Tips for getting on the property ladder

Weekend Life 03/11/2018

Ten new KiwiBuild homes in the Mason Square development in Otahuhu will be crawling with hopeful homeowners today as they open their doors for the first time.

The two-bedroom properties boast a deck, carpark, dishwashers, washing machine and a dryer.

But with the starting prices in the $500,000 to $600,000 bracket, even these houses are most likely out of reach for regular kiwis.

Hannah McQueen from EnableMe joins RadioLIVE’s Carly Flynn to talk through some other ways to get on the property ladder.

The biggest piece of advice that Ms McQueen can give is to look at buying a property outside of your preferred area or city and renting it out to grow some equity.

For a lot of people that are buying their first home, their expectation of what they need from their home is disproportionate to what they actually need.

With investment properties you should aim for cities that you know will have some growth, even if it’s not your preferred location.

“Different cities go up in value at different rates,” she told RadioLIVE.

Ms McQueen recommends going to the property hotspots to buy a property knowing that it might not be your home.

Before you even start looking at buying your first property, there is the issue of the 20 percent deposit.

Kiwisaver has been a great help for depots for first homes, says Ms McQueen, as it forces saving. Between employer contributions and the availability for Home Start grants, she says there are plenty of options to help raise funds for the deposit.

Listen to the full interview with Hannah McQueen above.

Weekend Life with Carly Flynn,10am - 2pm on Saturday and streaming live on 'rova' channel 9 - available on Android and iPhone.

RadioLIVE.