G'day property magnates!
I'm new to this forum, though not new to property. I'm not an investor in the proper sense, but have bought and sold and renovated 3 properties in the last 8 years as my life and residential requirements have changed. I also rented out (for a couple of years) a property I previously lived in and have an LAQC.
We are now planning to move again and I was wondered whether any of you experienced people had any advice or suggestions for what we should bear in mind.
We have decided to buy a lifestyle block in the Swannanoa/Rangiora/Woodend orbit. We want 10 acres with a 4 bedroom home - doesn't need to be brand spanking new as we're veteran do-it-uppers.
Our number 1 motivation is space for the kids. We have three young boys who are already starting to be constrained by the boundaries of our property in South Brighton.
Our number 2 motivation is potential for a third income source and we have many ideas for how we could use the land for revenue generation. Most would start on a small scale and we'd suck it and see. We both have jobs - I work from home as a writer, flexible hours.
Our number 3 motivation is potential for the increase in value. Of course all property will increase in value if you sit on it for long enough. We are looking long-term - at least 10 years, probably 20. However, we figured that having 10 acres within 30 minutes drive of the city centre would be a good long-term investment, especially given growth of the city with immigration (many of whom are people from crowded countries who are amazed you can have country living within easy commute). Plus, if Pegasus Village goes off, we figured the area north of ChCh is likely to get more popular.
Our number 4 motivation is potential for sub-dividing. I know that the district plan currently prohibits rural-zoned properties being less than 10 acres. The current plan will be in place for 10 years. After that, who knows? If it changes, we could potentially sub-divide a couple of acres and pay off our mortgage.
So what are the issues in the area and what questions should we ask? Is there anything we should bear in mind about water - like if it has a well, what specifications suggest it's a good one? Does anyone have any comment about our motivations (other than number 1, obviously that's a personal one) - in that do our plans match our motivations?
I know that lifestyle blocks are hard work. We expect to work hard. A good friend of ours has a 150 acre farm with sheep and steers in North Loburn and he also works part-time with my husband, so we have an idea of what we're getting into.
Any feedback will be appreciated
Louisa
I'm new to this forum, though not new to property. I'm not an investor in the proper sense, but have bought and sold and renovated 3 properties in the last 8 years as my life and residential requirements have changed. I also rented out (for a couple of years) a property I previously lived in and have an LAQC.
We are now planning to move again and I was wondered whether any of you experienced people had any advice or suggestions for what we should bear in mind.
We have decided to buy a lifestyle block in the Swannanoa/Rangiora/Woodend orbit. We want 10 acres with a 4 bedroom home - doesn't need to be brand spanking new as we're veteran do-it-uppers.
Our number 1 motivation is space for the kids. We have three young boys who are already starting to be constrained by the boundaries of our property in South Brighton.
Our number 2 motivation is potential for a third income source and we have many ideas for how we could use the land for revenue generation. Most would start on a small scale and we'd suck it and see. We both have jobs - I work from home as a writer, flexible hours.
Our number 3 motivation is potential for the increase in value. Of course all property will increase in value if you sit on it for long enough. We are looking long-term - at least 10 years, probably 20. However, we figured that having 10 acres within 30 minutes drive of the city centre would be a good long-term investment, especially given growth of the city with immigration (many of whom are people from crowded countries who are amazed you can have country living within easy commute). Plus, if Pegasus Village goes off, we figured the area north of ChCh is likely to get more popular.
Our number 4 motivation is potential for sub-dividing. I know that the district plan currently prohibits rural-zoned properties being less than 10 acres. The current plan will be in place for 10 years. After that, who knows? If it changes, we could potentially sub-divide a couple of acres and pay off our mortgage.
So what are the issues in the area and what questions should we ask? Is there anything we should bear in mind about water - like if it has a well, what specifications suggest it's a good one? Does anyone have any comment about our motivations (other than number 1, obviously that's a personal one) - in that do our plans match our motivations?
I know that lifestyle blocks are hard work. We expect to work hard. A good friend of ours has a 150 acre farm with sheep and steers in North Loburn and he also works part-time with my husband, so we have an idea of what we're getting into.
Any feedback will be appreciated
Louisa
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