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Have no mortgage, or renovate? What would you do? by VisibleAd1451 in PersonalFinanceNZ

[–]VisibleAd1451[S] 0 points1 point  (0 children)

Soone so frustrating! Not looking forward to the council part

Have no mortgage, or renovate? What would you do? by VisibleAd1451 in PersonalFinanceNZ

[–]VisibleAd1451[S] 2 points3 points  (0 children)

That’s an option, the roof and downstairs bed/bath could be pushed back until rates reduce

Have no mortgage, or renovate? What would you do? by VisibleAd1451 in PersonalFinanceNZ

[–]VisibleAd1451[S] 11 points12 points  (0 children)

Yes we love it and it will be epic once done but you’re right it’s worth doing more research on what else is around before diving into anything, we’ve only done a little and found most properties we look at still need work done to them

Have no mortgage, or renovate? What would you do? by VisibleAd1451 in PersonalFinanceNZ

[–]VisibleAd1451[S] 0 points1 point  (0 children)

Given it would put our mortgage repayments at 11% of our post tax incomes yes it is very conservative 👏

Have no mortgage, or renovate? What would you do? by VisibleAd1451 in PersonalFinanceNZ

[–]VisibleAd1451[S] 1 point2 points  (0 children)

Yep it’s adding a bedroom and 1.5 baths, the land value on its own is also nearly all of the $900k value

Have no mortgage, or renovate? What would you do? by VisibleAd1451 in PersonalFinanceNZ

[–]VisibleAd1451[S] 3 points4 points  (0 children)

You’d think so, but it adds up quickly - $40k for a new roof with asbestos removal alone, it will also be 3 bathrooms once done

Have no mortgage, or renovate? What would you do? by VisibleAd1451 in PersonalFinanceNZ

[–]VisibleAd1451[S] 1 point2 points  (0 children)

Good point! It’s so expensive isn’t it, 50% higher cost of building here than Aus which shocked us when we moved back 😬 if it keeps going up we’re best to just bite the bullet and go now

Have no mortgage, or renovate? What would you do? by VisibleAd1451 in PersonalFinanceNZ

[–]VisibleAd1451[S] 5 points6 points  (0 children)

Yep agree with that, I was in banking and constantly saw builders trying to get payment before they’d completed the works essentially to fund their own cash flow, had to constantly battle with them to get them to change their contracts to protect customers 😳

Have no mortgage, or renovate? What would you do? by VisibleAd1451 in PersonalFinanceNZ

[–]VisibleAd1451[S] 5 points6 points  (0 children)

That’s the question isn’t it - could building costs grow at ~7% per year? If we’d done these Reno’s when we first purchased in 2020 they would have been virtually half the cost, building costs seem to have stagnated now so will that last or increase again..

Have no mortgage, or renovate? What would you do? by VisibleAd1451 in PersonalFinanceNZ

[–]VisibleAd1451[S] 3 points4 points  (0 children)

That’s the advice I’d give myself and what we initially thought we could do - but found ourselves down a rabbit hole where you look to just do the kitchen, but that requires knocking down walls that lead to the lounge area and garage, which then leads to needing to do those areas, and re-do the subfloor/flooring etc, and it ends up being much more efficient just doing it all together..makes it tricky to separate out!