Carrying on from last week, I did a presentation that including a graphic (granted a bit rough and ready) that I believe sums up why we have a significant, but unquantified problem with MethAffected property. It is titled “NZ’s Meth Crisis ‘Ice’berg”.
Here it is. What do you think?
The unofficial use rate is limited to certain parts of Auckland
I also talked about the fact that often trained Police will go to a property and not be able to pick up on contamination. Well, it looks like that scenario has occurred in a South Island property and the new owner is now looking to get some recovery on the +$80,000 clean up bill they are facing.
As you can imagine, when these sorts of dollars are involved, the natural inclination is for people to duck for cover, turn a blind eye and look for ways to reduce their exposure. The immediate costs are emotional and financial ones. However, there are some serious health implications and long term these can be fatal.
Too many property owners, knowingly or otherwise, have sold on meth problems to unsuspecting buyers. Some of the lucky purchases are almost certain to be investors who were following the mantra of ‘buying below market’ without conceiving that they could be buying a whole heap of liability!
Avoiding a distasteful and scary subject like meth contaminated property by turning a blind eye can be tempting. However, it does not make it go away. Proactively tackling the issue, can open up opportunities to differentiate a property, decrease risk and increase investment returns.
Do you know the MethStatus of your property?