In recent years, property investment has been a hot topic in New Zealand, with the sector seeing significant growth. It’s not hard to see why. Intelligent investors can expect to benefit from being their boss, regular rental income, substantial capital gains, and an enviable retirement nest egg if they create a strong portfolio.
However, there are risks associated with the property, so it’s crucial to know what you’re getting into before diving in headfirst.
Property investment has long been a dream of many people. Why? Apart from the fact that land and property ownership are in our DNA, property investing has enormous financial advantages, allowing you to build wealth, generate a passive income, and maintain financial security.
Property investment is a wise choice that can work for you regardless of your age or stage in life. A property’s worth doubles typically every seven to ten years, according to history.
So, if you spend $100,000 on the house, it will be worth $200,000 in ten years. Let’s get this party started. You’ll also need to take a different strategy. Unlike the dynamic decision of purchasing a home, investing in real estate is about optimizing a future revenue stream and should be treated as a business. The secret to success has the correct mindset, clear goals, arming yourself with the right information, and having a fantastic team of experts on your side. Such as Ray White Te Atatu! Diane Stevenson is the owner of this company, and who else better than them can help you out.
So you are willing to invest in real estate and are on your way to wealth. But where do you even begin? Here are the critical initial measures you must take to attain your investment objectives.
Your investment property portfolio will get off to a good start if you understand your finances and how to best use them. Speak with a mortgage broker to learn more about your financial condition and the financing alternatives for your first investment property.
Having clear goals is an essential part of any financial plan. Is it your goal to make money quickly, wait for capital growth, maximize rental returns, or retire early? Diane Stevenson is your answer if you’re searching for a true professional and a personable straight shooter who thinks of your house as if it were her own. Determine your objectives to assist in determining which investment strategy is best for you. Diane Stevenson’s team specializes in providing the necessary information.
Choose your property type. For example, a standalone residential property is generally the best option to rent to families. Apartments, or a commercial property, might fit individuals or couples looking for a low-maintenance environment.
To assist you in determining which form of investment property is best for you, we’ve compiled a list of alternatives below so you can choose the one that best meets your needs:
You want to start creating your real estate empire, which will provide you with continual passive income so you may enjoy your retirement years in style. Consider the following when shopping: For you, it’s all about the numbers: yield, possible capital gain, cheap upkeep, and renters who pay on time.
You want to buy the low-maintenance two-bedroom city pad now, rent it out for a while, and then move in after your legs tire of the two flights of stairs in our current three-storey family house.
A rental property is a terrific method to get started if you want to provide your children with a first house or some funds toward one. Consider the following when shopping: You may be counting on capital gain to sell in the future, depending on present market conditions. Alternatively, you may be seeking the ideal first home for your child in the future.
A solid, dependable support network is essential for any investor, whether novice or seasoned. Your team should include your bank or mortgage broker, real estate agents, accountants, lawyers, valuers, artisans, and a property manager. They will be a critical component of your success since they will give you knowledge, support, and confidence throughout the process.
Here’s how each of them can assist:
Speak with them first to get your finances in shape and to gain the support of the bank.
Assists in the structuring of investment ownership and provide tax advice.
Checks legal documents, oversees the possession and settlement process and establishes the mortgage. Consult an attorney before signing anything.
Find properties that fit your criteria and are in the perfect location. You’ll be among the first to know when these properties hit the market if they do their job successfully. And here comes Ray White Te Atatu. Diane Stevenson has a thorough understanding of marketing principles and practices, which has proven essential in helping her team and clients achieve outstanding sales results.
Maximizing your rental income is critical to your investment, but there are some limitations to be aware of, including payment in advance, rent hikes, and more.
You have to contact Diane Stevenson or any member of Ray White Te Atatu, and they will be available for you, making sure that you follow step by step every advice.
You might expect your rental home to have maintenance concerns. If no problems develop, you may want to be concerned!
A few rules apply to property inspections, so be sure you don’t break any of them.
If you observe something trivial, such as the lawns appearing a little unkempt (and it’s in your agreement that they maintain them tidy), you can give the tenants 14 days’ notice to fix it. You can send a breach notice if you find something more serious (what’s that growing in the ceiling cavity?!).
You’re the One in Command of Your Home
You must be reachable and, on the ground, if you will be out of the nation for a lengthy period or have someone else do it for you. If you are leaving the country for more than 21 days, you must employ an agent.
For real estate agents like Diane Stevenson, her primary goal is to get her clients the best possible price for their property while maintaining honesty and integrity and doing everything possible to help prospective buyers secure their new homes.
When you acquire your first investment property, it’s an exciting time. If you make wise decisions, you’ll not only make money but also be on your way to building a multi-property portfolio and possibly a new career.
Here’s a rundown of our recommendations for getting started with your financial journey:
The property market is continuously changing, so be sure you know what market you’re buying in and how it will affect your investment selections before taking action. To learn more, contact the professionals at Professionals, who assist clients in buying, selling, and managing their properties daily.
It’s natural to be apprehensive about purchasing your first investment property. Still, with the correct information and the right team on your side, you’ll be well on your way to financial independence through property.
We highly recommend Ray White Te Atatu and Diane Stevenson. The high-profile strategically positioned office in Te Atatu Peninsula will strengthen the Ray White Group, presently having over 180 locations in New Zealand and over 1,000 worldwide. They are a fantastic group of people eager to assist you with your next real estate transaction.