Hey everyone...
I've been browsing the forums for a couple of months now and have soaked up some very good information, by far the best property forum Ive seen dedicated to NZ...
I'll give you a quick run-down on my situation and feel free to comment.
So now to my situation.
I'm nearly 24 and in April 2010 I purchased an old 120m2 villa in Whangarei (where I live). I would call it 3 and 1/2 bedrooms (one bedroom is small and could fit a single bed and a couple chests of drawers, so good for a small child), one of the bedrooms is upstairs, like a loft but is pretty big for a loft and two double bedrooms, master has a walk-in wardrobe. It has a sunroom, lovely bathroom, modest kitchen. Double garage (with single access only) and 1300m2 of land. It is on a hill though so not flat. I purchased for 252,000. I have managed to pay off 34k since I bought it and have been paying off as much as possible, maybe to it's detriment as it needs to have a retaining wall at the back section re-fenced (part fell over) and some bora in the roof taken care of.
I was thinking about waiting until winter to maybe get cheaper quotes (low-season) for the work, or should I just get it out of the way?
I am always away with work as I am a long-haul flight attendant. So my rental situation is this...
I live in the loft and have most of my stuff packed into the small bedroom. Part of the deal is the tenants (A couple and her son) needed a lot of the garage for their stuff, which was fine because what I have in there still fits in. They rent the two double bedrooms. They pay 230 per week and the agreement was I pay 1/4 power bill. The woman and her son have moved back to their mothers for the mean time as her father passed away, it's been a couple of months now. The only thing it's changed is I've agreed to go halves with the guy on power as they're not around that much to use it.
They really are awesome tenants, the guy mows the lawns most of the time! I give him money for petrol and pay the odd power-bill myself sometimes out of appreciation. They're tidy and look after the place, especially since I'm not around a lot.
Overall I think it's a pretty good set-up, and though I might be able to make slightly more out of rent, quality tenants are hard to find. Oh, and the rent is paid on-time
I've also thought about buying an IP while rates are good but I'm wondering whether I should still pay off more debt. I guess I will pay off a bit more while keeping an eye out for good deals on property finder sites... when I know Im ready I will approach some agents so I can try get in on propertys before the go 'on the market'.
I've been browsing the forums for a couple of months now and have soaked up some very good information, by far the best property forum Ive seen dedicated to NZ...
I'll give you a quick run-down on my situation and feel free to comment.
So now to my situation.
I'm nearly 24 and in April 2010 I purchased an old 120m2 villa in Whangarei (where I live). I would call it 3 and 1/2 bedrooms (one bedroom is small and could fit a single bed and a couple chests of drawers, so good for a small child), one of the bedrooms is upstairs, like a loft but is pretty big for a loft and two double bedrooms, master has a walk-in wardrobe. It has a sunroom, lovely bathroom, modest kitchen. Double garage (with single access only) and 1300m2 of land. It is on a hill though so not flat. I purchased for 252,000. I have managed to pay off 34k since I bought it and have been paying off as much as possible, maybe to it's detriment as it needs to have a retaining wall at the back section re-fenced (part fell over) and some bora in the roof taken care of.
I was thinking about waiting until winter to maybe get cheaper quotes (low-season) for the work, or should I just get it out of the way?
I am always away with work as I am a long-haul flight attendant. So my rental situation is this...
I live in the loft and have most of my stuff packed into the small bedroom. Part of the deal is the tenants (A couple and her son) needed a lot of the garage for their stuff, which was fine because what I have in there still fits in. They rent the two double bedrooms. They pay 230 per week and the agreement was I pay 1/4 power bill. The woman and her son have moved back to their mothers for the mean time as her father passed away, it's been a couple of months now. The only thing it's changed is I've agreed to go halves with the guy on power as they're not around that much to use it.
They really are awesome tenants, the guy mows the lawns most of the time! I give him money for petrol and pay the odd power-bill myself sometimes out of appreciation. They're tidy and look after the place, especially since I'm not around a lot.
Overall I think it's a pretty good set-up, and though I might be able to make slightly more out of rent, quality tenants are hard to find. Oh, and the rent is paid on-time
I've also thought about buying an IP while rates are good but I'm wondering whether I should still pay off more debt. I guess I will pay off a bit more while keeping an eye out for good deals on property finder sites... when I know Im ready I will approach some agents so I can try get in on propertys before the go 'on the market'.
Comment