I have an investment unit in Auckland that I purchased about four years ago. During the first two years the body corporate fees were about $2,000 per annum. Then they increased to around $3,500 the next year and now they have increased to over $5,000. They have more than doubled in just three years. The body corporate is really strangling the return on this property. What should I do?
I'm looking at buying an apartment in Wellington and see that the asking price is lower than the rateable value. Why would this be? Is this something I should be concerned or wary about?
I'm a first home buyer and looking at a three-bedroom apartment in Wellington with a $400,000 RV (accepting enquiries from $280,000). The current rent is $525 per week. The only issue is that it's earthquake prone and needs strengthening by 2030. My question is, would this be a wise purchase as a first home? My intentions are to live in it and get tenants/borders and slowly do cosmetic touchups and finally use it as a rental property. Your feedback would be much appreciated.