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A Few Tips to Know While Buying House in NZ

Buying a house in New Zealand can be a daunting process, especially if you are new to the country. Here are a few tips to keep in mind while buying a house in New Zealand:

  1. Check your eligibility for a home loan: Before you start hunting for homes for sale in NZ, make sure you are eligible for a home loan. You can check with different banks and lending institutions to find out their eligibility criteria. 

Generally, lenders look for a steady income, a good credit score, and a deposit of at least 20% of the purchase price.

  1. Get pre-approval for a home loan: Getting pre-approval for a home loan can be helpful in two ways. 
  • Firstly, it gives you an idea of how much you can borrow and hence helps you narrow down your search to properties that fit your budget. 
  • Secondly, pre-approval can give you an edge over other buyers, as it shows the seller that you are a serious buyer with the means to purchase the property.
  1. Research the location: Before you finalize a property, research the location thoroughly. Look for factors such as the quality of schools, public transport options, crime rates, and proximity to amenities such as supermarkets, hospitals, and recreational facilities.
  2. Hire a licensed real estate agent: Working with a licensed real estate agent can make the process of buying a house much smoother. 

An agent can provide valuable insights into the local property market, help you find properties that meet your requirements, and negotiate with the seller on your behalf.

  1. Get a building inspection done: It is essential to get a building inspection done before finalizing the purchase of a property. A building inspection can uncover any potential issues with the property, such as structural damage, leaks, or mould, that could be costly to repair in the future.
  2. Consider additional costs: Buying a house involves more than just the purchase price. You also need to factor in additional costs such as legal fees, property valuation fees, and building inspection costs. 

It is essential to have a clear understanding of these costs before you finalize the purchase.

  1. Check the title and property boundaries: Make sure to check the title of the property to ensure that the seller is the rightful owner and that there are no encumbrances on the property you are considering like mortgages or liens

Also, check the property boundaries to ensure that the property you are purchasing matches the description in the title.

  1. Consider the resale value: While buying a house, it is essential to consider the resale value of the property. Look for properties in areas that are likely to appreciate in value over time, such as locations with good schools, transport links, and amenities.
  2. Take your time: Buying a house is a significant investment, and it is important not to rush into a decision. Take your time to research the market, visit properties, and consult with professionals such as real estate agents, lawyers, and financial advisors.

In summary, buying a house in New Zealand requires careful consideration of several factors such as eligibility for a home loan, location, additional costs, resale value, and legal considerations.

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