Horizon Financial - Free, independent financial advice for people in New Zealand or moving to NZ - buying

By: Horizon Financial  06-Dec-2011

The buying process
Without a doubt, if you're in the market to buy a home, you need to look at as many properties as you can. Depending on your budget, needs and tastes, you'll find that different areas of Auckland will appeal in different ways.
Once you've decided on an area, contact Horizon Financial - we'll put you in touch with a Real Estate professional who knows the local area and can help you find your ideal home.

As well as cost of living, other factors considered by many New Zealand home buyers include:

  • Proximity to good schools
  • Proximity to amenities
  • Is the property in a quiet street?
  • IS the property handy to main transport routes?
New Zealand property types
There are two main types of dwelling construction in New Zealand:

  1. Brick and tile
  2. weatherboard
Both construction types have merit in the New Zealand climate. Wood-clad dwellings tend to be flexible and breathe well, which is ideal for the varied kiwi climate. Brick is usually used as a cladding only, and almost all dwellings are constructed using a wooden sub-frame.

Find out your borrowing potential
Understanding your borrowing potential is crucial to the buying process. Initially, you can rely on our to get an indication of , and possible .

Making an offer
Once you've found a property you want to purchase, it's time to make an offer. In New Zealand, entering into negotiations is a safe process designed to protect both buyer and seller.

Always make a conditional offer (e.g. conditional upon a satisfactory builder's report, registered property valuation or LIM report). You should always use a lawyer to interpret the LIM report. A Land Information Memorandum is a report issued by a territorial authority containing all the information held by that authority, relevant to the specific property.

A conditional offer is binding on both parties. Should you find a problem with the property, you can withdraw your conditional offer.

Expect to pay around $1400 to $1700 for valuation, legal costs, a builder's report and a LIM report.

Selling
If you decide to sell your home, you have the choice in New Zealand of using the professional services of a real estate agency, or of selling you hom eprivately.

A good real estate agent will know your neighbourhood, the local market conditions and will market your property with a targeted sales campaign.

The information in this article was current at 02 Dec 2011


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