Our clients iFindProperty June 2018 ready to buy in Rotorua.
With finance confirmed and a budget in the low $300,000 range, their key criteria was a property that generated 7-8% gross yield with
potential to add value in the future.
We had just the property that matched their needs and Won & Lina snapped it up after one viewing.
The three bedroom house in the popular suburb of Mangakakahi had a selling price (inclusive of iFind fee) of $342,300 and a rent appraisal
of $450 - $500 per week. That gave a potential 7.5% yield ticking the first box.
The house was sitting on a large 1,366m2 section. A surveyor confirmed the property was subdividable and costs to do so would amount to
approximately $50,000. Another option was to convert an existing double garage with utility room at the rear of the section to a subsidiary
dwelling. A quote for doing this came in at $90,000 and rent for the subsidiary was appraised at $300 per week. Won & Lina liked the
option of a subsidiary dwelling, as shown below that would potentially increase their yield to 9%.
When planning a property renovation, it's prudent to consider if energy efficiencies can be made. Energy efficient properties can attract a larger tenant applicant pool.
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The Residential Tenancies Act clearly defines unlawful acts and the maximum exemplary damages that could apply to Landlords who commit
unlawful acts. This post explores some of the pitfalls for uneducated private Landlords.
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