First Home Buyer Tips!

Stress levels can run more than a little high when you’re buying your first home – but these few tips might just help keep those stress levels to a minimum!

First Home Buyer Tip Number 1

– Do a real and honest budget – one that you can really live with – factor in your mortgage payments + rates + insurance and then factor in a bit extra for interest rate increases! Owning your own home is wonderful but you still want a life you can enjoy so make sure you allow for some luxuries now and then! Provide your budget to your broker when you apply for your home loan as it shows the bank that you are prepared and manage your finances well!

First Home Buyer Tip Number 2

-Factor in and understand the extra costs of buying your home such as application fees,legal fees, LIM report,low equity fees, valuations and building inspections.

First Home Buyer Tip Number  3

– Apply for a KiwiSaver first home buyer subsidy pre approval – the applications can take a bit of time to complete as well as waiting time for the approval -so get in early as your approval is valid for upto 180 days.

First Home Buyer Tip Number 4

–Get a home loan pre -approval before you go house hunting – if you don’t your stress levels are likely to rocket especially if you fall in love with a property and must then rush around trying to arrange finance – which may or may not be approved. Better to know exactly what amount you can borrow before you go looking.

First Home Buyer Tip Number 5

–Find a solicitor before you start house hunting as you will need once once you are at the stage of making an offer -having your solicitor arranged early can reduce stress and save time once you have found your dream home!

First Home Buyer Tip Number 6

–When making an offer on a property, make sure the time frames aren’t too tight – we recommend giving yourself 10 working days to complete building inspections, valuations and meet finance conditions. Time frames that are tight are a recipe for skyrocketing stress levels!

First Home Buyer Tip 7

-Ensure you have funds available to meet the agreed/required deposit – if you don’t have the funds available you will need to borrow these from the bank which can be an expensive option.

For further expert advice, register for our Free Planning Meeting here for help to get you on the path to home ownership.