Embarking on Your Homeownership Adventure

Welcome to the exciting journey of buying a home in Aotearoa! Whether you're a first-time buyer who's excited (and maybe a little nervous) about what lies ahead, or a seasoned investor looking for your next project - we'd love to partner you on your journey.

This comprehensive guide is designed to make the path to your dream home as easy as possible, helping to give you peace of mind.

It pays to know what you're looking for!

Before taking your first steps on the buying journey, have a look at what types of property are out there:

1. Detached Houses: The kiwi classic

Having your own house on your own patch of land has long been the kiwi dream. Offering a decent yard for summer games of cricket and somewhere for the bbq - the detached house is still a something to aspire to in modern day New Zealand. Bear in mind, however, more space means more upkeep!

• Ideal for: Families or individuals seeking space, privacy and a place to call entirely their own.
• Considerations: Comes with the freedom of personalisation but also the responsibility of maintenance and care.

2. Townhouses: Compact Living Without Compromise

For those who love the idea of a community feel without sacrificing independence, townhouses are the perfect option. Typically, these are two or three-story homes sharing one or two walls with neighbours, offering a blend of privacy and sociability. They're often part of a body corporate, meaning some external maintenance worries are taken care of, but be mindful of body corporate fees.

• Ideal for: Those seeking a blend of community and independence, often with less maintenance than a detached house.
• Considerations: Usually part of a body corporate, which means shared decision-making and fees.

3. Apartments: Urban Living at Its Finest

Some people just love stepping out of their front door and being right in the heart of the city. Apartment living offers a convenient lock-up-and-leave lifestyle, and they come with amenities like gyms and pools but remember to consider the body corporate fees and the closer quarters with neighbours.

• Ideal for: City lovers who prefer the concrete to the countryside.
• Considerations: Offers amenities but also comes with body corporate fees and closer living quarters.

4. Units: The Cozy Middle Ground

Units, often part of a larger complex but more spacious than your average apartment, offer a cozy and often more affordable entry into the property market. They strike a balance between the low-maintenance lifestyle of an apartment and the space of a detached home. Ideal for small families or downsizers not ready to compromise on space but eager to shed the responsibility of a big backyard.

• Ideal for: Small families or downsizers looking for a cozy space without the heft of a large property.
• Considerations: Often more affordable, offering a middle ground between apartments and detached homes.

5. Lifestyle Blocks: Embrace the Rural Dream

For those dreaming of wide-open spaces and perhaps some livestock, lifestyle blocks offer the ultimate rural living experience within reach of city amenities. They provide space to grow your own veggies, raise animals, and enjoy the peace of the countryside. It’s a dream for many but comes with a set of rural living challenges like water supply and land maintenance.

• Ideal for: Those dreaming of rural bliss with room for agriculture or simply more green space.
• Considerations: Involves more land maintenance and often, a commitment to a rural lifestyle.

With each property type offering its unique blend of benefits and considerations, it’s important to align your choice with your current lifestyle and future aspirations. Whatever you're looking for - the property you've been dreaming of is waiting for you.

Embarking on the Journey to Homeownership

Ah, the great Kiwi dream of homeownership! It's a thrilling adventure, filled with anticipation, excitement....and the odd sleepless night!!! But, put away the sleeping pills, whether you're a first-timer or a seasoned player in the game, we've got the ultimate guide to help you navigate the twists and turns of buying a home in New Zealand.

1. Do Your Homework

Before you leap, it really does pay to look...and then look some more! Knowledge is your best mate in this journey. Get across average house prices, listing durations, and market trends in your chosen location. Platforms like homes.co.nz are treasure troves for such insights.

• To Do: Keep your finger on the pulse of market trends, prices, and areas. Knowledge is power, especially when it comes to understanding the value and potential of your desired property type.

2. Finances: The Foundation

Next up, it's time to talk turkey. What's the standard deposit? Aim for 20%, though some lenders might nod to 10% in certain cases. Scrutinise your budget, balance those incomings and outgoings, and start padding that deposit fund. Oh, and for the first home buyers out there, don't miss out on dipping into your KiwiSaver or snagging a First Home Loan to ease the financial burden.

• To Do: Understand what you can afford, and aim for a deposit, typically 20%. Look into KiwiSaver withdrawals or First Home Loans for additional support.

3. Home Loan Pre-approval: Your Golden Ticket

Knowing your budget's boundaries before house hunting is crucial. Pre-approval is like having a map in uncharted territory, showing you how far you can go. Gather your financial docs, cross your t's, dot your i's, and get that pre-approval locked down.

• To Do: Get a clear budget range, this shows sellers you’re serious and ready to buy. Gather your financial documents and consult with a mortgage adviser.

4. Legal Eagle: Finding a Property Solicitor

With great power comes great responsibility, and a property lawyer is your superhero in ensuring all is fair (and legal) in love and property buying. They're invaluable in navigating the paperwork and ensuring your rights are protected. Word of mouth, your mortgage adviser, or the New Zealand Law Society can help you find your legal champion.

• To Do: Legal expertise is invaluable. Find a good solicitor that ensures you meet all obligations and understand the paperwork, from the Sale and Purchase agreement to LIM reports.

5. The Hunt Begins: Start Viewing Homes

Armed with pre-approval and legal backup, it's time to hit the listings. Use tools like Trade Me Property’s Insights to streamline your search and keep buyer’s fatigue at bay. Open homes and private viewings will become your weekend sport. Look out for the tell-tale signs of potential issues, and consider a builder's report for an in-depth health check of your prospective home.

• To Do: With your type in mind and finances in check, dive into viewings. Use online tools to streamline your search and don’t skip on the details during open homes or private viewings.

6. Making an Offer: The Moment of Truth

Found the one? Heart racing? It's offer time. Whether you go conditional (with stipulations like a satisfactory builder's report) or unconditional (you're all in, baby), this step requires careful consideration and a bit of strategic finesse. Consult with your legal guru and dive in.

• To Do: Whether conditional or unconditional, making an offer is a pivotal moment. Consult with your solicitor and consider your approach based on the property type and your financial readiness.

7. The Grand Finale: Settlement Day

After navigating the conditional phase (if applicable) and your offer's acceptance, the countdown to settlement day begins. This is when the financial and legal baton passes from seller to buyer, keys are exchanged, and you step over the threshold into your new home.

• To Do: Settlement day brings the exchange of keys and finalizes your journey. Ensure all conditions are met and documents are in order for a smooth transition.

Congratulations!

You've journeyed through the home-buying process and emerged victorious, keys in hand, ready to start this exciting new chapter. Remember, while the road to homeownership in NZ can seem daunting - armed with the right knowledge, advice, and a dash of courage, it's a journey well worth embarking on.

Happy house hunting, Kiwi adventurers! Here's to finding your slice of paradise in our beautiful Aotearoa.