Im just after a bit of a feedback to get peoples opinions who have far more knowledge and experience than me, on what the best course of action to achieve my goals.
Im 30, living in China and have no property. I save anywhere between $4500-$7000 NZD a month, and my ultimate goal is to have 1 OO and 4 IPs. Ideally OO and 1 IP in Auckland and the rest maybe around Hamilton.
Im in a confusing situation. My contract finishes here in Beijing next August. I should have 120k NZD as a deposit by then as a realistic/slightly conservative estimate touch wood.
If you were me, what would you do in August?
My options that i can see so far is:
A) Stay another 2 years and return with about 200k. This should get me in to two places (3 at a stretch?) but who knows what the market is doing then.
B) Come home in August for good and take advantage of the 5% first home buyer deposit, and may be able to get the second property soon after with remaining funds.
C) Buy, rent it out and go back to China. However it would be counted as an IP right? and therefore require a 35% deposit? 600k house = 210k. These numbers wouldnt work if thats the case.
D) Thats the extent of my knowledge. Im not aware of a possible option D.
As a side note, i want to get on the ladder and dont want to miss the boat, but im also kinda scared about the wage id come back to and the reality of how hard it is to save. Love NZ and want to live there forever, but when i can afford to enjoy it. Maybe getting into property ASAP is the answer, maybe not.
Would love to hear your ideas and thoughts. Really appreciate anyone taking the time to drop and knowledge on me, no matter how big or small.
Im 30, living in China and have no property. I save anywhere between $4500-$7000 NZD a month, and my ultimate goal is to have 1 OO and 4 IPs. Ideally OO and 1 IP in Auckland and the rest maybe around Hamilton.
Im in a confusing situation. My contract finishes here in Beijing next August. I should have 120k NZD as a deposit by then as a realistic/slightly conservative estimate touch wood.
If you were me, what would you do in August?
My options that i can see so far is:
A) Stay another 2 years and return with about 200k. This should get me in to two places (3 at a stretch?) but who knows what the market is doing then.
B) Come home in August for good and take advantage of the 5% first home buyer deposit, and may be able to get the second property soon after with remaining funds.
C) Buy, rent it out and go back to China. However it would be counted as an IP right? and therefore require a 35% deposit? 600k house = 210k. These numbers wouldnt work if thats the case.
D) Thats the extent of my knowledge. Im not aware of a possible option D.
As a side note, i want to get on the ladder and dont want to miss the boat, but im also kinda scared about the wage id come back to and the reality of how hard it is to save. Love NZ and want to live there forever, but when i can afford to enjoy it. Maybe getting into property ASAP is the answer, maybe not.
Would love to hear your ideas and thoughts. Really appreciate anyone taking the time to drop and knowledge on me, no matter how big or small.
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