Earthquake - landlord wants his house to live in - kicking out tenants

[tigertim20]

given how fucked up things are in christchurch, perhaps all involved can be a little more charitable. shitty situation for everyone. perhaps you 'friend' could share the house with landlord at 1/3 of the rent untill your 'friend' can find another place?

With so many people taking off, Id say many landlords would be quite open to signing a contract for a lease of say 2 years minimum, at an agreed (cheap) price, if it meant getting their house occupied. should be some good deals for living to be had. might be a blessing in disguise for ya mate.

[YellowDog]

It is BOUGHT for fuck's sake, BOUGHT!

(unless you brunged it with you)

Many in CHCH wish they had not ever bought and could get the fark out of there.

Existing house prices of undamaged houses will also be worth sod all.

[onearmedbandit]

perhaps you 'friend' could share the house with landlord at 1/3 of the rent untill your 'friend' can find another place?

Sounds great, if the landlord had started with that option.

[Toaster]

That sucks, but that's what comes with renting.
One of the reasons we finally brought our own home.

Brought it? You live in a campervan do ya?!

[BoristheBiter]

because he can sell the house for more than he bought it for..ussually,which is pretty well unheard of with other "investments",ie he makes a modest retuen whilst somoone else buys an asset for him then he has an appreciating asset for ....free really

but you normally repay 3 times what your morgage was in the first place so if you buy a house for 300k, 20% deposit so you will have to sell it for around 720k to make money.

[sidecar bob]

I guess this is a situation where the golden rule applies. He who has the gold, makes the rules.
If the landlord hadnt got in debt to the eyeballs to create wealth for himself, he wouldnt have any choices about where to live now.

[mashman]

Sounds great, if the landlord had started with that option.

Nice to see the playground attitude is alive and kicking.

[onearmedbandit]

Nice to see the playground attitude is alive and kicking.

He started it Miss!

[Grasshopperus]

So for around 3% return he has to put up with all sorts of shit, and when an earthquake strikes and hes kinda homeless, he still has to wait 42 days to move into his own house. Why do we bother? can get 5.55% from the bank pay the tax and have no bother.

You bother because you stand to make a huge, tax-free, capital gain on the property which you've conveniently chosen to ignore in your calculations. Property prices are ridiculous and in this country such pricing is a self-propagating disease.

"Let's keep buying and selling the same properties back and forth within ourselves and keep increasing the price of them. That'll create tangible wealth" If everyone believes that everyone else's property is valuable then you'll be able to sell some crappy bungalow (or hardytek leaky special) at "market rates". It's like a huge groupwank. Property bubble.

I think we can now officially debunk the 'safe as houses' cliche in NZ

I believe I'm entitled to a +1 from Mashman for this post

[sidecar bob]

You bother because you stand to make a huge, tax-free, capital gain on the property which you've conveniently chosen to ignore in your calculations. Property prices are ridiculous and in this country such pricing is a self-propagating disease.

"Let's keep buying and selling the same properties back and forth within ourselves and keep increasing the price of them. That'll create tangible wealth" If everyone believes that everyone else's property is valuable then you'll be able to sell some crappy bungalow (or hardytek leaky special) at "market rates". It's like a huge groupwank. Property bubble.

I think we can now officially debunk the 'safe as houses' cliche in NZ

I believe I'm entitled to a +1 from Mashman for this post

And along the way, he has to deal with total fucktards that dont pay him any rent, wreck the house & leave a skip load of rubbish about the place & move on.
The tangible wealth comes at a price, if at all.
I guess that its better than sitting on ones arse & hoping the govt will keep them well funded in their retirement though.
Some people arent smart enough to make money any other way, but you cant begrudge them for attempting to be self sufficent later in life.

[Yow Ling]

You bother because you stand to make a huge, tax-free, capital gain on the property which you've conveniently chosen to ignore in your calculations. Property prices are ridiculous and in this country such pricing is a self-propagating disease.

"Let's keep buying and selling the same properties back and forth within ourselves and keep increasing the price of them. That'll create tangible wealth" If everyone believes that everyone else's property is valuable then you'll be able to sell some crappy bungalow (or hardytek leaky special) at "market rates". It's like a huge groupwank. Property bubble.

I think we can now officially debunk the 'safe as houses' cliche in NZ

I believe I'm entitled to a +1 from Mashman for this post

So I guess you rent then ? Gen Y or Z earn lots and broke

[Usarka]

The economist reckons nz house prices are 20% overvalued. Similar to Ireland before....the economy crashed and burned. And they didn't have an earthquake to lend a hand.

I'm just stepping outside, must wear my hardhat.

[mashman]

You bother because you stand to make a huge, tax-free, capital gain on the property which you've conveniently chosen to ignore in your calculations. Property prices are ridiculous and in this country such pricing is a self-propagating disease.

"Let's keep buying and selling the same properties back and forth within ourselves and keep increasing the price of them. That'll create tangible wealth" If everyone believes that everyone else's property is valuable then you'll be able to sell some crappy bungalow (or hardytek leaky special) at "market rates". It's like a huge groupwank. Property bubble.

I think we can now officially debunk the 'safe as houses' cliche in NZ

I believe I'm entitled to a +1 from Mashman for this post

ooo, errrrr, hmmmmm, WTF do i know ... but def +1 for puntastic cliche busting... that and the perceived wealth of the incoming population pushing prices up.

[Brett]

You bother because you stand to make a huge, tax-free, capital gain on the property which you've conveniently chosen to ignore in your calculations. Property prices are ridiculous and in this country such pricing is a self-propagating disease.

"Let's keep buying and selling the same properties back and forth within ourselves and keep increasing the price of them. That'll create tangible wealth" If everyone believes that everyone else's property is valuable then you'll be able to sell some crappy bungalow (or hardytek leaky special) at "market rates". It's like a huge groupwank. Property bubble.

I think we can now officially debunk the 'safe as houses' cliche in NZ

I believe I'm entitled to a +1 from Mashman for this post

I think NZ has far too much of a focus on investing in property, but the other side of the coin is that I love property (mostly finding land and building/developing new buildings with different architectual styles). HOWEVER...I don't think many in Chch are going to be making much by way of capital gains at present...property prices are going to take a hammering simply due to perceived desireability. (sp?)

[steve_t]

I think NZ has far too much of a focus on investing in property, but the other side of the coin is that I love property (mostly finding land and building/developing new buildings with different architectual styles). HOWEVER...I don't think many in Chch are going to be making much by way of capital gains at present...property prices are going to take a hammering simply due to perceived desireability. (sp?)

The other other side of the coin is that there are fewer habitable houses now. Prices in Chch could go up which is highly likely given the rent hikes being reported. It still depends on supply & demand