Ashburton Courier: August 27, 2020

28 Ashburton Courier, August 27, 2020
ADVERTISING FEATURE
www.ashburtoncourier.co.nz
build buy &renovate
SPRING
2020
First home buyers have many options
You’vesaved enough money for
your first house deposit.
It’s taken some careful
planning and some serious
budgeting butyou set agoal ­
achieved it ­and havebeen to
the bank/mortgage broker and
got yourself the financial
backingtobuy ahome.
Your first home may notbe
your dreamhome. But it could
be an affordable first step on
the ‘property ladder’.
There’s no point owning your
own home if you can’t keep up
with the mortgagerepayments.
Sometimes ‘the worst house
in the best street’ is the way to
go, especially if you are goodat
DIY.
Real estate websites are a
good place to find out how
muchproperties are worthin
different areas. If youwant to
buyanapartment or
townhouse, check your bank
will lendonthese types of
properties not all will.
If you’re buying aproperty as
an investment, as well as a
placetolive, it’s important to
thinkabout resale or rental
potential.
Rental property is
considered ahigher riskby the
banks and they maynot lend as
muchasthey would for a
Buying‘the worsthouse in the best street’isagood way to go.
property you are going to live
in. Consider things like: Is the
house close to public transport
routes? Are there shops and
schools within walking
distance? and Doesthe suburb
have astrong rentalmarket?
Your firstmortgage, or home
loan, will probablybethe
biggest financial commitment
you’ll ever make.
You’ll probably look at
dozens of places beforeyou find
the home you want to buy.
It’s agoodidea to be just as
careful when choosing your
mortgage. Over time, your
repayments could add up to a
lot more thanthe cost of the
home.
There are manytypes of
mortgages, each with its own
interest rate, feesand degreeof
flexibility.
All these things affect how
much the loan costs you and
whenitwill be paid off.
You can shop aroundfor a
mortgage yourself, or use the
(usually free)services of a
qualified mortgagebroker.
Before signingany sale
agreement or mortgage
paperwork you’llneed to get it
looked over by alawyer.
You will alsoneed alawyer to
handle the ‘conveyancing’ once
you buy your house. Fees vary
so shop around.
Abuilder’s report can
identify any possible problems
with the house you’re lookingat
buying. An experienced builder
will find things that the
untrained eyewill miss, and
may save you thousands.
ALand Information
Memorandum (LIM )identifies
any issues with the land the
house is builton. It will identify
issues likedrainage and
landslip risks.
You can order aLIM through
your local council, or your
lawyer will do it for you.
The deposit isjust one of the
costs you willface when you
buy your home. Youwill need
to keepmoneyaside for things
like: moving expenses,
connection fees for phone,
power and internet,
renovations or decorating if
needed, legal expenses and
builder’s reports.
But budget for insurance,
rates and other ongoing costs.
Budget forfirst home expenses
Buyers and Sellers of Recycled and
New Building Materials and Joinery
Timber,flooring,doors,window,
kitchens,roofing materials and
manymorequalityrecycled
and newproducts.
Signing up for your first
house is exciting but costs
can mount; the deposit is
just one of the costs you will
face when you buy your
home.
You will need to keep money
aside for things like: moving
expenses, connection fees
for phone, power and
internet, renovations and
decorating if needed.
But there are also legal
expenses and builder’s
reports.
Not to mention ongoing
insurance, utility costs and
council rates.
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3Musgrove Close (off Wigram Rd), Christchurch
www.musgroves.co.nz • 03 322 7922
or Freephone 0508 468 747
2304513
M 027 384 7118 E bruceachamberlain@xtra.co.nz A Ashburton
2308096