Hi, we are accidental investors rather than know what we're doing, so apologies if this is a stupid question.
The question is, in essence, is Auckland the best place by far in NZ to keep a rental if you had one - or are there clear advantages to flicking it and buying a rental elsewhere?
Through moving in together we live in my good unit in Wellington. And we have rented out my partners 70's house in Titirangi Auckland. It's your typical Titirangi bush surrounded... not too warm, not all that modernised, but nice family 4 bed, double garage, peaceful and pretty bush reserve bordering the section. Not my cup of tea livign in a bushy valley but some people love it.
I was also keen he rent it out for a bit (rather than sell it) until we had more idea what we wanted to do property wise in the future. (We're feeling lucky to even have two properties in today's market on our incomes).
But my partner feels a bit over that Auckland property and thinks about flicking it. Maybe buying another closer one to Wgtn he says, like Palmy North.
But he feels he's getting 'nowhere' with it (interest only mortgage, still owes 400K on it, rent just covers that, capital gains flattened).
What would your advice be to us "1 rental property as a nest egg people", who have an Auckland one... Would you say we're silly to spend much time thinking of exiting the Auckland one just on the 'feeling' that it's not feeling that close to my partner any more.
I think it would still have a mortgage on a new rental closer to Wellington, but we may be able to P&I that one and make a dent it in. Unlike the Auckland one!
Or is Auckland clearly ahead as the best place to keep a big rental property - that we already have our hands on?
Cheers,
The question is, in essence, is Auckland the best place by far in NZ to keep a rental if you had one - or are there clear advantages to flicking it and buying a rental elsewhere?
Through moving in together we live in my good unit in Wellington. And we have rented out my partners 70's house in Titirangi Auckland. It's your typical Titirangi bush surrounded... not too warm, not all that modernised, but nice family 4 bed, double garage, peaceful and pretty bush reserve bordering the section. Not my cup of tea livign in a bushy valley but some people love it.
I was also keen he rent it out for a bit (rather than sell it) until we had more idea what we wanted to do property wise in the future. (We're feeling lucky to even have two properties in today's market on our incomes).
But my partner feels a bit over that Auckland property and thinks about flicking it. Maybe buying another closer one to Wgtn he says, like Palmy North.
But he feels he's getting 'nowhere' with it (interest only mortgage, still owes 400K on it, rent just covers that, capital gains flattened).
What would your advice be to us "1 rental property as a nest egg people", who have an Auckland one... Would you say we're silly to spend much time thinking of exiting the Auckland one just on the 'feeling' that it's not feeling that close to my partner any more.
I think it would still have a mortgage on a new rental closer to Wellington, but we may be able to P&I that one and make a dent it in. Unlike the Auckland one!
Or is Auckland clearly ahead as the best place to keep a big rental property - that we already have our hands on?
Cheers,
Comment