Buying your first property

[vorno]

I am beginning to research more about property ownership: Both a first-home & investment options.

So I was wondering from people with experience, are there certain things that you wish you knew about before purchasing a property? Perhaps key-items which are often overlooked?
Hoping we can expand this thread as we go

Cheers,
V

[JBmurc]

Costs - rates,insurance,bodycorp(if it has one)up keep / repairs needed / materials used in house
Flood risk etc ....can never do enough ... Pre purchase study IMHO ,,,,

[vorno]

Some good advice so far, cheers. I'm not so sure about buying a do-up though - I'm not exactly a diy expert!

[baller18]

I think belg did not necessarily meant you had to DIY it urself. The investment has the potential to grow in value due to its 'do up potential.' You don't even have to do anything for it after you have purchased it but in the long run when you sell buyers look for these qualities.
Invest in the worst house in the best area, land is where the value is.
invest in the up and coming areas.

[troyvdh]

vorno..giday...I have been a residential investor for 35 years..

-keep to the basics...dodgy/iffy area/ bad location/no sun/powerlines...etc will probably always be
-a bargain will probably occur tomorrow as well...
-you make your gains when you buy...
-land is very important
-do it all yourself ..DO NOT succumb to a scheme whatever where "the experts will take the worry away"
-you cannot pay enough for good advice. I repeat you can.....
-if you can establish a "relationship" with a lawyer...valuer...

-If someone suggests a great deal....ask if she/he what they are worth.Do not rely on clothes cars or where they live....
-do not buy a leaky home ...there are thousands of them out there.....

cheers

[Okebw]

For a very small amount of money (about $30/$40 I think) you can pick up the BRANZ "maintaining your home" book. It's pretty handy as far as what to look out for with regards to residential property. If you're ever in Palmy I've got a copy you can have.

[vorno]

For a very small amount of money (about $30/$40 I think) you can pick up the BRANZ "maintaining your home" book. It's pretty handy as far as what to look out for with regards to residential property. If you're ever in Palmy I've got a copy you can have.

Yeah cheers, I found the site easily enough. $30 for the book and $8 for shipping.

[vorno]

Is a property especially hard to run from a remote location? For example I live in Auckland but am considering a place like Taupo/Dunedin simply due to the affordable housing.

[Okebw]

I'd definitely opt to go through a property management company if you're going to be investing from that far away.

[troyvdh]

No offence mate ...If someone intends to invest in residential property ....and looks for advice in a publication then ...well they really should look some where else.
Renting/owning property is not rocket science or book learned.
Sure you may learn some stuff from a book but nothing will prepare you better than sidling up to some joker/mate or what ever and hearing there tales and experiences.

Listen mate as I said above..establish relationships with folk ...plumber/sparkies/ lawyer and accountant et al....

Above all be prepared to "muck in"...do the basics ...talk to tenants...

Finally I do not mean to come across as a "know all" but Ive done this for 35 years.Sure it aint easy.If it was then everyman and his dog would own property .....which many do for a brief time....

Again I say owning res property aint rocket science...keep to the basics....cheers