I knew this would happen!!!

Dave & Sandra · Posted: Sun Jul 18, 2004 12:38 am Post subject: I knew this would happen!!!

My darling husband has fallen in love with and made an offer on a property in NZ WITHOUT ME BEING THERE. Eek

He was supposed to be looking for somewhere to rent that would accept pets so I could send the cat now and then join him and start house searching. Rolling Eyes

He has sent me loads of pictures and floor plans and I can see how he feels. The property is in a place called Feilding near Palmerston North, 10 mins drive away. He has offered and had accepted $270.5K (valuation he had done was from $260-280k) for a property with 5 bedrooms, two bathrooms, living room, dining room, small kitchen, loads of decking around the house and a half built gazebo. Built in 1910 with rimu wood all over the place. 1600 sq. m. of land (described in the blurb as parkland, lots of trees and native shrubs. Clapping

Woodburner and a fireplace in living room only forms of heating. But he said house seems fairly toasty with woodburner going. Gosh a real fire again, takes me back to my childhood. Includes cooker and plumbed in dishwasher and gas is piped in.

I might be able to answer some questions that crop up now.

Even though he is only on a 2 year work permit, the bank were quite happy to lend him 80% of the purchase price on a short term loan until we get the proceeds of our property here, and for some reason he's taken approx. £24,000 on long term mortgage.

Things move really fast in NZ compared to UK - offer made mid-July and he is likely to move in mid-August. I wish things were that speedy here. Sigh!

( Karl - can we have a sigh icon. Sorry, please SIR. Congrats by the way - now about these cucumbers...............)

He has to pay a goodwill deposit of £5,000, valuation of property has cost £120 plus same amount for builder's report. £500 for solicitor, who apparently is dealing with us and the vendor. Don't think that would be allowed in the UK. Sorry, he's only given me GBP figures and don't know what rate he is working on.

Hope this info answers some questions. If I hate the house he's dead, but you can't argue with a man in love.

Sandra

Timbo · Posted: Sun Jul 18, 2004 12:54 am Post subject:

Good post Sandra, very informative.
I would have too say though....typical fella.
I had been led to believe that a mortgage was out of the question unless you had PR. It looks like that was not quite the case.
Anyway, I am sure you will just love the place when you finally get there.

karltsmith · Posted: Sun Jul 18, 2004 8:42 am Post subject:

Hi Sandra, Timbo ( and David in absentia),

Sounds like a real bargin to me! Sorry Sandra I have no control over the emoticons but I'm sure ENZ (site administrator) would be happy to oblige with a few more if we all ask nicely! Yes

In Auckland you can double that figure and then some!!! We are currently looking at a property with 4 double bedrooms, master en-suite + walk in W/R, 2 bathrooms, W/C, Upstairs lounge/5th bedroom, formal lounge, family room, farmhouse kitchen, formal dining room, laundry, rumpus room and 3 car carport! Distant viewes of the Pacific from the master suite.....price tag? Who knows it being auctioned next week...will probably fetch $550-600K WOWSER! Eek

I might even have to go out to work to help pay for it Uhoh

Currently I'm trolling the idiosyncracies of the NZ house buying process!

karltsmith · Posted: Sun Jul 18, 2004 8:50 am Post subject:

I forgot to say Timbo that you do not need to be a PR to get a mortgage! You do need an income stream obviously but as with everything in NZ it's more laid back. A word of warning though for the unwary.......DO YOUR SUMS PROPERLY before taking on a mortgage! We have been offered up to $250K.....we are a family of 4 and I have been working on the family budget and we would not be able to keep up the payments on this mortgage without a secong income! The bank (ASB) asked no questions re other outgoings, size of family etc they just gave a pre-approval certificate based on one income of $62K....we have also been told that we could get up to $270K (National Bank) once we were PR's.

It's tempting to take the money........but beware! Wink

david · Posted: Sun Jul 18, 2004 10:04 pm Post subject:

Hi Karl

We would like a house between residential and lifestyle. 4 bedroomed with a bit of land maybe a few miles north of Auckland. Was hoping to pay around $350k but this seems unlikely now after reading the latest posts. Is Rodney district too far to commute to Auckland. I've seen plenty of properties within our budget but don't want to travel 60-90 mins to work.

Timbo · Posted: Sun Jul 18, 2004 10:42 pm Post subject:

Thanks Karl, that is very usefull. That sort of info. is priceless.