1) A Little-Known Misconception About the NZ Apartments... 2) Hidden Costs & Problems...
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? YOU WILL LEARN:
- A little-known misconception about New Zealand apartments
- Hidden costs and problems you may face nowadays
- Essential steps to reduce complications
- And other practical tips you can implement today!

? TABLE OF CONTENTS:
00:39 – Fire Safety
02:03 – The Body Corp Rules That You May Not Be Aware Of
04:39 – Off the Record Meetings
05:56 – Do Apartments Really Offer a Good Return on Investment
06:57 – Why the Body Corp Fees Are Highly Volatile
07:41 – How Off the Plan New Apartment Costs Can Get Out of Control
08:18 – Bonus Tip


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TRANSCRIPTION:

Today you will learn a little-known misconception about New Zealand apartments, hidden costs and problems, essential steps to reduce complications and other practical tips you can implement now.

1. Fire Safety

Your house is your castle. You want to be safe in a place where you sleep and live. New Zealand experiences over 300 apartment fire incidents per year. Here the fire trucks have a 7-metre high ladder that can reach only up to 5 storeys.

However, New Zealand is constructing taller and bigger buildings that will house a lot more people. More residents mean a higher chance of an incident due to a human error. Some of the apartment buildings are over 50 storeys.

If there is a fire and you live on the 45th floor, then you have a long walk down the stairs to reach your safety. If you invest in the long term, this will be a common issue soon because living in apartments will be more widespread in the future.

Therefore, if you buy for yourself or your family or you want to have good tenants, you have to think about it and consider safety features. I would be interested to know what do you reckon about it. Do you think about the safety features of an apartment when you buy it?

2. The Body Corp Rules That You May Not Be Aware Of

While you are the owner of the apartment, you have a lot of rules to follow and a little control. For example, if you like letting your real estate on Airbnb or similar websites, it will not happen as easy as it was last year. An ever-growing number of body corps include it as a standard rule that you can not do any commercial accommodation operations.

Do you love pets and want some company in your apartment? Some body corps do not allow it. It can be due to the noise control or some other reasons.

Another common rule relates to your gas cookers. Some families prefer cooking with gas, but in many cases, it is prohibited too. If you have done the renovation and your neighbour notices that you have got a gas bottle outside the apartment you may be required to reinstate the property to the original condition. Gas bottles can also breach the contract with the insurance company, and if something happens to the building, you may be liable.

Do you want to add a heat pump to keep you warm during the winter or cool in the summer? It took me months to get approval from the majority of the property owners. In their view, it can create additional noise or change the look of the property thus reducing the value of the real estate.

The next body corp rule also relates to renovation. For example, if you want to change windows or doors to improve insulation in your apartment, you have to get the approval as well. Thus, you have to get a majority to agree with what you are trying to do.

You buy something, but you have limited control over what you can do in your apartment. Have you ever come across any similar rules in a body corp? What is your least favourite requirement?

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