Is a hot market a good time to buy a leaky home?
This property in Te Atatu has watertight issues, but was sold recently by Ray White. The buyer, who works in construction, has moved in with flatties, but has long-term plans to demolish the house and rebuild.
As the median price of property escalates every month, buyers could be forgiven for thinking that buying a leaky home might be a way to get ahead on the property ladder.
The price of the property would still be comparatively low, and, eventually, once the house has been reclad, you would have an “as-new” house that would benefit more from any increase in median prices.
Tim Hawes of Ray White Kingsland says buying a house at a reduced price may allow you to get into the market. “Depending on the house, you could possibly defer the work and live in it in the meantime.
“But you can never know just how big the job is going to be once you open up the house – and that could be a horrible surprise. It’s not something I would recommend to a first-home buyer unless they …
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