with mostly elderly semi-wealthy widows, they had to fork out mega bucks to reseal all the windows that leaked and paint the building. Now they all have to chip in to replace the aging lift! This is on top of paying a substantial body corp fee of about $700 fortnight or monthly (can't remember which).
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