Selwyn_Times: May 17, 2023

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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. 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. Having conditional preapproval
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”.
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,” 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”.
“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.
SELLING YOUR HOME?
Potential buyers are
likely to be living in your
neighbourhood, it’s an
area that they already love
and are actively seeking
to stay in. That’s why it
makes sense to advertise
your property in the
Selwyn Property Guide.
We are the only media
that reaches across the
entire Selwyn District.
73
Arthur’s Pass
1
77
Springfield
Glentunnel DarfieldTempleton
Rolleston
Burnham Lincoln
Dunsandel Tai Tapu
Leeston
For cost effective, highly
targeted advertising that delivers
results, contact a local Real
Estate Company that advertises
in the Selwyn Property Guide.