[Venturello]

Hello all. Have a (remote) job opportunity in NZ which made me curious to explore the country, hence arrived to these forums and been swimming(almost drowning!) through the wealth of information here contained.

One question: when buying a house in NZ, approximately (in %) how much goes towards costs (paperwork, lawyers, registration, permits, etc). Also, is there a tax you have to pay? Where I live it is 7% tax, 1% in expenses, so its quite a large number you need to consider when looking at houses. How is the situation in NZ?

Thanks all,

Juan Miguel Venturello

ps. To introduce myself, 29 year old, married, with a 3 month old baby, living in Barcelona, Spain. Industrial Engineer by training, been working in software for 7 years and now in IT Software Management. Next year considering starting a MBA at a top school, as I want to leave my current job very soon. But I think I need more experience to fully benefit from an MBA, so that is not a solid decision yet. From my work situation, a job opportunity in Switzerland might arise (solid) from company contracts, or a (remote) opportunity in NZ through a customer recommendation. Who knows! :). NZ appeals to me in many ways, but of course this is just from web-research, will have to first travel there ;)

[Moorf]

We've just bought a house.

The associated costs were as follows:

Solicitors Fees: $990
Valuation: $390
LIM (Land Information Memorandum) - $150
Building Inspection Report: $400
Registration Fee (Transfer): $50
Registration Fee (Mortgage): $50

All above include GST @ 12.5%

No taxes. Purchased in Chch, NZ.

We went via Homesell (where homeowners sell without going through agents so not sure if any fees due there).

Hope that helps.

Moorf

PS: Welcome to the forum :nice1

[GeorgeM]

No taxes.

Did you all get that? NO TAXES!!! No 2% - 3% stamp duty (or worse)!!!! Yehhhh!!!

Remember this and take care to factor it in when we have another of those ding dongs about how cheap or expensive it is to live in NZ as opposed to London or LA or Ulan Baator.

Does it matter that baked beans are 25 cents a can more than they are in Tescos or the like when you don't get taken for 2% to 3% of the total purchase price of the house (which will equate to several thousands on even a modestly priced sale) each and every time you choose to move house?

Over a couple of decades that could add up to quite a few tins of baked beans...

(The same applies to the absence of an inheritance tax in NZ as well, so if you get left a $900,000 house then you get $900,000 - not just the bit that's left when the governement has taken its share. Again, lots and lots of baked beans worth there.)

[sarahw]

Yep its pretty great - no matter how many houses you own (as long as you're not running a property development company) if you sell one that's not your main home no capital gains tax either!! WHOOOHOOO!!!

:cheers

[Soon2baKiwi]

Venturello - hi. Don't know anything about associated costs but... your baby is soo cute :yes

[Venturello]

Hey, thanks all, that's great. GeorgeM, don't complain - in Spain every time you buy a house its 7% off in TAX! New or used! Crazy - and yet the politicians complain that worker's mobility here is low!! :roll:

Thanks all! Soon2baKiwi, I know, he is (objectively, has nothing with the fact he is my only son) the most cute baby in the world!

Here's another shot from yesterday:

http://www.venturello.com/bebe/3meses/DSC04462.JPG

Regards all,

Juan Miguel Venturello

[Moorf]

Bless... so CUTE :nice1

[Simon & Emily]

What a little smasher!! (no, I'm not really feeling broody, honest :roll: )

Emily

[clarabell]

Awwww, what a little sweetie! :smile

[Venturello]

Thanks all :) :oops: