The growing real estate industry in New Zealand presents a lot of competition on both the buying and selling part of the equation. This fact overwhelms some people who may end up disappointed by their first purchase. Do not fret. All you need is to know is where to start looking and you are all set.
Largely credited to the growth in numbers of first-time home buyers, the real estate market in North Shore, Auckland has been on the rise for last few years. In describing the experience of buying a house, leading real estate firm Prestige Real Estate International LTD correctly puts it: you just have to “find the one.” To help you navigate the convoluted maze that is buying a house for the first time, these pointers might help.
At least for the time being, stop going on trips abroad and buying expensive things. Most sellers will require you to make a 20% down payment, and you will need some huge cash reserves for that.
Look for Government Grants
Get a Kiwi Saver account and keep it active for at least three years. This will provide you access to government grants toward your house. Grants can go from $5,000 if you are buying an existing home, or $100,000 if you are building a new one.
Get a Pre-Approved Mortgage
Getting pre-approved for a house loan will help narrow down your options when you’re shopping for a house. If you wish, you can get a mortgage advisor to help you get the best deal for your mortgage.
Get Help From the Pros
Buying a house is always nerve-wracking. To help alleviate the stress and bring in some expert guidance to the entire process, build your team by recruiting a competent agent, a lawyer to look over your contracts, and possibly even a builder to help you conduct the house inspections.
All throughout the buying process keep in mind that there is no such thing as a perfect house. More often than not, you may need to compromise on, say, a kitchen that requires renovation or a bathroom you can replace. In such cases, you may even be able to negotiate for a very low price. Always keep your eyes open for such opportunities.