Lots of New Zealanders own rental property – it has been a popular form of investment over the years. The difference between an investment property and our own home is that we earn an income from it. Returns from property investment come from rental income and from any increase in the value of property over time (capital gains).
The rules for overseas people buying or building residential property in New Zealand have changed. In general, only residents and citizens can buy homes to live in, but other investment opportunities are available. Use this tool to understand who is able to buy and who needs to apply for consent.
The healthy homes standards came into effect on 1 July, 2019, outlining the responsibilities of landlords or rental property owners in improving and maintaining the quality of their property. While the standards help to ensure better and healthier homes for New Zealand renters, it can be a lot of work for landlords in the short-term. However, investing in making your property healthy now means less maintenance in the long run.
While some Kiwis plan to rein in on their spending as a result of the Covid-19 pandemic, others are planning to spend on renovating their homes. A consumer spending survey that was carried out in the first week of Alert Level 3 earlier in May, found that 38 per cent of respondents planned to up their spending following the easing of lockdown restrictions.
Following the Prime Minister’s latest announcement and move to Alert Level 2, we’ll be adjusting the way we conduct the buying and selling of property, property inspections and open homes. While we’re allowed to get back to business, these adjustments will allow us to maintain social distancing and contact tracing requirements.
More and more house hunters are using the internet to research homes before they commit to attending an open home inspection. As a result, sellers are investing more in video tours of their homes to attract potential buyers. While including video in your online property listing can attract more buyers, there are multiple benefits to investing in the technology.
Prime Minister Jacinta Ardern will move the country’s Covid-19 restrictions to Alert Level 2 on Monday 11 May, welcoming back open homes, along with the physical interactions involved in purchasing and selling a home.
It will now be easier for New Zealand home buyers to secure a bank loan with the removal of loan-to-value ratio (LVR) funding restrictions on mortgage lending. LVR refers to the percentage of the property the bank owns or how much of the property is covered by mortgage. For example, if your house is worth $500,000 and your mortgage is worth $300,000, your LVR is 60 per cent because the mortgage is worth 60 per cent of the total house price.
If you had planned on selling your home before the outbreak of the global Covid-19 pandemic, now is a great time to get those plans back on track. While the New Zealand government looks at how and when to ease the Level 4 lockdown, real estate agents are continuing to conduct property value appraisals online […]
The New Zealand property market has adopted the use of technology successfully to adapt to the Covid-19 pandemic and Level 4 lockdown conditions. From virtual property inspections to online auctions, buyers and sellers have been able to continue transacting virtually.