Invest It

There is no time like the present to consider owning an investment property. If you have some extra cash flow and are interested in making your money work for you, earning a nice side income, an investment property may be something you could consider.  There are some important factors to think about if you are leaning in this direction. We at Own It Mortgages have the answers to your questions about investment properties!


Location, Location, Location

When considering purchasing an investment property, location is very important. What would renters be looking for in a place? Most want the flexibility of being close to public transportation, walk to dining, shopping and other amenities. Is the property in a safe neighborhood? Is it in a place where you could improve it, and the resale value will be worth it? Up and coming places such as Auckland and Christchurch are great examples of places people are looking to relocate. Pay attention to where the property is for the best return on your investment. Also, the nicer the area, the higher the rental income will be. That's more money in your pocket!

Type of Home and Condition

There are many house styles to consider when investing. Popular choices are bungalows (one level, porches, usually three bedrooms, built in the early 1900's-1960's.) Or there's the 1970's style- (boxy, plain-may need lots of upgrades/curb appeal that attract renters). Cottages built in the 1900's (charming, high ceilings and large windows-beware-plumbing and electricity need to be updated). Also of note, some timber used in house building from the 1990's-early 2000's was not of the best quality. Consider hiring an inspector to check for water damage.  Assess how much money it would cost to make repairs and upgrades and determine whether it's worth your time and effort and would turn a profit. 

How Much Is Required To Put Down?

Most lenders require 20% down on investment property.

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  • Christine

    'We were running a business and decided to buy a house for our own living. The bank we were with didn't make any effort to assist us in achieving our goals and we got very frustrated with them. Then we remembered Lorna the lovely lady who assisted us in obtaining finance for our business. 

    Lorna put many options in front of us. We don't live in Rotorua so all of this was done via email and phone calls.  We then asked for a meeting in which Lorna carefully went through the options until we found the one that best met our needs. This could have all done by distance but we were keen to meet up with Lorna because she is pleasant to be around with her great sense of humour and high level of energy. 

    Throughout the process we found Lorna efficient, practical and knowledgeable and her suggestions showed her depth of knowledge within the financial field. I particularly appreciated the constant contact that Lorna maintained, which was the opposite of our bank. 

    The very best thing was that we saved money by getting better interest rates and an all round better deal, one we could not have brokered ourselves. Proving it's worth having an expert to help. 

    We changed banks, which is not easy with a business, but it was a smooth process with Lorna guiding us all the way and we are happily working with our new bank. 

    When our mortgages come up for renewal you can guess who we are going to call first to see if we are getting a good deal. Yes, of course, it is Lorna Harris financier extraordinaire and all round nice person, thanks for everything Lorna. 

    Christine Brasell
    Te Aroha Motel

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