Property Management

Nasty shocks lurking for home buyers - Mary Holm

Q. A visit to a country town takeaway provided me with a copy of your column in the Herald dated August 16, 2003, where one of your readers referred to the insurance issue affecting intending home buyers.

Friday, February 20th 2004

As an electrician I have frequently been asked to check switchboards and wiring in old (and sometimes not so old) houses that have already been bought, only to have the unpleasant task of telling the proud new owners that they need to have serious work done.

Recently a family was told by the real estate agent that the house "had been re-wired". So it had - about 40 years ago. Besides which, someone had been doing a bit of "home wiring" since then that could have been a fire hazard.

I suggest that, in addition to the clauses "subject to finance" and "subject to insurance", prospective buyers include in their contract a clause "subject to building inspection, and electrical inspection by an independent registered electrical inspector".

This will avoid nasty surprises at a later date. Better to spend $100 or even $200 at this stage than $300 or even thousands later.

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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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