Landlord Notes – November 2020

Some general property notes…

Rolleston Rental Property

Was originally aiming for an existing house that was a few years old, Built post Christchurch earthquake and was less interested in new builds due to the higher price they tend to command.

The place I ultimately snagged was the final one on my short list that did not have active offer(s) already on it. A 3 Bedroom, 2 bathroom house with internal access 3 car garage in a new subdivision.

After having my offer accepted, there was signs of seller’s remorse kicking in due to alleged “big interest in the property with buyers willing to pay more” and there was pressure on to get the LIM report from the council by the end of the unconditional date.

Despite the above, to be honest, I still firmly feel I paid a “New house premium” for the place over say an existing house. The real (extruded) value of the property when compared against a market snapshot at October 2020 I believe is around the 535,000 – 540,000  mark.

That said, the market appears to be catching up quickly in the recent month to narrow the perceived gap / premium.

One Window has already been damaged by someone attempting to break in. While apparently nothing was taken, it does mean Extra $$$$ to get that buggered window fixed. While hiccups like these were anticipated (what goes smoothly these days?), it is never the less still a little disappointing.

Make sure the place includes a basic burglar alarm, if not, factor that in when making an offer. A basic 2 PIR alarm system installed is around the $1000 mark with extra PIR sensors about a $100 each. Will look at what can be reasonably done to further harden the place security wise.

I am willing to buy again, but I think I will focus far more strictly to my original scope and aim for a place that is in an older, more established part of Rolleston which is also closer to the town centre but built using the new code post Christchurch Earthquake.

Landlord Notes – November 2020

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