Whether it’s an investment property or owner-occupied home, deciding which home to buy post-COVID-19 can be perplexing. Although New Zealand’s economy has shown signs of recovery, consumer confidence had dropped significantly. Along with it, Treasury expects unemployment to surge beyond levels last seen during the Global Financial Crisis. Property sales in New Zealand have also generally dipped. Many buyers and sellers took a wait and see approach.
If you are wondering how you can keep safe, but still get the best deal on property sale, this guide will help you make the right decisions.
Don’t put your plans to buy on hold. Instead, target fair-priced property
When the economy is sluggish and employment uncertain, you ought to be careful. But that doesn’t mean you shouldn’t buy. The right kind of information can help you mitigate risks and still make great moves.
COVID-19 has severely affected employment not just in the travel and tourism industries but also manufacturing and supply chains.
With this in mind, it is vital to focus on fairly-priced homes. Check out property sales in New Zealand where the sale price would attract a lower deposit and the mortgage payments would be affordable. This way, you’ll be covered even if you had to take a salary cut.
Target property sales in New Zealand’s commercial centres
You could focus more on listings of apartments or terraced homes in main centres like Auckland and Hamilton. This way you’ll get great value at affordable rates. Plus, business in these centres is likely to recover faster from the effects of COVID-19. Consequently, employment opportunities are likely to grow faster in these areas.
Focusing on property sales consisting of high-density homes in these areas enables you to invest affordably and cash-in on the future dividend.
Target popular, easy to re-sell, homes
Speaking of cashing in on a future dividend. The number of first-time home buyers in New Zealand has been on a steady rise for the last couple of years. This is a niche you cannot afford to ignore should you want to sell your home a few years down the line.
Due to the affordability, it’s easier to sell a terraced home or apartment to this niche.
But it’s not just the price that attracts. New-build apartments, duplexes and townhouses draw a variety of buyers and investors due to low-maintenance.
As Curtis McCorquindale of Queenwood Property puts it, “low maintenance’ and ‘lock + leave’ seems to be on everyone’s Christmas wish list…
Consider buying a home that would be easier to sell. This way, you’ll not be tied down to home any longer than you need it.
Work with developers who deliver exceptional output
Terraced homes and other kinds of in-fill properties, are often perceived as falling short of the typical ‘Kiwi dream home’.
But that has changed a lot in the recent past.
Developers like Curtis McCorquindale of Queenwood Property, go out of their way to deliver according to your lifestyle’s needs and requirements. Curtis says “we focus on providing homes of manageable size with low maintenance landscaping, allowing our clients to enjoy their time more, spend longer at their beach house, or play with their grandkids. Our clients no longer need to spend their weekends pulling weeds of out the garden, hours mowing.”
As the economic effects of the COVID-19 crisis unfold, you can make a great buy on New Zealand’s property sales. In-fill properties are a great way to save a buck and help you to maximize your most-valuable resource – TIME.