first home buyers
Location and Property Type
Once you have established how much you can borrow you can then start shopping (the fun part).
Try and visit a number of properties within your price range, to compare their value for money before setting your heart on one.
Make sure a property has the infrastructure around it you want/need, such as schools, transport, shopping, social, sports clubs, etc. What is the weather like in the area? Does the house get good sun late in the day or early, is it wind blown?
Try and take the emotion out of the house. This is often hard, but believe us it isn't the only house you will find! Emotion can be your enemy when buying a home as it can cloud your judgement.
Ask questions. Why is the current owner selling? Is the Rateable Valuation relevant? Often this is not the case as the Rateable Valuation is only a snap shot at a set point in time and is the figure that drives the rates payable on the house, it does not mean it is worth that figure.
What have similar properties in the area been going for? Shop around, ask your real estate agent. How much did this house sell for previously? And how long ago? For further reports and information we can refer you to a professional valuer.
Often recent improvements to a property look great, but make sure you check to see if the improvements had council consent. You can do this by having a (LIM) Land Information Memorandum report done; generally this is done by your solicitor. A LIM report shows consents and codes of compliance, rates owing, any problems with drainage, flooding or erosion. You can also obtain a short LIM report from your local council at minimal cost.
You should also get the certificate of title checked out. You need to understand the different ownership types that exist from freehold, to cross lease, unit title, company share or leasehold. The certificate of title will also highlight any covenants (restrictions) or easements (rights) on the property. Our advice is to always consult a solicitor in the matter of title.
Pre-approval costs nothing and can easily be renewed!