What do I need to know before buying a house NZ?

Published by Charlie Davidson on

What do I need to know before buying a house NZ?

Step-by-step buying guide

  1. Work out your budget. The first thing you will want to know is what your budget is.
  2. Get pre-approved for a home loan.
  3. Find a solicitor.
  4. House hunting.
  5. Inspect the property.
  6. Get your property checked out.
  7. Make an offer.
  8. If your offer is accepted.

What to check in a house before buying?

8 Critical Things to Check Before Buying a Home

  • Check That All Appliances Work.
  • Bring a Phone Charger to Test the Outlets.
  • Take a Peek at the Electrical Panel.
  • Open and Close All Windows and Doors.
  • Test Toilets, Sinks, Showers, and Baths.
  • Scout Out Areas of Potential Leakage.
  • Pay Close Attention to Basement Walls.

What is due diligence when buying a house NZ?

What is due diligence?

  1. Check out the local community. You should take time to review the area the property is situated in – visit the property at different times of day to look, listen, and smell.
  2. LIM report.
  3. Building inspection.
  4. Valuation.
  5. Title, Easements & Covenants.
  6. Finance and funding.
  7. Ownership Structure.

How much deposit do you need to buy a house in NZ?

What is the minimum deposit that I need to buy a house in New Zealand? The ideal deposit for any own-home purchase is 20% but typically, the minimum required is 10% for an existing property and in some rare cases 5% for a turn-key build.

What’s the first thing to do when buying a house?

10 Steps to Buying a Home

  • Step 1: Start Your Research Early.
  • Step 2: Determine How Much House You Can Afford.
  • Step 3: Get Prequalified and Preapproved for credit for Your Mortgage.
  • Step 4: Find the Right Real Estate Agent.
  • Step 5: Shop for Your Home and Make an Offer.
  • Step 6: Get a Home Inspection.

How can I buy a house with no deposit in NZ?

For a lender to give you a mortgage with no deposit, you’ll need somebody with pockets as deep as Jeff Bezos or Graeme Hart to be your guarantor. In New Zealand, it’s never been easy to find an institution that will lend 100% of the purchase price of a home.

What’s the best month to buy a home?

Therefore, the best month to buy a house is August. Generally speaking, buyers in the fall and winter will have fewer options yet more flexibility in price, and spring and summer buyers will have more options, but less negotiating power.

What to do before looking for a house?

  1. Understand why you want to buy a house. Purchasing a home is a major decision that shouldn’t be taken lightly.
  2. Check your credit score.
  3. Create a housing budget.
  4. Save for a down payment.
  5. Shop for a mortgage.
  6. Hire a real estate agent.
  7. See multiple homes.
  8. Make an offer.

What is due diligence in buying a house?

First things first: due diligence in real estate refers to a buyer’s investigation of the various aspects of a property, either before making an offer or (more often) within a specific timeframe between entering into the contract and closing, known as a due diligence period.

What does due diligence period mean when buying a house?

Signing a contract to purchase a home is just the beginning. Homebuyers must then navigate the due diligence period, which allows them to inspect the property and review important information before closing on the sale.

Where can I get a checklist for buying a house?

The Ministry of Business, Innovation and Employment’s Building Performance website has a checklist to help home buyers make informed decisions. A builder’s report on a property can help you understand the structural and building condition of the house.

What kind of building inspector do you need to buy a house in New Zealand?

It’s a good idea to use a building inspector who is a member of the NZ Institute of Building Surveyors. If you’re looking at buying a property where there are shared spaces, like a unit or apartment, then it’s likely the property is managed by a body corporate.

What do you need to know about buying a house in New Zealand?

Some building inspectors use a non-invasive moisture meter to check for potential leaks, or you could get a specialist moisture test company to do the test for you. This is particularly important to avoid buying a leaky home. It’s a good idea to use a building inspector who is a member of the NZ Institute of Building Surveyors.

Are there any grants for first time home buyers in New Zealand?

First Home Grant – If you’re a first-time home buyer, or a previous home owner and you’ve been making regular KiwiSaver contributions for three-five years, you may be eligible for a First Home Grant of $5000 or $10,000 for couples.

Categories: Helpful tips