Selwyn Times: March 04, 2020

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[Edition datE]
Tips for first home buyers
Struggling to get on the property ladder
and feeling fed up? You’re not alone. Real
Estate Authority (REA) research has found
that more than half of all first home buyers
– even the ones who successfully buy a
property – find the process stressful and
overwhelming.
“We know it’s hard for people when they’re
trying to buy their first home – it’s a complex
legal process and a huge financial deal,”
says REA chief executive Kevin Lampen-
Smith. “We want to empower them to feel
more confident and in control when they’re
making such a big decision.”
1. SORT OUT YOUR FINANCES
You’ll already know that saving is a big
part of getting ready to buy, but do you
know what else you need to do?
Getting financial advice from a qualified
advisor could be a useful step in your
planning. Owning a property means you’re
responsible for all the maintenance and
repairs – and for paying rates and insurance.
Owning an apartment may also mean you
need to pay body corporate fees. These costs
can be a bit of a shock to the system if you’ve
rented for a long time.
“It’s also a good idea to get conditional
pre-approved finance arranged so you can
move quickly when you spot a property you
really like,” Lampen-Smith says. “Having
conditional pre-approval lets you know the
price range you can buy in and it shows
agents and sellers that you’re a serious buyer.
It’s also crucial if you’re planning to bid on a
property at auction.”
Don’t forget to explore ways that
you might be able to get help from the
Government. There are various forms of
assistance available if you’re a KiwiSaver
member, buying in certain areas, want
to buy a former Housing New Zealand
property or are Māori and want to live on
your ancestral land.
2. NEEDS VS WANTS
Many first home buyers discover a big gap
between what they’d like to buy and what
they can afford when they first start looking.
“Sit down and write a tight list of what
your absolute must-haves are, then work
out what you’re willing to compromise on,”
Lampen-Smith says.
If you’re thinking about pets and children
arriving in the short-to-medium term, think
about how these will change your needs.
Will you need to be near to childcare or
schools? Will you need a fenced property?
“If you’re the sort of person who likes a
good list, we’ve got a useful ‘researching the
property’ checklist on settled.govt.nz that
will help you keep track of all the questions
to ask about a property. This is especially
useful if you’re looking at more than one
property at a time.”
3. DO YOUR HOMEWORK
Don’t let your desperation to find
somewhere blind you to a property’s faults.
“Do as much research as you can about a
property,” Lampen-Smith says. “That means
getting a lawyer on board to make sure all
the paperwork is in order and to help you
understand if there are any issues. We also
recommend getting a qualified building
inspector who has professional indemnity
insurance to prepare a comprehensive
report on the property.”
If you’re worried about paying for this
kind of report before you make an offer (due
to a lack of time or funds), you can make
them a condition of your offer. Remember
that paying for good advice is an investment
that will buy you more peace of mind than a
quick once-over by a mate.
4. RECOGNISE YOUR LIMITS
Buying a ‘doer-upper’ is a Kiwi tradition,
especially for first-home buyers, but we’re
not all blessed with the right skills. Factor
this in before you make an offer on a
‘renovator’s dream’.
“Be honest with yourselves about how
much DIY you can really do, especially if
you’ve got pets and kids,” Lampen-Smith
says.
“Getting professionals in to help will cost
more, but it will also make the process faster.
It may also be better in the long term when it
comes to selling the property if any work has
been done properly with the right consents.”
For independent guidance and
information on buying or selling, check
out settled.govt.nz.
NEW LISTING
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Boundary lines are indicative only
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Auction (unless sold prior) 12pm, Thu 26 Mar 2020
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Chris Jones 027 220 5043
chris.jones@bayleys.co.nz
Sam Sidey 027 346 3500
sam.sidey@bayleys.co.nz
WHALAN AND PARTNERS LTD, BAYLEYS, LICENSED REAA 2008