by Kelly Lowe on
Article appears under:
Case Studies,
Wellington
We were contacted by Dr MC (who has asked that we keep their name private) who was living in Australia and was keen to purchase her first investment property in New Zealand.
Dr MC, like most people, is extremely busy with work and family commitments and was seeking the right people to help make New Zealand property investment a reality. She was unsure of where to start or how it worked for purchasing when living overseas away from New Zealand. Dr MC had bought in other countries before, however as all markets are different she really needed help to navigate the New Zealand process, especially considering she would buy sight unseen.
Our first conversation with her was about the overall process of buying in New Zealand (no stamp duty here - yay!) and we introduced her to the legal, accountancy and mortgage brokering contacts she would need.
iFindProperty being able to introduce the right contacts was important as there is quite a lot of work and time required to get the right structures set up and lending approved before we could start "property shopping".
iFindProperty being able to introduce the right contacts was important as there is quite a lot of work and time required to get the right structures set up and lending approved before we could start "property shopping". Pro tip: overseas buyers in particular should start this part as early as possible. It is often the most time-consuming and challenging step for you.
Dr MC had used a property finder in Australia for interstate purchases, but had unfortunately had a bad experience where the property finder had not disclosed the full facts of the surrounds of the location of the house, so there was a few nasty surprises about the property when she ended up seeing it in person. So it was vital to her that we be a licensed agency and adhere fully to the ethical code of conduct and fiduciary responsibility to the client that this implies. iFindProperty lives and dies by helping buyers succeed, so this was an easy box for us to tick
We discussed Dr MC's situation, her buying rules, her budget, what she was after in an investment and agreed on the Hutt Valley region, just north of Wellington as an ideal market for her. This region is growing, and being on the fringe of NZ's capital city where land is sparse, we expect this to continue for some time. Indeed, a large subdivision nearby was announced recently.
Rents are rising in the [Upper Hutt] area as the shortage of rental accommodation worsens.
Over a number of weeks we worked through a few options until I found a great place for sale via a private vendor.
The property is in a family based suburb, just off the main highway into Wellington. Rents are rising in the area as the shortage of rental accommodation worsens. The house is a sturdy brick and tile, fully renovated on the inside. This suited Dr MC, who really wanted something low-maintenance that was not going to cost a lot for ongoing repairs every month.
I negotiated a price and terms with the vendor and as we do at iFindProperty, assisted her in arranging all the due diligence tasks. Because the renovation was completed by a company with a good local reputation (and that I have used for other projects) we were confident in the quality of the renovation job.
We introduced a great property manager as part of our process and the property is now fetching a fantastic weekly rent with a wonderful tenant in place.
Prices in this suburb have increased at least 5 percent in the very short time since the deal closed and Dr MC is very pleased with her acquisition.
Because of our local knowledge and expertise we were able to give Dr MC peace of mind and a fantastic investment property outcome that will be a great addition to her portfolio now and for the years to come.
Image attribution: Upper Hutt City Council
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Kelly Lowe
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