To help other first-time buyers, we asked our Legal Exec, Elise Brooks, what she wished she had known before embarking on her purchase.
New Zealanders wishing to enter the property market or to save for their home have often occupied a property while doing it up, then sold it at a profit. Exclusions have meant that the profit made hasn’t been taxed. Now the opportunity to use this process is tightening up.
Unit titles have their own idiosyncrasies so it’s worth taking time to understand how they operate if you’re buying one for the first time.