Buying Your First Home: The Do’s and Don’ts.
Read Through And Find Out How To Get One Without Tearing Out Your Hair.
Right now it’s getting harder and harder for first home buyers to get onto the property ladder – and it’s not just Auckland feeling the squeeze. You’d think with an almost record low OCR, the pressure would be off. Here at Homes.co.nz we know that a red-hot sellers market is in effect in our urban centres, which can negate such a good home loan deal for a first home buyer. Here’s our tips for the general Do’s and Don’ts of getting into your first home.
Do: Assess Your Lifestyle
Is buying a home the best option for you and your lifestyle? Are you planning on moving overseas? Do you favour flexibility? Starting a family? Assessing what your life goals are is crucial before planning on purchasing a capital asset like a house. With most 3 bedroom homes in our urban centres having a HomesEstimate of over $400,000, finding the right home for your current & future lifestyle is crucial before committing to the buying process.
Don’t: Commit If You Can’t
The word ‘Mortgage’ derived from middle age french law meaning “death pledge” i.e. the pledge, or contract is dead once it has been fulfilled. However, sometimes a modern mortgage can seem like a literal death pledge due to how much you have to commit to repayment schemes.
Do: Get as Much Information as Possible
Here at Homes.co.nz we believe in as much free data as possible. Buying a home is a daunting task and there are so many variables to consider. Yes, banks do offer some wonderful guides, like Westpac here, but sometimes you need a more comprehensive guide. That’s where we think First Home Buyers Club fills the gap. They easily segment the entire journey of acquiring your first home, with eight stages to follow through.
Don’t: Stick to What May Have Worked For Your Parents
While the property market is an industry still vanguarded by tradition, there are shakeups in place. Mortgages don’t have to be fixed for an extended period of time. The wait to buy a home is longer than it used to be, and can be costly if you’re hasty. The pre approval period is changing too, with after hours consultations available from most banks. First Home Buyers Club has templates and even offers a free meeting to discuss how to start planning to get into your first home.
Do: Shop Around Neighbourhoods
Often the first thing we think about when it comes to getting a first home is the amount of money you’ll have to spend, and what the other neighbourhood homes are worth. Of course, you can always browse through the suburbs through Homes.co.nz to see the estimated values of nearby properties. See what it looks like through Google Streetview, perhaps go for a drive during the weekend to see if its a hubbub or quiet zone.
Don’t: Get Postcode Envy
True, it is location, location, location. However, don’t get too hung up on your favourite suburbs, you might just find them out of your price range or unsuitable for your lifestyle. Being in the burbs might feel like being royals, but it comes down to what your lifestyle accommodates.
Do: Get as Much Support as Possible
Ask your friends, your colleagues, & your family about what tripped them up in the home buying process. You might just find out some handy tips & tricks from those you know best. Sign up for free memberships at First Home Buyers Club. Shop around banks, network with Real Estate Agents. Provide a clear outline of what you are looking for when getting support, & you’ll get it.
Do: Your Homework
That’s pretty much what it boils down to. With the right information, you can rest easy in the process.Follow us on social media