Does a Sleep-out Add value?
Q: Hi Steve and Lisa. We have bought a property in South Auckland as an investment and have noticed a few of properties in our area have sleep-outs in their backyards. This seems to us to be a great way of adding rental income to our investment. Is it worthwhile, does it add capital value, and how do we go about it? A: A minor dwelling (or sleep-out) is a second unit built on the same title, detached from the primary residence. It has its o…
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Pools
Q: Hi guys, even though we didn’t really have a summer this year we are seriously considering putting in a pool for next summer. We were a bit taken aback at the price so just want to know if it is going to add value when we eventually sell. Can you help? Thanks, Jan and Don W. A: Firstly, adding a pool will not always add value. On occasion we get buyers who see the pool as a detriment rather than attribute to a home. In general though, …
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Sale & Purchase Agreements
Q: What are the implications of making a conditional offer on a property, and what conditions are available to us? Jeremy P. A: What a great question Jeremy! This is a big subject so we will answer in ‘instalments’ over the next few weeks. Firstly, the more conditions there are in an offer to purchase property, the less attractive that offer will be to a vendor. Vendors have a natural aversion to contracts with many conditions because each …
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Selling a Property
Q: I’m looking at selling a property by auction. Last time I sold was over twenty years ago so it’s all a bit new to me. How long will it all take? Darryl H. A: If you are in Auckland you will find that most agencies suggest a three week marketing campaign (three weekends of open homes) with the auction being held, usually, mid-week following the last open home. But before this they will need about a week and a half to organise professional …
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