Despite everything going on in the world right now, property in New Zealand is selling like hotcakes. In fact, Barfoot & Thompson sold almost 25% more in July this year than they did pre-COVID-19 in July 2019.
The 47,000 Kiwis who have returned home since March are thought to be driving this increase in demand. Whatever the reason, it’s a competitive market out there right now so you need to be prepared if you want to snap up your dream home.
If you don’t know the market you’re buying in, you risk offering too little for a property, or even worse – offering too much (shiver). When looking at a particular property and area, find out:
The more you know about the wider market and the area you’re looking at, the better you’ll be able to estimate a property’s market value. So take your time, do your research and you’ll be winning at auction in no time.
Before you buy any property, you need to know everything about it. That, of course, means viewing it as many times as you need to – but there’s only so much you’ll spot. You’re going to need some help from the experts too:
Due diligence is all about protecting yourself and knowing exactly what you’re buying before money changes hands. The more you do, the surer you’ll be.
Finance should be the first thing you arrange when you start seriously looking at property. Choose a lender or an advisor that you can trust and who’ll give you unbiased, expert advice to make the process as easy as possible.
The first step is to get pre-approval, which is essentially an indication from a lender that they’ll allow you to borrow a certain amount to buy property (provided your circumstances don’t change). Once you’ve got pre-approval, you’ll know how much you’ve got to spend and you’ll be able to attend auctions or make offers with confidence.
The two most common methods of sale are by auction and negotiation. You need to understand both if you’re going to snaffle that dream home of yours:
The property market may be competitive right now, but if you get your ducks in a row, you can still buy your dream home. For expert advice on all things property and to get your finance sorted, give the advisors here at Money Empire a call soon.