The Star: February 16, 2023

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The Star Thursday February 16 2023 10 NEWS Latest Canterbury news at starnews.co.nz First home-buying friends team up to make $300,000 profit • By Catherine Masters TWO FRIENDS have proven it’s possible for first-home buyers to team up to take on the housing market and come out winners. Sick of paying rent “just friends” Keeva Irving and Nathan Lewis got together about five years ago to buy a house which they sold two weeks ago for $300,000 profit on the purchase price, enough to make a big difference to their respective home ownership paths. The house on Sevenoaks Drive in Bryndwr cost them $550,000 in 2017 and sold at auction for $850,000. Both work in project management, which is how they met. In their mid and late 20s at the time, the pair put their business hats on to conduct extensive research before the subsequent purchase of their house, which they lived in together and sometimes with flatmates to accommodate their separate travels. Irving said they each saved like crazy for the deposit and they specifically wanted to buy in an area with good schools and good resale. “We literally got the white board and a cork board out and we had a map of Christchurch and we drew around the school zones. We said ‘we don’t want to go here, here and here and we’re flexible on those areas’,” she said. Each listed their wants – she wanted a log burner and a garden – and cross-referenced against areas, their budget and the number of bedrooms. Irving said they were clinical about the purchase because they knew they were buying to one day sell. “It was quite hard because we had a lot of people say to us it won’t work and it could get complicated and everything like this so we were quite aware it was a business decision. “We had to remove a certain DEAL: Keeva Irving and Nathan Lewis outside the home on Sevenoaks Drive in Bryndwr which they recently sold at auction for $850,000. amount of emotion and there would be times when he’d be travelling and I would take on the responsibility and vice versa.” Irving said they did not have a watertight legal agreement, saying they were told because they were not a couple they would have been affected by the brightline test if one of them wanted to buy out the other. But they each made their will, which involved having a conversation about what would happen if one of them died, and the result was an agreement that one person would have first option to buy the other out. Sometimes there were difficult conversations over the years and sometimes it was difficult to work out the financial split exactly when one of them was travelling, but Irving says it has worked out around 50/50 and they have not had a cross word. They re-mortgaged last year to take out $60,000 each. Irving said with the sale of the house each of them will get around $140,000 once the legal fees and commission are taken out. That is money each can use for their current properties – she has bought with a partner and Lewis is building with a partner. Her advice for anyone contemplating buying with a friend is to make sure there is mutual trust. “Don’t just go in with someone because they’ve got some money. You have to trust. You have to be able to have those difficult conversations but continue the friendship, and you have to be able to pull your weight and know they’ll do theirs and look after each other and be open and honest financially.” The pair both had full control over the finances and also had a kitty of money so if something needed doing, they could access the kitty and get it done. For this pair, the end result has been fantastic. They were happy with a pre-auction offer of $760,000 which brought the auction forward but on the day they watched rapid bidding send their profit up. “I’m still quite shocked,” said Irving. Bayleys Christchurch general manager of sales Rachel Dovey said not many friends bought together but Irving and Lewis had an exceptional trust level to make the deal work. “It’s not common. I think you’ve got to have very good friendship and you’ve got to have a good financial understanding,” she said. “You’ve got obligations to the bank and when people are coming in and out, like flatmates, you’ve got to keep your ducks in order.” Dovey acknowledges it is probably easier for first-home buyers to get on the housing ladder in Christchurch because prices are lower than in Auckland and other centres. “The median sales price is in the $700,000s so technically a 10 per cent deposit is a lot cheaper than $1m sale which is $100,000. “We do see a lot of young people who own property here and values have gone up so some of those people bought at $400,000 or $500,000.” –NZ Herald RecoveR youR loved fuRnituRe Quality furniture specialists 19th March 2023 Entry packs on sale now at 100s of fabrics to choose from www.qualityfurniture.co.nz Hours: Mon - Thurs, 7am - 4.30pm, Fri 8am - Midday, or by appointment with Keith 027 566 3909 Or enter online at www.city2Surf.co.nz 424 ST ASAPH STREET PH 371 7500 RE-UPHOLSTERY SPECIALISTS KEITH HARTSHORNE 0275 663 909
Thursday February 16 2023 The Star 11 Seen a better price on the same item somewhere else? We’ll match it^, plus you’ll earn 2x Airpoints Dollars ṬM LG 65” 4K UQ75 LED-LCD Smart TV LIMITED STOCK Bosch 71L Built-in Oven 9073673 / 65UQ75006LF 9060037 / HBA534ES0A ON OUTDOOR FURNITURE OUTDOOR FURNITURE CLEAROUT ON NOW Ios Outdoor Corner Lounge Setting $1999 Excludes Bean Bags 9050031 Bonus $100 Smiths City Gift Card* 1 Miele Complete C3 Family All-Rounder Vacuum Cleaner - Graphite Grey 9050448 / 10797760 Russell Hobbs Air Fry Crisp’n Bake Toaster Oven 9060751 / RHTOV25 was $ 199 50 % off selected Sleepyhead Beds # 30 % off selected Lounge Suites and Recliners # 30 % off selected Bedroom and Dining Furniture # FREE DELIVERY* 2 on Sleepyhead Beds Sleepyhead Matrix MKII Medium Queen Bed Perla 5 Seater Lounge Suite - Rust was $ 4499 New York 6 Piece Dining Suite was $ 2999 9070936 Valid until 28 February 2023 9068732 Valid until 7 March 2023 9040252 24 MONTHS INTEREST FREE on purchases $499 & over* 36 MONTHS INTEREST FREE on furniture $999 & over* 60 MONTHS INTEREST FREE on beds $999 & over* Offer valid dates may vary, see individual product pages for details. Available while stocks last. Some products on display in selected stores only — please call 0800 764 847 to check availability. Due to ongoing global supply issues outside of our control, some models may be delayed. Check in-store for more information on availability and timeframes. *Apple products, selected computers, game consoles, gift cards and some promotional items are not available in conjunction with interest free offers. Flooring available on a maximum of 18 months interest free. Extended 60 months interest free offer until valid until 28 February 2023 and applies to Sleepyhead and Wonderest Beds only. Exclusions, terms, conditions and credit criteria apply. Equal instalment amounts include a one-off establishment fee of $45.00 and a maintenance fee of $3.75 per month. Current fixed interest rate of 23.95% p.a. applies to any balance remaining after expiry of any interest free period. See in-store or visit smithscity.co.nz/interest-free for details.**Terms, conditions, and credit criteria apply. Available in-store and online. Weekly equal instalments are based on a 52 week finance period commencing 7 days from the date interest is first calculated. Setting up an automatic payment authority will help you to avoid missed payments and additional interest charges. There are no set-up, annual, or account maintenance fees but fees may apply on default. Current interest rate of 25.95% p.a. applies after expiry of the interest free period. See in-store or visit smithscity.co.nz/easycard for more details, or to apply for your EasyCard. # Discount is off our full retail price and not available in conjunction with any other offer. ~ Price Promise terms, conditions, and exclusions apply. See smithscity.co.nz/price-promise for details. ^ 2x Airpoints offer valid 1 - 28 Feb 2023. Terms and conditions apply. Visit smithscity.co.nz/airpoints for more detail. *1 Bonus $100 Smiths City gift card on Miele Cannister Vacuum Cleaners offer valid 15-28 February 2023. Terms, conditions, and exclusions apply.*2 Free delivery offers valid until 28th February. Free delivery terms, conditions, and exclusions apply. Sleepyhead and Outdoor Furniture offer applies to delivery addresses within 25km of a Smiths City store. Also applies to local Auckland delivery addresses (from Auckland CBD extending to Albany, Henderson, Howick, and Papakura). See individual products on smithscity.co.nz for details.
Page 1 and 2: THURSDAY, FEBRUARY 16, 2023 Rollest
Page 3 and 4: THE CITY council is reviewing the a
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Page 19 and 20: THE NEWEST store in the Smiths City
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The Star: February 16, 2023

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