How does the buying process work?

Whether you're looking to buy your first home or tenth, are ready to diversify your portfolio by investing in commercial real estate, or are ready to upsize or downsize by buying a lifestyle property or farm of your own in heartland New Zealand, there are several steps that you need to go through to purchase a property. People often go through these in different orders.

Buying a property, especially your first home, is a big decision. Here are some helpful tips to help get you started.

Tips geared to help you get ahead:

1. Financial health check. How much you'll be able to borrow is dependent on your ability to repay your home loan after you've paid your outgoings. To get a realistic picture of your financial position - you'll need to look at your income, what you're spending, the amount you'd need for a deposit, the equity you currently have in your property and more. A few great resources for guidance around budgeting including sorted.org.nz and familiyservices.govt.nz.
2. Know what you can spend. Talk to your bank or mortgage advisor about how much you can borrow, and then decide what you are comfortable paying back. It's encouraged to get more than one opinion, as different options may work better for you.
   
3. The benefit of pre-approval. Getting pre-approved puts you in a better position by speeding up the mortgage documentation process and gives you the confidence to bid at auctions.
   
4. Find a solicitor. It's always a good idea to get legal advice before purchasing a property, and finding a lawyer that's right for you is an important part of that process. They are worth their weight in gold and will help you navigate complexities such as Land Information Memorandums (LIM reports), titles, property reports and more.
   
5. Due diligence. Once you've found a property that ticks the boxes, be sure to inspect it! And, before you purchase a property, it is recommended that you do your due diligence by getting a Land Information Memorandum (LIM) and builders and engineers reports - this could really save you thousands in the long run.
   

• Do you know what all the different ways to buy property mean? From, fixed price, negotiation, auction and more - we explain the different ways to buy here. 

Explore properties: Find your perfect property by searching here. Discover what property prices are doing in your region here.

Need to sell your property first? Get in touch with us to discover the value of your home in the current market by getting a free property appraisal.