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Real Estate - Auckland

Posted by Vanessa45 
Real Estate - Auckland
July 05, 2016 03:46AM
Anyone out there in Real Estate or been in Real Estate?
I need advice about buying a property in AUCKLAND, more specifically the North Shore.

I am looking at entry level which in this market is the MID -HIGH 500s and come to the conclusion an apartment style place is probably all I can realistically afford. I have figured the body corp in to that too.

The issue I have is there arent many properties for sale and most of them are auction.
I recently lost out to one despite being the highest bidder as I had "subject to finance" and other party didnt despite offering less. That was pretty gutting!
Im all ready to go on an auction but not 100% sold on it but feeling pressured out of desperation to get a foot in the door.

Any ideas?

Im after a 2 bedroom, ground floor place.

My next step is to put flyers in mailboxes in the complexes hoping it may encourage someone to sell.

Its frightening

Any advice welcome
Cheers
Vanessa
Re: Real Estate - Auckland
July 05, 2016 05:27AM
It does seem you are doing all the right things. Do you have pre-approved finance. If you know you are likely going to buy an apartment/unit - do as much research as you can on owning these types of properties. They have different dynamics than owing a standalone house - there is loads on google, but obviously be confident of the overall condition of the unit and try and ascertain how the complex is managed and they have funds for long-term maintenance. A complex in a poor state of repair may tell you something.

Owning a property always comes with a set of problems from repairs to dealing with neighbours, trees that arent yours and the list goes on, so dont get hung up on the little things.
Re: Real Estate - Auckland
July 05, 2016 10:27PM
I've limited experience with apartment living, however I would check out if the units are mostly owner-occupied or rented out. It can make such a difference to your quality of living in a place. Good luck with the search. It must be so difficult in the present market.
Re: Real Estate - Auckland
July 06, 2016 02:37AM
Good luck Vanessa, I think you will be very lucky to get anything under $600 000. We have been looking for a while now, hoping we could find something for our son but he has just been priced off the market. He has a very large amount of money saved but he is single, he also has a very good job, he has worked every holiday since he was 15 and he has no student loan. He is in a well paid job. My husband is a builder so a "do up" was fine but we couldn't find anything unless he was prepared to move right out into the country areas which then made commuting impossible. Although I think it is ideal to own your own place I am starting to think that he should rent and enjoy his life rather than being tied by a huge mortgage.
Re: Real Estate - Auckland
July 20, 2016 11:29PM
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Re: Real Estate - Auckland
July 27, 2016 08:33PM
Stephanie
Ive done it! Ive found something for under 550K in AUCKLAND and even better on the North Shore.
Its in a complex so I guess its a townhouse (joined) or unit. Its not an apartment. There is a bodycorp that includes a pool and gym as well as insurance and maintenance.
We bought at an auction that was VERY daunting but despite not being the "Kiwi dream" of a 3 buddy with a garden its TOTALLY perfect for us and feels great. Maybe tell your son to think outside the box and look at these type of complexes (check the leaky home situation of course). Its just a new way of living but a great move on to the ladder at a reasonable entry level price. Its also got rental potential as in the Albany area.
Even buying off plans...
Good luck to you guys, keep us posted.
Vanessa
Re: Real Estate - Auckland
July 31, 2016 06:06PM
Fantastic! I am glad you found somewhere especially when you have a family to provide for.
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