As a result of the earthquakes that devastated Christchurch, speculation has arisen that seismic strengthening rules may soon be tightened.
Article written by The Overseas Guides Company
Current regulations on all types of older buildings require them to be brought up to 33 per cent of the strength required of new buildings – which are specifically designed to cope with a moderate sized earthquake.
However property experts and media commentators have suggested that current reviews under way in the aftermath of the Christchurch earthquakes will lead to a toughening of these rules. This has implications for anyone currently upgrading their property, as if they do so only to the minimum required standard, they may be forced to undertake further work to meet any revision to this minimum standard.
This has lead to debate about whether it is better to hold off on doing any work until the reviews are finalised, or continue with the works but exceed the minimum levels required.
For New Zealand property owners, it is a complex and sensitive issue, and one which will need careful consideration. As well as the financial costs, there are the issues of safety for occupants, local council regulations and imposed time-frames for achieving the work, as well as the expectation of dramatic price rises and labour shortages once the massive task of re-building Christchurch begins in earnest.
For more advice about buying property in New Zealand, take a look at the NZ listings on Rightmove Overseas.
When emigrating to New Zealand or buying property there, using a currency exchange specialist rather than a bank to transfer your pounds to NZ dollars could save you thousands. Smart Currency Exchange can help you do this – for more information download their free guide by clicking here.
To understand the full step-by-step process to buying a property in New Zealand, collect The Overseas Guides Company’s ‘New Zealand Property Buying Guide’
The views and comments herein are those of the author and do not necessarily reflect the views or opinions of Rightmove Overseas, Rightmove Group Ltd or Rightmove Plc