• ALAN PARSONS PROJECT - EYE IN THE SKY

    Now Playing

    EYE IN THE SKY - ALAN PARSONS PROJECT

  • AMERICA - I NEED YOU

    Previously Played

    I NEED YOU - AMERICA

  • HALL & OATES - JINGLE BELL ROCK

    Previously Played

    JINGLE BELL ROCK - HALL & OATES

  • THE DOOBIE BROTHERS - MINUTE BY MINUTE

    Previously Played

    MINUTE BY MINUTE - THE DOOBIE BROTHERS

  • CROWDED HOUSE - DON'T DREAM IT'S OVER

    Previously Played

    DON'T DREAM IT'S OVER - CROWDED HOUSE

  • FIREFALL - YOU ARE THE WOMAN

    Previously Played

    YOU ARE THE WOMAN - FIREFALL

  • HEART - ALL I WANNA DO IS MAKE LOVE TO YOU

    Previously Played

    ALL I WANNA DO IS MAKE LOVE TO YOU - HEART

  • BREAD - MAKE IT WITH YOU

    Previously Played

    MAKE IT WITH YOU - BREAD

  • ALISON MOYET - INVISIBLE

    Previously Played

    INVISIBLE - ALISON MOYET

  • MICHAEL JACKSON - DON'T STOP TILL YOU GET ENOUGH

    Previously Played

    DON'T STOP TILL YOU GET ENOUGH - MICHAEL JACKSON

  • GLORIA ESTEFAN - CHRISTMAS THROUGH YOUR EYES

    Previously Played

    CHRISTMAS THROUGH YOUR EYES - GLORIA ESTEFAN

  • ABBA - HONEY HONEY

    Previously Played

    HONEY HONEY - ABBA

  • BRUCE SPRINGSTEEN - I'M ON FIRE

    Previously Played

    I'M ON FIRE - BRUCE SPRINGSTEEN

  • STEPHEN BISHOP - IT MIGHT BE YOU

    Previously Played

    IT MIGHT BE YOU - STEPHEN BISHOP

  • David Bowie - GOLDEN YEARS

    Previously Played

    GOLDEN YEARS - David Bowie

  • CELINE DION - THE POWER OF LOVE

    Previously Played

    THE POWER OF LOVE - CELINE DION

  • NEIL DIAMOND - CRACKLIN' ROSIE

    Previously Played

    CRACKLIN' ROSIE - NEIL DIAMOND

  • PAT BENATAR - WE BELONG

    Previously Played

    WE BELONG - PAT BENATAR

  • MICHAEL BUBLE - SANTA CLAUS IS COMING TO TOWN

    Previously Played

    SANTA CLAUS IS COMING TO TOWN - MICHAEL BUBLE

  • THE MOTELS - ONLY THE LONELY

    Previously Played

    ONLY THE LONELY - THE MOTELS

  • Paul McCartney & Wings - Listen To What The Man Said

    Previously Played

    Listen To What The Man Said - Paul McCartney & Wings

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