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  1. #1
    Join Date
    Aug 2013
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    1,509

    Default Property investment

    I live in a small North Island city. I'm looking at buying my first home for my own living purposes. In my price range I have 2 similar priced options. I seek input as to the investment and rental differences:

    1. Tidy, well maintained 2 or 3 bedroom house on section. Located in the cheaper part of town.

    2. 1 or 2 bedroom flat or older house. Needs anywhere from some to quite a bit of TLC. Located close to the CBD and on the same side of the CBD to the midrange part of town.

    I am leaning to one of these options but I'll omit which one for now, to seek feedback.

  2. #2

    Default

    It depends on what you mean by "cheaper part of town". If it's dodgy then there's greater risk. If it's just cheaper, it has potential. On the other hand, how much will it cost to fix up the older house and can you afford it, in both terms of finances and time? Without knowing exactly, I'd be leaning toward the bigger cheaper area if it was safe. Just my two cents.

  3. #3
    Join Date
    Aug 2013
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    Default

    Quote Originally Posted by Walter Ichikawa-Doyle View Post
    It depends on what you mean by "cheaper part of town". If it's dodgy then there's greater risk. If it's just cheaper, it has potential.
    I don't know which way it could head.

  4. #4

    Default

    Quote Originally Posted by MichaelNZ View Post
    I don't know which way it could head.
    Once you make your decision it will become clearer.

  5. #5
    Join Date
    Aug 2013
    Posts
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    Default

    Quote Originally Posted by speights boy View Post
    Once you make your decision it will become clearer.
    Either could work for me as an owner/occupier. With the line of work I do I may relocate and rent it out at some time. I'm just thinking aloud "what are the rental differences and considerations between the 2", but primarily I'm looking for my own use.

  6. #6
    Join Date
    Sep 2013
    Location
    Victoria, Aus
    Posts
    135

    Default

    Quote Originally Posted by MichaelNZ View Post
    Either could work for me as an owner/occupier. With the line of work I do I may relocate and rent it out at some time. I'm just thinking aloud "what are the rental differences and considerations between the 2", but primarily I'm looking for my own use.
    It may be better to be specific re the city and which suburbs, then people who know the area can hopefully come in. There are too many unknowns to answer fully on what you've said.

    I bought properties outside of a city, when I could have smaller/less desirable but nearer to the CBD. I did it because I get the same yield as if I'd bought CBD houses and they seem to be increasing in value at the same rate because obviously some buyers prefer to be a bit further out with more space.

    Maybe speak to some rental agents re the cheaper part of town property to get their views on how easy it is to rent there, types of tenants etc. It could be a dodgy area, it may or may not gentrify or it may be an area attracting young families.

    Obviously if it's for your own use primarily just buy the one you like best i.e. do you like city living, walking to CBD etc or do you like a bigger garden and more space?
    Last edited by Eljay1; 29-11-2014 at 03:35 PM.

  7. #7
    Join Date
    Sep 2008
    Posts
    7,562

    Default

    don't get into property investment

    many nz'ers want it banned

    probably the same ones who want drugs legalised
    have you defeated them?
    your demons

  8. #8
    Join Date
    Jun 2004
    Posts
    10,369

    Default

    location
    location
    location

  9. #9
    Join Date
    Aug 2013
    Posts
    1,509

    Default

    Thanks for the feedback. Just for the record, the option I am leaning towards is the smaller 'do up' which is close to the CBD.

  10. #10
    Join Date
    Jun 2004
    Posts
    10,369

    Default

    A 'do up' is always good if you have the skills to do it yourself - add value.
    If you have to pay a lot of traidies then the cost goes up heaps.


 

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