3 questions to ask before buying a residential investment property
We've being saying it over and over – residential property investment in New Zealand really is a fantastic way to get ahead financially. However, it's not just a matter of clicking your fingers and success falls at your feet. Like most things in life, preparation is key! Remember when you were at school? All those scary tests weren't so frightening once you had all the facts in front of you. Property investment is much the same.
So to help you get ready to make the leap, here's three things you can ask yourself before buying a home for investment purposes.
1. What do I want?
Do you know what you want to get out of investing in property? Do you want to pay off your mortgage, support your kids through university or build a nest egg for retirement? Whatever the end game, having a plan of action can be a big help.
This is when property investment advice from an Authorised Financial Adviser like us here at Goodlife can make all the difference. We're committed to helping you throughout the journey, setting a comprehensive roadmap and strategy, and ensuring you meet your goals at every step of the way.
2. Do I need an accountant?
You might not realise it, but consulting with an accountant before you invest in property can help set some guidelines for cash flow. They can organise the right investment structure to ensure you get the most from your property, as well as making the most of tax deductions and protecting yourself – and your investment – from risk.
Try to find someone who specialises in property investment. And if you need a helping hand, we can put you in touch with the right people for your strategy.
3. What should I learn about?
You don't need to go back to school to understand I'm talking about educating yourself on some of the common terms associated with property investment. This means understanding the ins and outs of depreciation, leverage, yield and gains – not to mention finding out a bit more about the market you're planning on buying into.
Here's to your financial independence!
Authorised Financial Adviser / Investment Property Expert
Contact us now!