Buying a Rental
Buying a second home can be exciting and daunting all at the same time.
There are some really important decisions to make when looking at purchasing your second home.
Should you use a different lender to offer a level of asset protection, or should you use the same lender because you would like to maximise your tax position?*
Buying your second home can arise from many different circumstances.
These may include:
- A rapidly growing family
- A want to buy a nicer home
- Starting a rental property portfolio
- To become closer to family or friends
- Facilitating a move to a different city
- To purchase a property for a friend or family member
- Downsizing after family have flown the coup or for retirement
- To down size after family have flown the coup or for retirement
Your reason for purchasing a second home could be one or more of the above reasons, it could also be for a reason that is not mentioned above. There are many factors to look into when buying your second home.
Purchasing a second home can raise many questions, such as:
- Do you want to simply upgrade or turn your existing home into a rental property?
- Do I have enough equity in my existing home to purchase a second home?
- Will I have to add part or all of my savings to purchase a second home?
- Can you afford the new mortgage repayments?
- Do I want to stay with the same lender?
As you can see from the above points there are a lot of different things to consider when purchasing a second home, we would love to help you go through the process and help you with all aspects of purchasing a second property.
Contact us to go over your personal circumstances and reasons for wanting to purchase a second home.
* We strongly recommend you seek advice from a suitably qualified tax accountant before proceeding with any purchase that may change your tax liabilities.
Published by Scott Miller
Today's announcement on Mortgage Holidays
With today’s announcement by the Finance Minister about 6-month mortgage holidays, we have been inundated by enquiries from our clients.
So proactive, answers all questions quickly and doesn't make you feel silly for some of the things you ask.Ben McBride and Ashleigh Blair - 29 February 2016
We are very excited as the consents were lodged for our build & hold project in Hamilton this week .Our rental purchase in Ashburton is now fully tenanted & is very cash flow positive!Ken & Louise Emshey - 12th November 2009 - 12 November 2009
We are very thankful for everything you did. We will 100% recommend you to our friends/family and will return if we need future support.Nicole and Daniel Payne - 27 November 2018