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  1. #1

    Smile Planning to buy first home - need your suggestions

    Hello experts,

    I'm very new to NZ property market and planning to buy our first home in Auckland. We can afford a house up to $1m (both downpayment and bank loan). I need your expertise to guide me on the right path.

    1. Is it good to invest $1m to buy a 4 bedroom house with 650+ m2 land to subdivide in future (in Dannemora which is considered good suburb) or
    Buy a 4 or 3 bedroom house with $800k and plan to buy another house in near future with the left savings??

    2. Which suburb is good in terms of living with children (aged 10 and fast capital growth.

    I know Flatbush, Dannemora from Manukau and Henderson, Swanson, Sunnyvale from WEST. Please suggest

    3. What are the things I should consider before buying a house? e.g free-hold, school zones, big land area etc..

    Your valuable suggestions are highly appreciated. You can point me to the right and good agents if you know any.

    Many thanks,
    Roni

  2. #2
    Join Date
    May 2004
    Posts
    2,497

    Default

    It's a big purchase so worth investigating first. Don't rush in. Prices have flattened a bit in Auckland and may drop.

    Ask at the library what books or magazines they recommend. Join your local Property Investors Association. Go to lots of open homes, ask questions. Then test those answers with people who know what they are talking about, not just sales people. Real estate agents can usually provide sales information in the area, or sites like Trademe and homes.co.nz have historical information.

    https://property.trademe.co.nz/buying/

    Keep a record of what you look at, what you think of properties and prices and why. Because if you look at many places it is easy to forget which was which. (I use Workflowy, free and useful app for keeping track.)

    Consider Kiwibuild, if we ever see any, as they may be discounted (who knows). Some KiwiBuild developments have plans for a lot of social housing - best to avoid those.

  3. #3
    Join Date
    Sep 2011
    Location
    Dunedin
    Posts
    1,617

    Default

    buy 2 houses anywhere else in NZ

  4. #4

    Default

    Thanks for the reply Artemis... Definitely, I'll consider joining local Property Investment Association. Could you please suggest good suburbs, please.

    Prices in West seems a bit meaningful.

    Hey Jimo, planning to buy in Auckland not outside.

    Thanks,
    Roni

  5. #5

    Default

    Try this website - http://www.hometopia.co.nz/ - I know the guy who runs it, good sort.
    Free online Property Investment Course from iFindProperty, a residential investment property agency.

  6. #6

    Default

    Your example prices seem a bit low. Where you want to live is a mix between personal preferences and affordability.
    I would look at transport particularly where you work as both time and cost are likely to be a big factor and increase. Public transport overstated unless your destination is very close to the transport. Generally prices increase first in the centre and work out.
    Lifestyle - the cafe style may change with children. Good schools are important but home influences equally or more so. Leisure and compatibility with the local community can be important.
    Auckland is in a state of flux at the moment with increased density Land is the major cost and it should be possible to get a good house for less than the cost of a new build 2 garages 3 bathrooms cost. It depends what you need rather than would like. I prefer established areas with a few trees, and not too cramped. I would forget the dual home investment idea at first.

  7. #7
    Join Date
    Apr 2005
    Posts
    2,560

    Default

    Quote Originally Posted by Roni View Post
    Hello experts,

    I'm very new to NZ property market and planning to buy our first home in Auckland. ..Roni

    Hi Roni.


    Will you and your family be living in this house?

  8. #8

    Default

    Thaks for the suggestions and replies.

    Quote Originally Posted by chris_gee View Post
    Your example prices seem a bit low
    I think the price should be reasonable for West Auckland suburbs chris_gee. And I totally agree that the prices will increase in Centre first, what other suburbs come after Centre?

    Quote Originally Posted by McDuck View Post
    Hi Roni.


    Will you and your family be living in this house?
    Yes, we want to live in the house once we purchase it.

  9. #9
    Join Date
    Apr 2005
    Posts
    2,560

    Default

    Quote Originally Posted by Roni View Post
    Thaks for the suggestions and replies.



    I think the price should be reasonable for West Auckland suburbs chris_gee. And I totally agree that the prices will increase in Centre first, what other suburbs come after Centre?



    Yes, we want to live in the house once we purchase it.

    That's really stretching the things you want that house to do.

    Most people got a house to live in, paid it off, then wondered what to do with all the money they had left over every week once their mortgage was discharged.
    Other people came into some family money.
    Later, some people just took a huge gamble on the appreciating property market.
    I'm struggling to see your options here.


 

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