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Buying a home

Buying a house is an exciting journey, but it's important to be well-informed and prepared before you begin the process.


Here's a step-by-step guide to help you navigate the process of buying a house in New Zealand:


1. Financial Preparation:

Before you start looking at houses, assess your financial situation:

  • Determine your budget: Calculate how much you can afford to spend on a house, factoring in your down payment, potential mortgage payments, and other costs.

  • Get pre-approved for a mortgage : This will give you a clear idea of how much you can borrow from a lender, making your house hunt more focused.

2. Research and Property Search:

  • Define your criteria: Determine the type of property you're looking for, including location, size, number of bedrooms, and any specific features.

  • Research the market: Use online listings, real estate websites, and local real estate agents to explore properties available in your desired area.

3. Engaging a Real Estate Agent:

  • Engaging a licensed real estate agent can simplify the process. They can help you find suitable properties, negotiate with sellers, and handle the paperwork.

4. Property Inspection:

  • Once you find a property that interests you, arrange a property inspection. This will help you identify any potential issues or necessary repairs.

5. Making an Offer:

  • When you find the right property, work with your real estate agent to make an offer to the seller. Your offer should include the price you're willing to pay, any conditions you want to include (such as subject to finance or a satisfactory building inspection), and a settlement date.

6. Due Diligence:

  • If your offer is accepted, you'll have a period to conduct due diligence. This can include obtaining a building inspection report, reviewing the title, and confirming financing.

7. Sale and Purchase Agreement:

  • Once due diligence is complete and all conditions are met, you'll sign a Sale and Purchase Agreement, which legally binds you and the seller to the transaction.

8. Lender Approval and Mortgage Agreement:

  • Finalize your mortgage with the lender, ensuring all necessary documentation is provided and approved.

9. Settlement:

  • On the settlement date specified in the agreement, the property ownership is transferred to you, and you'll pay the purchase price to the seller.

10. Legal and Transfer of Ownership:

  • The legal transfer of ownership, known as conveyancing, is handled by your solicitor or conveyancer. They'll ensure all necessary legal requirements are met.

11. Moving In:

  • After settlement, you can move into your new home! Remember to transfer utilities and update your address with relevant parties.

Buying a house involves several legal and financial steps. It's recommended to work with professionals like real estate agents, solicitors, and mortgage brokers to ensure a smooth and successful purchase process.

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© 2023 by Jess Pronk Mortgages. 

JESSICA PRONK NEE BARLOW GIVES FINANCIAL ADVICE THROUGH HER COMPANY JESSICA PRONK

FINANCIAL SERVICES LIMITED TRADING AS THE MORTGAGE SUPPLY CO

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