Key Factors to Consider When Buying a Home

17/01/2022
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Buying a first home is one of the best feelings in the world, but there are a lot of things you need to consider to ensure that you are making the right choice for you and your family. Here, we’ve come up with a list of some of the key factors to consider when buying a house to make sure that you are getting the best home you can without breaking the bank.

PLAN AHEAD

While the house you are considering buying may meet all your current wants and needs, it’s important to think about where you see your life moving in the next few years. Are you planning on having more children, getting a pet, or making other big changes? Will this house be suitable for you and your family once these changes have happened? The last thing you want is to buy a house only for your family to outgrow it in a year or two.

If the plan is to live in your first house long term, there are a lot of questions you need to answer. Is the house close to public transport routes? Are there shops and schools within walking distance? It’s important to make sure you are buying a house that suits you now, and also suits you for the foreseeable future.

KIWISAVER

If you have contributed to KiwiSaver for at least three years you may be able to withdraw some of your savings from your KiwiSaver account or be eligible for a KiwiSaver First Home Grant. This grant (worth up to $5,000 for individuals and up to $10,000 for two our more eligible buyers) can be put towards buying an existing or older property.

Eligible first home buyers who are looking to buy a brand-new property can apply for a KiwiSaver First Home Grant of up to $10,000 for individuals and up to $20,000 for two or more.

Please note that these facts are correct at the time of writing, but may change in the future. Please refer to the KiwiSaver website for the most recent details.

IT MIGHT TAKE LONGER THAN YOU THINK

The length of the home buying process can vary. Some people get pre-approved and buy a home straight away. Mortgage pre-approval is typically valid for 90 days, but finding the right home that ticks all the boxes can take more time. However, it’s important not to rush the process. Buying property is likely the biggest financial commitment you’ll ever make, so you want to be sure it’s right before you seal the deal.

BE AWARE OF ADDITIONAL COSTS

There are costs when purchasing a home in addition to the purchase price. Make sure you budget for:

  • lawyer and conveyancer fees.
  • property inspection reports including a council LIM report and a building inspection report.
  • moving costs.
  • connection fees for phone, power, and internet.

Also note that you'll need to pay any legal fees and inspection costs even if you're not successful in buying a property you're considering.

AVANTI FINANCE CAN HELP

We know that life doesn't always fit on a form, and that traditional lenders don't always step back and consider your entire situation. We're here to offer an alternative so you can get into your new home, sooner. Whether it’s your first home, your next home, a fixer-upper, or an investment property, we can help you with figuring

We also make it possible for homeowners to finance house renovations, building projects, tax bills and bridging between properties. If you would like to apply for a loan in NZ, please contact the home loans team directly here.

Lending criteria, fees, terms & conditions apply.

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