• Coast Online - Love the Music

    Now Playing

    Love the Music - Coast Online

  • JOE COCKER - YOU ARE SO BEAUTIFUL

    Previously Played

    YOU ARE SO BEAUTIFUL - JOE COCKER

  • TEMPTATIONS - TREAT HER LIKE A LADY

    Previously Played

    TREAT HER LIKE A LADY - TEMPTATIONS

  • BOZ SCAGGS - LIDO SHUFFLE

    Previously Played

    LIDO SHUFFLE - BOZ SCAGGS

  • SAVAGE GARDEN - I KNEW I LOVED YOU

    Previously Played

    I KNEW I LOVED YOU - SAVAGE GARDEN

  • DIRE STRAITS - YOUR LATEST TRICK

    Previously Played

    YOUR LATEST TRICK - DIRE STRAITS

  • GLORIA GAYNOR - I WILL SURVIVE

    Previously Played

    I WILL SURVIVE - GLORIA GAYNOR

  • CAROLE KING - I FEEL THE EARTH MOVE

    Previously Played

    I FEEL THE EARTH MOVE - CAROLE KING

  • BRUCE SPRINGSTEEN - I'M ON FIRE

    Previously Played

    I'M ON FIRE - BRUCE SPRINGSTEEN

  • ROD STEWART - TONIGHT'S THE NIGHT (Gonna Be Alright)

    Previously Played

    TONIGHT'S THE NIGHT (Gonna Be Alright) - ROD STEWART

  • STEVIE WONDER - YOU ARE THE SUNSHINE OF MY LIFE

    Previously Played

    YOU ARE THE SUNSHINE OF MY LIFE - STEVIE WONDER

  • BLONDIE - HEART OF GLASS

    Previously Played

    HEART OF GLASS - BLONDIE

  • STARSHIP - NOTHINGS GONNA STOP US NOW

    Previously Played

    NOTHINGS GONNA STOP US NOW - STARSHIP

  • FLEETWOOD MAC - THE CHAIN

    Previously Played

    THE CHAIN - FLEETWOOD MAC

  • ADELE - HELLO

    Previously Played

    HELLO - ADELE

  • NEIL DIAMOND - SWEET CAROLINE (Good Times Never Seemed So Good)

    Previously Played

    SWEET CAROLINE (Good Times Never Seemed So Good) - NEIL DIAMOND

  • CLIFF RICHARD - A LITTLE IN LOVE

    Previously Played

    A LITTLE IN LOVE - CLIFF RICHARD

  • LINDA RONSTADT - IT'S SO EASY

    Previously Played

    IT'S SO EASY - LINDA RONSTADT

  • QUEEN - A KIND OF MAGIC

    Previously Played

    A KIND OF MAGIC - QUEEN

  • JOHN TRAVOLTA - Greased Lightin'

    Previously Played

    Greased Lightin' - JOHN TRAVOLTA

  • THE ROLLING STONES - START ME UP

    Previously Played

    START ME UP - THE ROLLING STONES

Nicola Kelland - Backyard Investment

Author
Nicola Kelland,
Section
Home,
Publish Date
Thursday, 6 July 2017, 10:04AM

If you own large property and live in Auckland, the new Unitary Plan has opened up some possibilities to subdivide your existing property. Whether your end goal is to build to sell or to rent out the property; a rear unit titled, or subdivided development could be a great way for you to start your property portfolio or investment. While subdividing off a rear site and selling it, or building a new home is not a new idea, the old district scheme restrictions, made this often unachievable in many areas in Auckland and I suspect other cities around New Zealand. So let’s look at some options.

Build To Sell

You could build a new property and sell it, therefore realising an immediate return. Or you could build a new house for yourself and sell your original home. Either way, you get to stay in the neighbourhood you love and get some financial benefit from your investment. If you move into the new house you should have lower costs, and enjoy everything that a new house provides. Or if you remain in your existing home you potentially decrease your costs of maintaining a large site and reduce your outgoings such as property rates. Obviously, before you embark on this project it is very important to do your market research on the potential sale price and seek legal financial and tax advice. Always have a backup plan in case the market has a downward correction and you are unable to sell the investment property.

Build to Rent

If you would like to add a long term investment property to your portfolio or you would like to start building one, the options are similar to the first scenario. You could build a new house and rent that property out while remaining in your own home. Or enjoy the benefits of a brand new build and rent out the original home. You are on-hand for your tenants if they need assistance and you are able to keep a close eye on your investment. When looking long term at property investment the longer you hold the property the more likely it is that you will not only have an income producing asset but also a capital gain when either of the properties sold.

Once again, make sure you have taken some sound, legal, tax and financial advice before planning your development.

There are certainly advantages to building within the boundaries of your existing property if you are fortunate enough to have the opportunity.

If you are wanting some real estate advice please do feel free to contact me I would be more than happy to help.

Listen Live Here Listen Live on iHeartRadio