Making your first move in the residential investment game can be uncharted territory for a lot of people – in fact, you might not have ever thought it would be the right route for you! But remember: Everyone has to start somewhere. If this is your first foray, here are some ideas to get your journey towards financial independence started.
1. Pay down debt
Have you got big debts weighing your efforts down? Maybe you're paying off another mortgage, or have a couple of personal loans on the go. Whatever the debt, to make sure you get the most from your residential investment property, it could be a good idea to talk to an Authorised Financial Adviser – like us here at Goodlife – about how you can whittle them down. Getting the foundations right can help you build up a strong portfolio.
2. Figure out the timeline
Do you know what you want your property to achieve and when? This comes down to any number of factors, like the profits you want to make and how they will help you reach your ultimate financial goals. Is your investment about long-term wealth creation, or are you after a renovation project? If you don't have these elements sorted just yet, it could be time to seek property investment advice to help you figure them out. This will set your investment adventure on the right course at the outset.
3. Think about you
Putting your hard-earned money into a residential investment property in New Zealand is no small commitment – both emotionally and financially. It can be incredibly rewarding, but you've got to put a fair bit of thought into how much time and effort you can commit to making it a success. Some people are keen to spend a lot of time adding value and taking an active part; others might not have the schedule to do this.
Remember: You can always let a property manager take the reins if you're trying to juggle a few things at once.
Here's to your financial independence!
Authorised Financial Adviser / Investment Property Expert
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