Articles by John Rowe
At GRA we have become concerned at the number of people thinking about buying leaky buildings. This was brought to our attention in our capacity as Professional Trustee, which means we (along with any other trustees) need to sign off on any planned property purchases for the trust clients we act for.
We were concerned when we found out about the first person but became alarmed when, over a matter of weeks, we had multiple clients say they were planning to buy leaky homes. As explained in Property School and in Matthew Gilligan’s book Property 101, we consider leaky homes to be ‘property lemons’ which should be avoided at all costs. When we asked our clients why they wanted to buy leaky homes, they said that the Auckland property market is so expensive they are the only properties they can afford.
While we agree that leaky homes are certainly cheaper to buy, we disagree that they cost less in the long run. In fact, they are likely to cost purchasers significantly more and will quite possibly put them in a much worse position than before they bought them.There are many reasons why you should avoid leaky buildings – and each of these reasons on its own should be enough to deter you. Combined, they are a financial disaster waiting to happen.
Morning Matthew, Quick note about Salesh Chand. I have been extremely impressed with his actions with regard to the mutual client of ours in Auckland Abrasive Blasting and Coatings 2005 Ltd. He has been a pleasure to deal with, provided accurate information in a timely manner and most importantly is giving the client the right advice as far as I am concerned. He is very personable and I would certainly recommend his services to any ANZ client. Kind regards - Grant Clune - ANZ Relationship Manager - Auckland South
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