How to invest my time and money?
To begin this I will give some background, I am in the fortunate position to have enough in my kiwi saver and in personal savings account to be able to apply for the full amount of a Kainga Ora first home grant in Christchurch city ($500,000 on 5% deposit).
I am a (soon to be) university graduate and have already signed a contract to start full time work on salary for the year 2021 on modest pay, and will be living in Christchurch for the year. I have never preciously lived in Christchurch before but have visited multiple times, but not enough to know the suburbs well enough to buy a home (except for Riccarton).
My question is should I look at purchasing a house this year so that I can live in it, not pay rent, and also have my friends rent help pay the mortgage. OR, should I wait one year, sign a year long rental contact with friends, and decide where (i.e. suburb, street...) to buy a house.
Long term goal would be to turn it into a rental once purchased and hold it, also to accumulate more rentals over time.
I have read a few property investment books such as Graeme Fowler, NZ real estate investor secrets and 20 rental properties in 1 year. And also the New Zealand Property Guide.
Sorry for the wall of text! I appreciate any and every reply I get!
TDLR; Buy this year, or rent for 1 year then buy.
To begin this I will give some background, I am in the fortunate position to have enough in my kiwi saver and in personal savings account to be able to apply for the full amount of a Kainga Ora first home grant in Christchurch city ($500,000 on 5% deposit).
I am a (soon to be) university graduate and have already signed a contract to start full time work on salary for the year 2021 on modest pay, and will be living in Christchurch for the year. I have never preciously lived in Christchurch before but have visited multiple times, but not enough to know the suburbs well enough to buy a home (except for Riccarton).
My question is should I look at purchasing a house this year so that I can live in it, not pay rent, and also have my friends rent help pay the mortgage. OR, should I wait one year, sign a year long rental contact with friends, and decide where (i.e. suburb, street...) to buy a house.
Long term goal would be to turn it into a rental once purchased and hold it, also to accumulate more rentals over time.
I have read a few property investment books such as Graeme Fowler, NZ real estate investor secrets and 20 rental properties in 1 year. And also the New Zealand Property Guide.
Sorry for the wall of text! I appreciate any and every reply I get!
TDLR; Buy this year, or rent for 1 year then buy.
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