A MSN NZ promotion for BNZ
Investing in a rental property is more likely to give you what you want if you're operating to some sort of plan as it can provide a basis for making decisions that are more likely to lead to your goals.
- Setting your property investment goals – keep asking yourself "why" you want to invest in rental property to get to the underlying reason and keeping sight of the end rewards can help you stay motivated in more challenging times.
- Understanding your current situation - get a detailed understanding of your current financial situation (the value of your assets & liabilities), the skills you have that will help with rental property ownership, and your appetite for risk.
- Choosing an investment strategy – you might prefer to buy a property that's ready to rent immediately, a renovation project, or take the time to look out for a real bargain such as a mortgagee sale or deceased estate.
Related articles and tools from BNZ's Be Money Smart series: