Ask Aaron Tunstall, owner of Impression Real Estate, questions relating to apartments.
Aaron Tunstall is the owner of Impression Real Estate, specialising in sales, building and property management. Impression has been awarded property management company of the year three times.
I'm interested in finding out more about apartments with a view to investing in one. What is the difference between a leasehold and a freehold apartment? And what are the pros and cons with both?
We are looking to buy a “Work/Live” unit in an area zoned “Light Industrial” in Auckland. In the development, you may operate a business from the ground floor and live in the upstairs apartment. This is a professionally built complex which complies with all the building regulations and etc.
We would like to seek a “Change of Use” to allow both levels to be operated as apartments. We would rent out the current upstairs apartment and convert the professional office on the ground floor to our own apartment to live in two to three nights each week.
The Body Corp has said while this is not currently permitted, that an owner would be allowed to do this if they got the Council to agree to the change of use. How would we approach that? This would be an application to Auckland Council, but where and how do we start?
I am interested in investing in an apartment in Auckland because I have read the returns are better (than those from houses). Is that true? I have a deposit of about $50,000 and a decent income. Is that enough to purchase an apartment somewhere in Auckland? If so, what areas would you recommend to look in?