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Re: neighbors

Posted by alexandra_k on July 22, 2021, at 6:33:52

In reply to Re: neighbors, posted by alexandra_k on July 22, 2021, at 6:20:46

I live in an inner city apartment. And occasionally I have noises from 2 sides. I am very very very very lucky that I don't have to worry about noises from above and below, as well. I only have the potential from noises from 2 sides.

One of my neighbours... I think for quite a while it was Air b n b. Because that was a great way to make money for landlords. With inner city apartments. Rent them out for Friday night and maybe Saturday night... Collect as much or even more rent as you would get renting to long-term tenants... And clean and re-set the apartment between people. That was the most financially lucrative way. And so many of the central city apartments in Auckland Central were empty for much of the time. Because the landlords got more money for Air b n b rent from tourists than they would get for rent from locals...

But then Covid and tourism ground to a halt... So... Eventually... They started advertising the apartments for full time rent for locals. Because otherwise they weren't going to get any income at all.

And... Eventually... They are grateful to have long-term tenants who don't complain about things they could complain about... Because of the regular income...

I think... The landlord who owns my apartment... He has to pay fixed body corporate fees (for important things like cleaning communal areas and security etc etc and they do a really good job at all of that) together with land-rents to the council. That went from, like $5,000 per year... To, like $20,000 per year. All of a suddden. There was like 'how can it cost so much to have apartments on the f*ck*ng water for f*cks sake????' 'How much can water-land be worth???' But it costs a lot to run fibre optic internet cable out to not very many people living on the warf. Ditto electic. Etc... So actually the land value is lots. Lots. Lots and lots.

And now the apartment I live in... Is worth like $200,000 maybe. If you are lucky. With maybe $20,000 body corporate per year and maybe well... $5,000 one year and then $20,000 the next... And who knows what the Auckland City Council will say land-rent valuation is for next year... And point is... They can't give the apartments away. With the land value that needs to be paid and the body corporate... My rent... My rent payments (which are in fact very high by NZ standards) don't leave very much at all for my 'property investor' landlords.


I mean... If I had $200,000... Would I choose to invest it in an inner city Auckland apartment with body corporate fees and who knows what land-rents to the council???

Unclear that that is a good idea.

How about investing in it as ones primary home??

Still unclear that that is a good idea...

Still unclear...

Instead of rent to a landlord you have Auckland council and body corporate... Every year you pay them... Every year you pay... And so it's a... SInking ship. Yeah??

Welcome to doing business with NZ.

Nothing grows here.




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