• Aimee.Dillon

Tips for 1st Home Buyers

Buying your first home is confusing and stressful. There is so much you need to take into consideration which you may not even be aware that you need to yet.

Here is a guide to help you understand how it all works and what comes next in the process. From getting a mortgage, to making an offer. The more you understand about the property transaction early on, the less overwhelming it will be.

Think about your finances

Saving towards a deposit and sorting out your mortgage are important first steps on your property journey. Things can move quickly when buying a house, so it’s a good idea to have a pre-approved home loan before you start looking.

Knowing how much you can borrow will help you search for properties in your price range. Find out what government support you might be eligible for, like the KiwiSaver HomeStart grant or the Welcome Home Loan. Many first home buyers can withdraw their KiwiSaver funds towards their deposit.

By finding and working with a good mortgage broker will make all of this alot easier. They can work with your existing bank as well as other banks to ensure you are getting the best deal and at no cost to you.

Think about your goals

Buying a home is exciting, especially if it’s your first. Before you get started, take some time to think about your goals and how owning a home fits in with your future plans.

If you’re buying with others, talk to your partner or family to ensure everyone is on the same page.

Ask yourself why you are buying. Do you want to buy or build a first home, buy a bigger home or invest in a rental property? Think about your long-term goals.

Build your support team

Buying a property is expensive, and it can cost even more if something goes wrong. That’s why it’s important to have a team of professionals to support you.

Before you start looking at homes, find a lawyer or conveyancer. Your support crew might also include a building inspector, a bank or mortgage broker and an insurer.

A real estate agent will answer your questions, but remember they work for the seller, not for you. Unless you engage with one agent to solely look for homes for you, then they can be very helpful when it comes to the auction or negotiation stage as they have far more experience in this situation. This would be at no cost to you as the commission is split between them and the listing agent. For advice and guidance, always talk to your lawyer or conveyancer.

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