Owning your own house in New Zealand
Will the new generation kids will ever be able to afford a home in New Zealand? Especially in bigger populated cities like Auckland, Wellington, and Christchurch and will the properties ever stop rising? Owning house now days seems next to impossible for the younger generation that is working day to day jobs and it sounds like a dream for the upcoming generation who have to work very hard to even save up for the deposit of their home. So what are the work arounds if you cannot afford a house in bigger cities of New Zealand?
Have an exceptionally good income
It may be possible for the few of us on very high incomes to be able to afford a house in bigger cities of New Zealand and be able to pay off the mortgages. These highly paid jobs are not easy to find and for you to be able to get one after your hard work over the past years throughout university and gathering experience, it might be a little later in life that you actually have the money to put forward for a deposit. Not everyone straight out of university gets a very highly paid job; it is the experience that counts afterwards. So it takes years to build up experience and then be looking to get a high income in your working job. This is one of the ways and other ways are for the extremely talented that do start-ups/businesses and make it big to be able to afford property in New Zealand.
Getting help from the parents
Another way in which you may be able to afford the house is to get some help from your parents. They could help you by letting you stay in the house without rent or if they are rich enough then they could help you with paying the deposit up front. Some of us may not have rich parents and some of use might not even have parents to help us at all. So it becomes very tough to rely on this sort of help. It would only work for the very few of us and whose parents are actually willing to help their kids own a home.
Getting a home from your wealthy parents
This is for the very fortunate millennials who have parents that are very wealthy and can help their kids by giving them a property to start off with. Once you get onto the housing ladder then it becomes easier for you to own even more properties as the bank will give you a loan easily based on the equity you hold. But do remember to take a calculated risk and not be foolish when investing into a property.
For the rest of us that do not have high incomes or parents that can help us out. We are looking to work very hard to get onto the property ladder here in New Zealand. It might be better to think outside the box. Invest into a property in the cities that have much lower prices. You might not want to stay their but it’s a good idea to invest into the property market as the property rates look to be on the rise every few years. It does not look like the property prices will ever take a dip. They might just take breather and stop, but will keep rising as the world grows. Also ensure the property you invest in has good rental income to help you cover the mortgage, property rates, insurance, maintenance etc.
Once you have found your investment property then you can look into Auckland movers to help you out with the moving part.Google