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.

Read More - Opens in a new window

Most Read

Unity First Home Buyer special 4.15
SBS FirstHome Combo 4.29
ICBC 4.49
Kainga Ora 4.59
SBS Bank Special 4.69
Co-operative Bank - First Home Special 4.74
AIA - Go Home Loans 4.75
Unity Special 4.80
Co-operative Bank - Owner Occ 4.84
China Construction Bank 4.85
Kiwibank Special 4.95
Kainga Ora 4.95
China Construction Bank 4.95
ICBC 4.99
Unity Special 5.29
Co-operative Bank - First Home Special 5.29
SBS Bank Special 5.29
Co-operative Bank - Owner Occ 5.39
Kiwibank Special 5.39
ASB Bank 5.45
Westpac Special 5.45
AIA - Go Home Loans 5.45
SBS Bank Special 5.49
BNZ - Std 5.49
Westpac Special 5.49
ASB Bank 5.59
AIA - Go Home Loans 5.59
ICBC 5.65
Kiwibank Special 5.69
Kainga Ora 5.69
Co-operative Bank - First Home Special 5.89
Co-operative Bank - Owner Occ 5.99
TSB Special 5.99
SBS FirstHome Combo 3.29
AIA - Back My Build 3.34
SBS Construction lending for FHB 3.74
CFML 321 Loans 4.20
Co-operative Bank - Standard 5.34
Co-operative Bank - Owner Occ 5.34
ICBC 5.39
Kainga Ora 5.79
Heartland Bank - Online 5.80
SBS Bank 5.84
Pepper Money Prime 5.99

More Stories

Can the NZ economy grow while house prices stagnate?

Thursday, July 09th 2026

Can the NZ economy grow while house prices stagnate?

The question of whether the New Zealand economy can grow much without a recovery in the housing market remains a live issue.

Thursday, February 19th 2026

RBNZ expects slower house price growth in the current recovery

The Reserve Bank thinks house prices will rise at a much slower pace during the current recovery than they have in past cycles.

Wednesday, January 07th 2026

Queenstown not off the radar for first home buyers

First home buyers are not being deterred by Queenstown’s soaring house prices.

Record levels of first home buyers taking out low deposit loans

Tuesday, December 23rd 2025

Record levels of first home buyers taking out low deposit loans

About half of all first home buyer lending has been done at a less than 20% deposit in recent months.