Overseas Buyer Questions
Who is eligible to buy in New Zealand?
Residential property purchases are restricted to New Zealand, Australian and Singaporian citizens, with some exceptions granted to certain off the plan developments. There are no similar restrictions for commercial property buyers.
What happens if I am not sure what I want?
It is quite common for an expat buyer to start with a high-level goal such as “get on the property ladder while I am away”, without knowing the end destination. The best option is to book a call with us and we can help you narrow down to a plan.
How do I find out what I can afford?
We recommend working with a mortgage broker to represent you to multiple banks and get the best deal. We work closely with several good operators in the industry and can make an introduction for you.
Can you help look after the property after I have bought it?
Yes. In Rotorua we provide property management services ourselves, while in other markets we always refer clients to a carefully vetted local property manager.
I don’t have a broker, lawyer or accountant, where do I start?
Start by booking a conversation with us and we as you need it, we can introduce you to service professionals that will help you to progress. It can be very expensive and slow to book meetings with a lot of professionals otherwise!
I can’t visit the property, how does that work?
Technology is amazing and we have helped a LOT of buyers via video and phone calls. We will create a folder share to pass on any useful information for you, and can shoot videos from the street so you get an idea of the area as well as the property.
Buying from far away seems risky?
We hear you, it is a new approach and it is important that you feel safe. The owner of iFindProperty, Nick, bought several properties while living in Asia and the information and process he needed to buy with confidence is baked into the service. Our overseas clients usually have a lot of questions and we expect you will too, so let’s set up a call and we can help answer your queries.
Why should I set up (or keep open) a New Zealand bank account when I move to Australia?
In order to borrow money to invest while away, you will need a relationship with a bank, and proving your ID and address can be painful while you are offshore. It is much easier to achieve if you have a banking relationship already, even if it is dormant while you are away.
General Questions
Are any fees added to the listed price?
No. The advertised sale price includes our agency fee, to allow you to see the true yield and other numbers based on the total price you pay.
How do you find such great investment opportunities?
Two main reasons; experience in the marketplace, and fostering good relationships with real estate agencies, property professionals and other investors over many years. As we have out “finger on the pulse” of the current market and are known to have a substantial database of active investors, we are often approached first by a seller. Many properties are not listed on the open market and often a seller has urgency to achieve a sale.
Should I get legal advice before proceeding to purchase a property?
Just as with any other property purchase, it is essential that you obtain independent legal advice from your own solicitor before entering into any documentation to purchase. We can introduce an independent solicitor if you do not have one on your team already.
Can I have a Due Diligence period?
We want you to have all the information you require to enable you to make a fully informed decision, however for certain types of sales you may need to complete some due diligence before offering on a property. We are able to introduce professionals to provide crucial information; such as rental appraisals, council files, quotes for work required and building inspections.
I live overseas and can’t inspect the property. Can I still invest?
Absolutely, we help many overseas New Zealanders invest and provide an end-to-end service.
Being remote can actually work in your favour because it allows you as a purchaser to focus more on the unbiased written information you obtain during due diligence, and make a sound business decision based purely on this information and your investing criteria.
What is a Buyers Agency Agreement?
This is a legal document which we request you to execute, giving us authority to act as your agent and stating that you agree to our fee.
A “Buyers Authority” is usually for a single property, while a Buyers Agency Agreement enables us to represent you in a wider capacity over a longer period through our Premium Buyer Service.
What do I need to do to purchase a property on your website?
Please contact the agent immediately to confirm availability and what the steps from there are.
Is our agency fee negotiable?
No. Our fees are modest given the time involved in locating suitable properties and the expertise that we bring in assisting our clients build an investment portfolio.
We aim to find and market investments that will earn back our fee many times over for our clients.
Is the price of a listed property negotiable?
Not usually. We have already negotiated the price of the property with the seller as part of our analysing it as a deal.
Should I consult with an accountant before buying a property?
New Zealand and Australia have different tax treatments of property, and you can unwittingly wind up with a large tax bill if you do not get proper advice before buying (even if you buy before you move) a property in New Zealand. A property-specialist accountant is the way to go and iFindProperty can refer you to a good advisor.
How do I find out how much I can borrow to invest?
A mortgage broker is your best option because they can propose your business to multiple lenders and not just one. They are usually free to work with. Our preferred mortgage advisor has a relationship with an Australian broker as well, who can help help buyers with property in Australia to raise a deposit.
This is a sponsored advertising promotion by iFind Property. NZRelo is not liable for any of the information and or guidance provided by iFind Property.
Information, statements and opinions expressed on the iFindProperty website, emails or any other tools or resources provided by iFindProperty are only intended as a guide to some of the important considerations to be taken into account relating to buying a property. Although we believe that the statements are correct, they should not be taken to represent accounting, taxation, legal or investment advice, and you must obtain your own independent advice from an appropriately qualified professional, which we are happy to introduce to you as circumstances demand.
Most of the information published is sourced from third parties and iFindProperty does not give any guarantees about its content or accept any liability for any loss, damage or other consequences that may arise as a result of any person acting on or using the information and opinions contained on this website. iFindProperty does not make representations regarding the structural condition and/or water tightness of properties for sale.
Any information you provide to iFindProperty is confidential and will not be distributed to any third party without your permission unless we are required to under New Zealand law.
