5 Tips for Successful Property Investment

Property investment is huge in New Zealand, but how do you know if you’re getting a good deal? Here are five tips for successful property investment:

you can’t wear all the hats, so collect a team of skilled professionals around you to help you get the most from your property investment. Most importantly, cultivate a good relationship with your solicitor, valuer, quantity surveyor, accountant and mortgage broker. And, if you don’t want to be bothered with the day-to-day running of your property, a professional property manager will look after your interests. Treat your team like the professionals they are, and give a “thank you for your hard work” and a bottle of bubbly every now and then, and you’ll have the best people looking after your investment for years to come.

Not only will these give you information on services to your properties, but also they can bring to light many nasty surprises.

rather than trying to be a property expert on the whole of New Zealand (impossible – there’s just too much to learn), focus your attention on a particular area. Discover what people buying into that area are looking for, which streets are the most desirable, which size houses are selling for what price. Focus your attention and you’ll earn even bigger gains.

One of the most common mistakes most beginning investment property owners make is paying too much for their investment property. Usually, this is because they “fall in love” with a property and get caught up in the desire to own it – they may bid more than they should at auction or offer too much. You should never buy a property hoping for a capital gain in the future – you don’t know how long you’ll have to wait.

If you buy well from the start you’ll be well on your way to achieving your property-investment dreams.

if you’re looking at existing properties, you should always choose a property you can add value to. This could be in the form of landscaping, adding more bedrooms, renovating to create a more modern layout, or subdividing. Adding value gives you more scope for earning big and growing your property investments.

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