SteveDK

We´re hoping to be in Christchurch from October 1st but I´m wondering if we should buy a house immediately or rent for a while before doing so. My main concern is that house prices seem to be on the slide in NZ and I don´t want to be saddled with negative equity like I was in the UK many years ago. We are selling our house and should have a good deposit to put down but why waste money when it can be made to work for you in other ways?!

Opinions welcome! Thanks!

Roger

The market hasn't crashed but slowed right down. May be worthwhile renting, taking your time to find the right place. Also the Kiwi dollar maybe getting weaker against the pound. Put it in an Isle of Man tax free account and watch the market.
Roger

Merlot12

I think you stand to lose more than you would gain by buying as soon as you arrive...
When you have just arrived in a brand new country, with different rules, customs, and very different houses you could find that you make an expensive mistake. I would guess that it took while to understand the housing market in the place where you bought your current house, you are going to have a far steeper learning curve in a new country.

Give yourselves six months to see how the land lies. It may be that you find better jobs on the other side of the city, maybe you will decide that a lifestyle block is for you.

With the exchange rate as it is, maybe there is no harm in leaving your money in UK pounds.

Rental properties do not work on a six month minimum lease the way they tend to in the UK, you will have quite a lot of flexibility. The main disadvantage is that 95% of rental properties are unfurnished if you are waiting for a houseload to arrive.

Merlot.

JAJ

This is especially the case if one is on a temporary visa and doesn't have the security of permanent residence.


I doubt the IRD would consider an Isle of Man bank account to be "tax free" for a New Zealand resident.

Jeremy

Gill and Rob

Just our experience, but we bought 6 days after arriving in NZ. In fact, put a offer in on this house before we got round to buying a car. We wanted to feel settled. We did a lot of research before we arrived and had a great estate agent, who worked really well for us. She advised us on which area of town was a better choice, for such as schools etc. We will have been in this house almost 2 years {moved in 2 weeks after seeing it}. Still have a few decorating jobs to get done, but I absolutely LOVE living here.

This is just our experience, it may not be for everyone, but it worked for us.

Gill