First-home buyers are out in force. Here’s some tips to help you get ahead of the crowd.

Low interest rates and the traditional spring surge in listings have brought a flood of first-home buyers to the Christchurch real estate market, meaning while there is plenty of choice, competition for suitable properties is running hot.

Kicking things along is Kiwisaver. Those who have been a member of a fund for three or more years can withdraw some of their savings to put towards buying their first home. They may also be eligible for a HomeStart grant of between $3,000 and $10,000.

If you are looking to get your first step on the property ladder, you need to be ready to act when you see a property that ticks the boxes for you. Here’s some strategies to get yourself sorted.

Confirm your finance First things first, how much money do you have to spend? Until you have an answer on that, you can really only look. Talk to your bank or broker, check your eligibility for a HomeStart grant, and line up your lawyer.

Research the market Get along to some open days in the areas you are looking to buy in, and make contact with your preferred real estate agent. Research and professional advice will give you a good idea of what you will likely have to spend to get what you want, and a dose of reality may come in there. That’s OK, just remember it’s your first home, not necessarily your forever home.

Understand the process The main ways to buy a house in New Zealand are by auction and by negotiation or fixed price. It’s the seller who gets to decide on the sale process so be aware of the rules and regulations around each of them. One thing to watch – if you decide to bid at an auction, and many including first-home buyers do, your offer will be unconditional.
So, that’s my quick snapshot. If you are looking to make a property decision, I’m a phone call away.

maryturnbull.harcourts.co.nz