The asking price for this delightful two-bedroom St Johns home has been reduced to just $130,000, and the vendors are offering to pay the ground rent for your first 12 months of ownership - a benefit worth $26,500! (Conditions Apply)
For buyers looking for an alternative to renting, this could offer the independence and stability of owning your own home, without the substantial mortgage commitment often associated with freehold ownership. With a relatively low purchase price, seven years of ground-rent certainty and the freedom to make the home your own, it's a different approach to home ownership that may suit your circumstances.
The home itself is a well-maintained, single-level brick and tile unit, offering two double bedrooms and comfortable, practical living.
The current owners have renovated the sunny kitchen and laundry, while the open-plan dining and living area flows out to a front patio, perfect for enjoying the afternoon sun.
The electrical switchboard and hot water system have been updated, the roof was replaced by the previous owner, and a convenient carport provides sheltered parking right at your door.
The location is another plus. With a supermarket, café and shops at the end of the street, public transport within walking distance and Auckland's eastern waterfront just a short drive away, everyday convenience is well catered for.
This is a leasehold property, meaning you purchase the home while paying ground rent for the underlying land.
The annual ground rent is $26,500 (approximately $510 per week), and this amount has recently been fixed for seven years, with no annual increases during that period.
This provides valuable certainty over a major housing expense. Unlike residential rents, which may increase over time, or mortgage repayments that can be affected by interest-rate movements, the ground rent will remain unchanged throughout the current seven-year fixed period, regardless of inflation or interest-rate changes.
There is no body corporate.
The lease is perpetually renewable in 21-year terms, subject to the lease conditions, with ground-rent reviews applying at the specified intervals.
Contact Troy Restieaux for further information or to arrange your private viewing.
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