PHOTO: BARFOOT & THOMPSON You can buy this rundown apartment in Glen Eden, Auckland for $49,000 or near offer. But you will need to commit another $385,000 to fix it up.
First-home buyers should look away now – this may be the cheapest apartment for sale in the country, but the listing agent doesn’t want time wasters.
Because you won’t be able to use the financial help available to first-home buyers to secure this unit, and that’s due to it having “watertightness issues” and being uninhabitable.
And $49,000 is just the start. You will then need to commit to the remediation programme, which is estimated to cost $385,000 for this 59 square-metre, loft-bedroom unit in Glen Eden, Auckland. Which makes the final cost around $434,000.
Ying Li Howe of Barfoot & Thompson Glen Eden says it is an “incredibly low-cost entry” into real estate ownership, but you will need those funds to do the remedial work.
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