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Introduction and advice needed

Discussion in 'Buying Overseas Property' started by orlando, Sep 19, 2006.

  1. orlando

    orlando New Member

    Hi all,

    we are moving to NZ in September with our 2 boys. We will be settling in the Wellington area. We are both working as Nurses and would like to invest in property once there.

    I bought a couple of books and Ron's dvd and have learnt quite a good deal from it.

    I do however have a couple of questions.

    Would it better to rent and then buy a house to rent out while still living in the rental?

    Which mortgage do we go for?

    Anybody got a rental in the Wellington area

    Our main long term aim is to become property investors.

    Hope to learn and contribute to this great forum regularly.

    Cheers
     
  2. quentin

    quentin New Member

    Hey Orlando,
    Welcome to the forum RMJB, and eventually welcome to New Zealand

    That?s a fair few questions, and you will find plenty on all of those topics as you trawl through this site.

    As for your first question it is fairly much a matter of personal taste and situation, there are advantages both ways. Personally I prefer to own my house than rent, it gives me control and prevents me from needing to move unless I chose to. That said personally we are renting at the moment since we aren't planning on being here more than 3 years and in the current market it is unlikely that a property which we buy now is likely to increase in value enough to cover the costs of purchasing and disposal.

    In terms of which mortgage, I would split between the majority fixed and a small portion revolving credit. Keeps your interest rate low, but keeps you with some flexibility, again though it depends on your circumstances.

    Cheers
     
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