Buying an Auckland Investment Property – 5 Tips on Picking the Right One

If you are considering buying an Auckland investment property, reading our five tips is a must do before signing on the dotted line. An essential read for all first-time property investors.

When buying an Auckland investment property, you’re probably doing it for several reasons. To increase your rental property portfolio, achieve greater financial returns than the bank can offer and secure yourself a steady income for when you retire. Picking the right investment property is key to helping you achieve all of these. Today we’re sharing five tips to assist you with buying an Auckland investment property which fits all your needs.

5 Tips on Buying an Auckland Investment Property

A great investment property will not only bring you the financial rewards you want but is also one tenants love. It’s a rental which feels like a home and so tenants care for it as if it was their own. They pay the rent on time, they stay for longer and cause no damage. So where are these investment properties and how do you know which one to buy? Here are five tips to help you out:

1. Pick the location – your best bet is to purchase a rental in a part of Auckland which you are well familiar with. You’ll go in with a solid understanding of the type of properties and their costs in that suburb. Choose areas which you yourself would be happy to live in. Consider things such as public transport, shops and community amenities. It’s worth reading our article Tips on Spotting When an Auckland Suburb is About to Grow in Value to help you grab a bargain too!
2. Get a property inspection – one way to avoid nasty surprises is to pay for a professional property or building inspector to check it out. They can discover things which need urgent repairs, plus give you a good understanding of what maintenance costs you’ll be up for in the future.
3. Check the rental return – when buying an Auckland investment property, you want to ensure that the rent you receive will cover all the property’s expenses. We’re able to help you get an idea of what the rent should be for your property based on it’s location, size, condition and amenities.
4. Think like a tenant – what features of the property will appeal to the type of tenant you want to attract? These include things like bedrooms, bathrooms, outdoor living, kitchen facilities and location.
5. Have it professionally managed – by far one of the best decisions you will make is to hire a property manager to take care of your investment property on your behalf.

Give us a call today and let’s chat about your upcoming investment property purchase!