Nor'West News: April 08, 2021

6 Thursday April 8 2021
Latest Canterbury news at starnews.co.nz
REAL ESTATE
NOR’WEST NEWS
64 Karnak Crescent, Avonhead 4 2 1 1 1 2 3 www.harcourtsgold.co.nz | Listing #PD5026
The Right Place, Right
Space, Right Buy!
This spacious family home is situated in a
very desirable location close to amenities,
parks, recreation and within easy distance to
outbound roads and the airport.
Four bedrooms - three upstairs and one
downstairs plus an office space gives you
many options for how you would like to live,
work and play in this home. A large and private
outdoor space on this corner section site will
make you appreciate the indoor/outdoor flow
on offer and what it means to your family
gatherings.
With some fabulous upgrades and work done
in recent years you can move in and enjoy this
large home straight away.
With money coming back to the new owners
for driveway and pathway repairs there is every
motivation you need to purchase this great
property.
Well-loved for the past 12 years by our lovely
vendors and their family it is now time to play
"pass the deed" to the next fabulous owner so
our vendors can downsize and enjoy being
empty nesters in the next phase of their lives.
Auction: Thursday 15th April 2021
from 10:00am (unless sold prior)
Gold Auction Rooms, 471 Papanui Road
View: Wednesday 7 April 2:00pm - 2:30pm
Thursday 8 April 5:00pm - 5:45pm
Saturdays & Sundays 1:30pm - 2:15pm
Chantale Johnson
Licensed Sales Consultant REAA 2008
Harcourts Parklands
027 393 9285 or 03 383 0406
chantale.johnson@harcourtsgold.co.nz
Bev Johnson
Licensed Sales Consultant REAA 2008
Harcourts Parklands
027 643 9393 or 03 383 0406
bev.johnson@harcourtsgold.co.nz
BANK OF
Every week in our auction rooms I get to
see a huge range of emotions playing out.
I’m often very moved by the drama that a
competitive process can create for attendees
and my heart goes out to them. There are
tears about missing a much-wanted but
very sought-after property, there’s elation at
successfully purchasing, there’s a genuine
pride at finally getting on the property
ladder and, for some parents, there’s
the realisation that without them the
purchase would not have been possible.
These are tears that I can definitely relate to.
It seems more and more parents are seeing
withdrawals from the trusty, rusty or even
crusty ‘Bank of Mum and Dad’ and as we
personally get a little bit nearer to that time
ourselves, I thought I’d take a closer look.
Obtaining funds from family is not a new
phenomenon, but it is a very important one
for some first-home buyers – and with lofty
deposits often required, it can involve big
numbers. It’s essential parents are aware of this
and that’s why we will often see parents not
just on auction day but throughout the whole
process, including open home attendances,
and second and third visits. Being part of a very
close family, I imagine that I’d want to do this as
well and whilst some real estate professionals
struggle with large family viewings – and even
larger post-visit family debates – best you get
used to it!
During my research, I’ve also discovered that
providing funds is not as straightforward as it
once was.
Originally the main means of assisting were,
firstly, contributing to the deposit, to a level
the lender was happy with, and, secondly,
supplementing additional funds to ensure
the debt-servicing criteria were met. It’s often
referred to as a guarantee.
This second method needs to be carefully
thought through by parents, as a default by
their son or daughter (and much as we don’t
like to imagine it, this can happen) could see
them shouldering the responsibility for the
loan themselves. This can become extremely
uncomfortable, especially if they have their
own financial commitments and pending
retirement. To address this, there have been
changes to the legislation deeming that
any and all guarantors to a loan need
to demonstrate the ability to meet the
required loan payments to avoid the worst
from happening.
As much as we all love our families, if you are
considering helping in this particular way it’s
essential to get independent advice.
So, what are these purchasers buying?
It seems they are trying everything.
First-home buyers with limited budgets are
thinking outside the square and in some cases
the market is giving them a robust education
in looking at properties that buyers might
have had the luxury of excluding in the past.
Varied locations, new subdivisions made
infinitely more desirable due to improved
motorway access, new schools and
communities, are all hugely popular.
We are also encountering parents looking
on behalf of overseas offspring with British
Pounds and American Dollars burning a
hole in their pockets and those budgets are
extraordinary when compared with what
was once considered necessary for making a
purchase in our local market.
So much of what we achieve as human beings
relates to how we have helped or been helped
by others, and I imagine one day I’ll be in
an auction room helping one of our family
members make a withdrawal from the trusty
bank of Mum and Dad too!
So, to all those parents in the same position,
well done, without you a whole generation
wouldn’t get to enjoy what we thought of as a
right – and that’s home ownership.
Lynette McFadden
Harcourts gold Business Owner
027 432 0447
lynette.mcfadden@harcourtsgold.co.nz
Don't miss the Harcourts gold
PROPERTY OPPORTUNITY
AUCTION
THE
PERFECT
OPPORTUNITY
TO SELL YOUR
PROPERTY!
28
APR
Parklands Mall, Queenspark Drive
6PM
PARKLANDS OFFICE
PAPANUI 352 6166 | INTERNATIONAL DIVISION (+64) 3 662 9811 | REDWOOD 352 0352
PARKLANDS & NEW BRIGHTON 383 0406 | GOLD PROPERTY MANAGEMENT 352 6454
GOLD REAL ESTATE GROUP LTD LICENSED AGENT REAA 2008 A MEMBER OF THE HARCOURTS GROUP
www.harcourtsgold.co.nz