BUYING TIPS FROM CORALIE REID

If you need finance to fund your purchase, meet with your chosen lender or mortgage broker early on in your search in order to get loan pre-approval and ascertain how much money you can borrow, you could be surprised you have more options available to you.

To undertake the conveyancing work for your purchase, you will need to engage a solicitor or a registered conveyancer.

Zoning, titles, covenants, easements, LIM (Land information memorandum)  Property file, Buyer information memorandum - have I lost you yet, don’t worry, my information is easy to read and understand. You need to be sure that your property of choice is the best fit for you and your needs.

Building inspections are vital for ensuring the property is in good condition and complies with legal requirements. Make sure the electrics and plumbing meet requirements, under the building Act 2004, unless exempt work under Schedule 2. Bare land sections - need to ensure boundary pegs are identifiable. 

Deposit for purchase is usually 10% but this is negotiable, it is different for the deposit required for finance approval. You will usually need to pay the deposit upon the contract becoming 'unconditional.' Make sure you have the deposit organized well in advance if possible to avoid any complications and delays.

When you visit an open home or by appointment, every minute is valuable. You may have multiple houses to view that same day, so you quickly need to size the property up and decide whether it could suit your needs. Use these questions and prompts as a checklist to make the most of your viewing.

Where is the sun?

Which rooms will be sunny in the morning? Which ones are in the afternoon? How will this change throughout the year? It's so easy to walk through a home looking at its features, without stopping to think about the sun aspect.

Remember, you can change everything about a property, except where it is, and how much sun is available in that spot.

Are there opportunities to improve the property?

Sometimes we can be quick to write off a home without giving due consideration to whether it can be altered to suit our needs. Are there trees that could be trimmed to improve the sun? Or an interior wall that could be removed to create more space? Could a skylight be added to a dark room?

Look past possible clutter, dark colours and lack of cleanliness.

These three things shouldn't put you off buying a home. Why? Because they can all be fixed for minimal cost.

Take notes.

If you are viewing multiple houses in short succession, you will quickly learn that it's hard to remember specific details of every property. Take the brochure and give it a score out of 10 on the front page and write your notes on the back. What did you like? What didn't you like? You can add these notes to the app on Trademe Property or RealEstate.co.nz for easy reference later on.

Could you live here?

This is the key question to ponder as you leave the property. If the initial answer is 'no' then ask yourself why you feel that way. Is it because of things you can potentially fix, like an old bathroom or kitchen? It's important to be clear on this because if the aspect that is putting you off is something you can change, then you shouldn't discount the property entirely. If you aren't completely sure, schedule a second look (I am available and recommend this greatly). Our opinion of a property can change markedly (for better or worse) once we revisit it a second time.

Don't focus on questions you can answer later.

Buyers often end up having long conversations at open homes about price, potentially wasting valuable time they could be using to learn more about the property. You can always discuss price expectations later, either over the phone with your salesperson or on a second visit. Your first viewing though should be all about the property and determining whether you could live there.