- May 23, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Considering Purchasing a Property with a Potential Move Overseas
Greetings,
My partner and I are in the process of exploring the idea of purchasing our first home, aiming to put down a 20% deposit. We are eyeing properties in the 850-950K range in Auckland as our potential investment.
However, our plans are complicated by the fact that my partner’s work may require us to relocate to Australia next year. In such a scenario, we intend to rent out the property and manage it from abroad. This long-distance landlord arrangement is expected to last for at least 3+ years.
We have already acquainted ourselves with the basics of property management, including the need for a property manager, tax implications on rental income, ongoing expenses such as rates and insurances, as well as the risks associated with tenant issues and potential high repair costs.
Seeking insights, advice, and considerations regarding the current economic and property market landscape is crucial for us to accurately evaluate the financial feasibility of our plan. It is essential for us to weigh the potential benefits against the risks to make an informed decision.
Thank you for your assistance!
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****** just grabbed a
Stash the coin, term deposits kind of thing and buy over Straya if the plan is to be going over.
That’s what I would do..
Difficult to provide much advice without any numbers.
You sure you’ll be back? Once you get used to the higher pay and cheaper housing in Aussie coming back to NZ seems like a step backwards
You’ll also need to be sure the house meets healthy homes standards, which isn’t essential if it’s owner occupied
Don’t buy basically
The stress of buying is massive.
And you “assume” you will be back.
More than likely, you will stay in Australia
As long as the numbers stack up then its fine. I wouldn’t advise running it with a negative cash flow. Key for you will be getting a good property manager, you should do a lot of homework on that – find out from other owners how their PMs have gone. Going for a PM based on them charging less than other PMs is not advisable.
40% equity is needed for a rental I thought. You’d need to check you’re allowed to.
Edit: I was mistaken. I was thinking of non residents buying %
Buy a house to rent. Not live in then. Have the mindset you will sell it when you return back to nz and buy a home etc etc
Don’t do it. We had the same situation except we weren’t expecting to move overseas. Now we are losing over 20K a year before maintenance costs and we still have to pay tax (thanks Jacinda).
Buy in Aus once you’re there. Or invest elsewhere
As a new buyer, I would be strongly trying to avoid a situation like what you describe.
Unless you can somehow buy cheap enough that the expected rent can actually cover insurance + rates + mortgage repayments + property manager + allowance for maintenance, it will just be a huge burden on your financial decision making over the next few years.
Keep the money. Invest it in a more liquid asset like TDs or maybe a balanced fund if you don’t have other plans for it in the next few years.