Home buying is a process, there are lots of details involved. It can also be time consuming putting in offers and searching for the right home. Whether you are a seasoned buyer or a first home buyer there is something you can learn from every offer and home viewing. As an online marketplace for New Zealand properties, Shopless has looked into the top tips you should know when buying your next home. Looking at advice from seasoned buyers and property specialists. So you can buy your ideal home or investment, with no chance of ‘buyers remorse’.
Study Current Pricing
If you are a potential buyer, you don’t want to put an offer in on a house blindly. When the market is hot and there are a lot of offers or properties are going quickly and it can feel as though there is a pressure to put your highest offer in – On the spot. But weighing up the current pricing of home sales in the area is important. There are property valuation sites such as QV, and most real estate companies have the homes that have been sold on their website. Viewing these and aligning them with your requirements for the home such as a 2 bedroom home with 2 bathrooms. Will give you more of an idea of the cost of a home that you want.
Investtopia discussed what trends that investors look at when studying the housing market in an area. “A potential investor should look to see if the price of homes is accelerating faster in one area than in others. Next, check to see if the average home price is more than in other neighboring towns. This will provide an idea of where the biggest demand is. Another reason to study these trends is that, over time, you will start to develop a sense for which prices are “fair” for certain properties and which are overheated.
Get Ready to Go
Make sure you have the finances and criteria sorted before you commit to search for a home.
This point may seem a bit aloof, but it is important. Go to the bank, multiple banks or mortgage brokers and ensure your finances are in order. Having your finances sorted will give you an idea of the full range of your budget. Then look into the type of property you want. Do you need to look into building plans, budget, and consent? Where will your property be located? And do you want a home that you are going to need to do work on immediately – therefore accommodating a budget for this.
There are many layers to getting sorted before you even put an offer in on a property. Get what you can sort out, before you find that home. Means you are prepared and makes the process so much easier.
What is the Purpose of Your Purchase?
In several investment guides it encourages the investors to define the purpose of the property purchase. This also translates to property purchases for first home buyers or non-investors.
Investopia suggested to categories your property purchase into four categories as follows:
- Buy and self-use – this would be if you are buying the home to live in the home.
- Buy and lease – this would refer to buying the home for the intention of renting it out.
- Buy and sell (short-term) – this is buying with the intention of selling in a short time frame (maybe renovating, building a new home, subdividing on the property, etc).
- Buy and sell (long-term) – This is if you have a long term plan for the property ie, retirement, holiday home etc.
Within those four categories you will be able to plan details such as how you are paying off the mortgage, what is needed to set the house up for you or someone else living in the home. What you value in a property purchase and many more attributes. Having that purpose will help define your goals for the property and as in other points be more intentional with your purchase.
Work with People you Trust
In any market you need to be patient in finding the right home. You can also take your time finding the right support in the process. The home buying experience should be positive if you have the right advice and support. If you are choosing to go with a mortgage broker make sure to find the right broker for your needs. Same with if you are working with a realestate agent to find or negotiate a home. A lawyer or any other representative. Regardless of if you are a new buyer or seasoned in the property market. Make sure you do not feel pressured in the property market and that it is a smooth and easy process.
There are many things to consider in the process of buying a house. And you want to make sure you have an excellent all-around experience. If you are looking to buy a property, Shopless online marketplace has a great range of New Zealand properties on the market. Whether you are on the hunt for a new or existing home, an investor, first home buyer or next home buyer make sure to check out the listings on our platform.