Are you looking for your first investment property or looking to add more to your portfolio? What an exciting prospect! If you need a hand, here are some tips on how to find the best investment property for you this year.
Successful property investors do their own research before they decide on which property to buy. They check the price range, location including demographics and employment rates, property types, and market trends before diving in. Do your research early to make a strategic choice that will be beneficial to you in the long run.
Know what your game plan is! Property investment is long-term so don’t expect a quick buck. Focus on your overarching investment strategy with objectives like long-term gain, short-term rental profit, diversification to minimise risk, etc. Remember that your property investment journey may not always be linear, so be ready with an agile plan that allows for changes and the unexpected.
Ask yourself what type of tenant you want to serve to know what type of investment property you should look for. Are you looking into young professionals, students or families? Your real estate agent will tell you the type of tenants the area has. Doing this will help you choose the perfect investment property and determine the success of your first-choice property, so you can adjust your search if necessary.
You have all the tools you need at your fingertips! Know which ones are reliable and comprehensive and use these to help you find the best investment property for you. There are tons of free tools that offer a cash flow calculator good for people looking to purchase a property. It shows how the purchase will impact your cash flow and produces property reports and suburb data analyses.
Talking to your accountant is key before purchasing an investment property. We can help ensure that you know, and account for, all the tax deductions that are available to you. One of our key tips when purchasing an investment property is to get a chattels valuation in the first year the property is rented out. This will allow you to claim depreciation on the property’s existing chattels (remember – depreciation is considered the natural wear and tear of your property and assets and is one of the highest tax deductions out there). You can potentially boost your cash flow by thousands of dollars in a year.
These are just some of the things on top of our heads. Give us a bell and we’ll walk you through all your questions about property! We have many property investment clients in our tribe, it might be time for you to join! Chat soon.
Your Outside Team
Address: Level 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand
Mail: PO Box 24-457, Wellington 6142
Phone: 04 889 2975
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