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Property investment is always something that people get attracted to, whether it’s for your main residence or for financial reward, property investment has many positive and negative attributes to consider.
If you are buying your main residence you will be able to be run by your heart as you will want your home to feel like a home. If, however you are buying purely for investment, you will have to take a more level-headed approach, as often keeping the property simple in design is the best way to make sure your property appeals to more than one type of person. Try not be ruled by your heart and think that the property is to make money and not for you to live in. Let’s explore some of the areas that are worth mulling over before you decide.
NZ property lawyers are key to a successful purchase of your NZ property. They are vital in making sure that the transaction goes as smoothly as possible. Buying a property is the biggest purchase you will likely, so make sure you enlist the right type of legal representation. The role of a property lawyer is varied and they can be used in many aspects of the buying process. Property lawyers as well as NZ conveyancers will be able to help you with the negotiating process. They will also assist you with legal contract and ensure that all surveys are completed to a good standard.
Residential Property Management
If you are planning on buying a property for investment, then you may want to consider getting in a Wellington residential property management company to oversee the management of your property. This is a stress-free way of being able to use your property for income, whilst having the peace of mind of a property manager. A residential property manager will also deal with the maintenance of the property and ensure that any safety certification is up to date. They will also have access to trades people on a 24-hour basis. This will make the resident you have living at your property more at ease as they will have access to these services whenever they need them.
Sections for Sale
When buying property, you have to pay close attention to the location and the size that you are after. The location of a property for investment purposes can make a huge difference to the rental income. Picking the best location will help market the property which will ensure it is not left empty for long periods of time. For example, looking for sections for sale in Cambridge will fill up faster due to the market than other areas. Decide on the type of property you are wishing to buy. Are you planning on renting out for a short while, with the view that one day you will live there? Or is the property only for rental purposes?
Home Security Systems
When you purchase a property, whether it’s for an investment or residential reason, you will have to consider security. As buying a home is the largest purchase you will probably ever make, you want to make sure you have it properly secure. There are a number of home security systems in Wellington on the market that are worth thinking about:
Alarms have been around for many years; they act a visible deterrent as a box is located on the front of house. An alarm can be linked to a police station for added security for a small fee. They are extremely useful for making an intruder think twice but their major drawback is that most people ignore alarms once they hear them going off. This is mainly due to alarms falsely triggering in the past.
- Window locks
Fitting a window lock to all accessible windows is the best way to prevent unlawful entry to your property. Some insurance firms even give discounts if they are fitted and used. They are not unsightly, but they do offer great peace of mind. However, one issue that people don’t often like about window locks is having to find the key if you want to open them during the day.
- Anti-snap locks
If your house has uPVC doors, they will often have the multi point shooting bolt system if you lift the lever up first. Once you lift the lever, you then lock the door in the normal way. The normal lock that is fitted can be upgraded to an anti-snap lock, which is harder for would-be thieves to get into.
- Security lighting
Security lighting is probably one of the best security features that you can invest in. Lighting up dark areas of your property really puts off any burglars. The light emitted will not allow them any anonymity.
Closed circuit television (CCTV) has started to become more popular in the residential market. With CCTV you have two simple options:
– Option 1- You can buy a dummy camera that flashes, giving the illusion it is a live camera. It’s a good deterrent but doesn’t have any capability of catching a would-be intruder. The advantage of these is that they are a low-cost option but only as a deterrent.
-Option 2 – Buying real CCTV is a very good option as you can keep a real eye on your property when you are away. Many systems can even record activity, so that if you have any issues the police and law enforcement officers have some information to help catch any perpetrators.
As you can see from the above protecting your home is big business, so it is worth seeking professional advice if you are unsure or having difficulty making your mind up.
Finally, once you have considered all the above, you now need to consider getting your tenants in the property. Property managers will have systems in place so they can check and vet a prospective tenant. They will be able credit check and get personal and work references to ensure that your tenant is someone that you want living in your home. They will also check your property to make sure it of rentable standard with a rental appraisal for Wellington.