Buying a House in Whangarei
How do I buy a house in Whangarei?
Buying a home in Whangarei can be a daunting task for a first home buyer and it might be your biggest purchase yet. So we have prepared this checklist to help you through the process. Because, when it comes to making such a big investment, doing your research is essential.
Below is the guide that we have put together to help you avoid any pitfalls:
1. Write a checklist
Create a checklist for the essential things that you need in a home. It’s useful to separate your needs from your wants so that you don’t get too carried away. So take some time to work out your needs – aspects such as the size of house, type of house, location, closeness to schools/jobs, etc. Then add the 'would be nice to have' things like: ensuite bathroom, spare bedroom, swimming pool, family room, media room, etc - this list will make the whole process of house-hunting much more effective.
2. Determine your budget
Work out what you can afford. It’s important to be realistic and keep within your means. You also need to think about any other funds you may need to keep aside for other things. This will help you determine how much you can spend on a mortgage. Most banks have online calculator tools to help you determine what you can realistically afford.There are also many online tools to help you work out a budget so you can determine what mortgage payments you can afford.
3. Choose the right home loan
Not all home loans are created equal, so it pays to shop around. With interest rates low, there are great deals to be had out there, so once again do your research. Each bank will have a range of home loans on offer and they will also have online tools to help you decide which loan is right for you. You can also consider using a mortgage broker - read more here
Once you’ve got pre-approval for the loan, you’re ready to start buying a home in Whangarei.
4. Legal Issues – Property inspections and legal advice
Many of us are daunted by these aspects of home buying, but they are essential to protect the huge investment you’ll be making. Property inspections will let you know the possible issues with a home that aren’t always obvious. Inspections mean that you know exactly what you’re getting when you sign a contract.
Legal advice is also important when purchasing a home, so getting the advice of a solicitor is crucial. They are experts on all the legalese and will be able to guide you through the process.
5. Making an offer
There are two kinds of offer you can make – unconditional offers and conditional offers.
Unconditional offers are when you’re 100% sure that you’ve found the right property for you and want to make an outright offer. This means that if the vendor accepts the offer, you are legally obligated to go through with the sale.
A conditional offer on the other hand is where you make an offer based on a range of conditions which must be met before you are obligated to go through with the sale.
If your offer is accepted, there are still a couple of steps to go before you can take ownership of your home. Talk to the licensed specialists at goodGround about how we can help you with this process. They know the process inside out.
6. Finalise your loan
Your lending bank will conduct an independent valuation of the property you intend to buy, in order to work out the final details of your loan. They will engage a third party valuer to determine whether the property is indeed worth the money you are intending to pay. Once this process is complete, the bank will then finalise your loan. The services of your mortgage broker may be worth considering, as they know exactly where the pitfalls might be in this part of the process.
Before you take legal ownership of your home, we recommend that you do a final walk-through to ensure that the vendor has left the property as they agreed – that all chattels stated in your contract are still there.
Once you’re happy with the condition of your home, you can take ownership on the agreed date.
Buying a home is one of the most exciting, rewarding and challenging things you will ever do. GoodGround are your real estate professionals who can guide you through the exciting and at times daunting process. This is what we do every day, so we’re well-placed to give you all the best advice you need.
Who has the best listings in Whangarei?
For more information on current property Listings in Whangarei contact the friendly team at Whangarei goodGround today.
Or view the Whangarei Listings here