Market Forces
BUYER BEWARE
How to make sure a hot property doesn’t burn you People looking to bag a bargain in Christchurch should be very careful they are not buying into an earthquake damage nightmare. Insurance claimant advocate, Ali Jones says St Albans, Richmond and Edgeware are fantastic areas in Christchurch, but is concerned to hear they may be in hot demand because they are “affordable”.
“These areas were absolutely slammed by the 2010 and 2011 quakes,” she says. “There’s a lot of Technical Category 3 (TC3) land and although that shouldn’t put people off, it should make them very wary.” She says prospective buyers should fully understand what they are buying and any associated risks.
“People are encouraged to ask questions but buyers don’t know what they don’t know, and if you’re from out of town, chances are you haven’t been following some of the issues such as damaged foundations and failed EQC repairs,” she says. Ali suggests people use reputable independent experts to complete specialist reports so they can gain a better understanding of a property. “Always seek professional advice to help you make informed decisions. The last thing you want is to sign up to a mortgage of hundreds of thousands of dollars
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