Can I buy a retirement property with my KiwiSaver funds? Once you qualify for New Zealand Superannuation (currently at the age of 65), you also become eligible to withdraw fu...
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How can I avoid overpaying for my investment property?

If you are in any doubt about the price you're about to pay for a property, stop.  Engage whatever real estate research or valuations are required to give you (and your lenders) complete peace of mind over the price being paid.
  • There are a number of checks and reports you can have carried out on the property, including a Land Information Memorandum (LIM) report, a Builders Report, a Title Search and a Valuation.
  • If you are in negotiations to buy, you can make your offer conditional on a satisfactory outcome from any or all of these reports.
  • The total cost of all four reports is typically between $1000 and $2000.  House and land sizes and location of the property can influence these costs.
  • Do your own due diligence on the property and the local area by researching it thoroughly and finding out how much nearby properties are selling for.
  • If there are any auctions in the area around the time you are selling, attend these to see what price is reached and how much demand there is.  This will help you to further establish a true market price (range) for your property.
  • Look up recent sales in the area using real estate agent’s websites.  Contact your First National Real Estate agent for any further assistance you require.  They will know the local market intimately and are well placed to help you.
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