With District Plans now allowing a lot more intensification than we have ever seen, it is worth considering if your rental property has room for one or more units.
Rather than buying another rental property where you pay for both the land and building, using your current surplus land means your next rental property comes only at the cost of the building and development of it. You might be surprised how little land you might need to add another rental unit.
It will probably cost anywhere from $600,000 and upwards to buy a new two bedroom unit. Building on your land may be possible under $400,000. Not only will your returns be better but your accountant may also help you to shift your loans to the new home and make all the interest tax deductible. (note this is not accounting advice, but a question for you to put to your accountant).
If this interests you, we will put you in touch with the director of Oxygen, John Ross, who has experience with intensification. John will give you his view on the potential your land has and put you in touch with specialists who will help you. Email John directly at [email protected] or get touch with your Property Manager.
