First Home Buyer? what to expect: My ten top tips to enter the housing market like a pro (pt 1)
So, you're ready to take that leap into the world of real estate, huh? Don't sweat it – buying your first home in New Zealand is totally doable, and I’m here to dish out the insider tips that'll have you strutting into the property market like a pro. I get it, it can feel a bit like diving into the deep end, but think of this as your go-to crash course, packed with all the good stuff you need to tackle mortgages, understand the housing market, and make the right moves towards scoring your very first home.
Let’s take a look at my top tips to help you feel like a seasoned pro when you hit the market.
Do your research when it comes to location
Conducting thorough research on the location is super beneficial when buying a home. The location you choose can have a significant impact on your daily life, the property's value, and your overall satisfaction with your new home. Keeping in mind all your options such as your work commute, neighbourhood safety, school zoning, potential future development, property value and resale potential. Even noise levels to keep you at peace while you sleep at night!
Learn about the importance of property inspections and valuations
Property inspections and valuations are big steps in the process of buying a home. They give you valuable information and help you make decisions about the property you are interested in. Property inspections can identify Issues, help you avoid costly surprises, and getting a valuation can ensure you don’t end up paying way more than you need to.
Understand the legal steps involved in buying a property
The process of buying a property involves several legal steps to ensure smoothing sailing throughout your transaction. The steps typically range from getting a lawyer involved, negotiating terms and conditions, going conditional, property inspections, finance approval, going unconditional, settlement and finally change of ownership. The better you can understand the process ahead of time, the less surprises you’ll get along the way!
Explore the role of real estate agents (and how to find a reliable one!)
Real estate agents play almost the biggest role in the process of buying a property. They help to act as the go-between buyers and sellers whilst providing a wealth of knowledge, making your life a whole lot easier. They have the market knowledge, pricing expertise, can search for the perfect property for you and take all the paperwork off your hands. In order to find a reliable agent, it's best to do some good research (asking friends and family for recommendations is a good way to go!) Trust your instincts to choose an agent you feel comfortable working with and who aligns with your goals.
School up on negotiation strategies
Negotiating is a great skill to have in the process of buying a property. Effective negotiation can help you achieve all your desired goals whilst still keeping a positive relationship with the other party. Consider strategies such as doing your homework on market trends and value, setting clear goals, actively listening, maintaining flexibility, keeping a positive tone and staying patient through it all.
Stay tuned for part two, where we’ll touch on some more study notes to get you in the best position as you enter the property market!