BUYING A HOUSE

In New Zealand

Buying a house is different for everyone.

We all have different budgets and expectations,, and the rules and process varies depending on where you are purchasing.

If you are in Italy, or in New Zealand, there will be a lot to learn and consider in the buying a house process to make sure you get the end result you want.

Here you will find guidelines that fit with purchasing an existing house or building a new house in New Zealand, but some of this information will apply wherever you are.

Specific details such as Council and Government regulations, building codes and legal processes will vary significantly around the world. But general factors such as problems to check for, suitability for use, affordability and design ideas can often be universally applied (with a little common sense thrown in)!

If you are having trouble getting mortgage finance
for your property purchase or project, we may be able to help.

Simply complete our Enquiry Form (no obligation enquiry) for our Specialist Lender, who creates property finance opportunities that would often be constrained by Banks and other Financial Institutions.

Buying An Existing House

A Real Estate Agent is essentially a salesperson who takes responsibility for advertising and marketing a property to find a buyer - for a fee.

There are many real estate companies in New Zealand, from well-known international real estate agencies such as Century 21 and LJ Hooker, through to smaller owner operated, area specific real estate companies.

Which company you choose to deal with when buying a house often comes down to what properties they have listed.

When you are buying a house it is quite different to selling a house. There is no real reason to remain loyal to one real estate company - you just go with the company who has the house you want.

Benefits:
- most house for sale listings will be with real estate companies
- you are dealing with a professional sales agent who is bound by legal rules
- they may know of houses that fit your needs before they have come on the market for sale
- they don't get paid until a house is sold so will work hard with a buyer to find them a house - at no cost to you (in theory, see disadvantages below)

Disadvantages:
- each Real Estate Agent will usually only show you the houses they have listed to protect their commission / income
- because the agent is paid a commission for each house they sell, the price you pay for the house may be more than if you dealt directly with the seller.

It can be helpful to better understand the Real Estate marketing tools Agents use. Real Estate Marketing Link provides information to help Agents provide a better service. This info may also be of help to you when buying a house.

House For Sale By Owner

There has been an increase in houses sold by their owners in New Zealand in recent years, in particular due to the popularity of the internet.

One of the most popular sites is TradeMe, but there are other alternatives such as HomeSell.

Benefits:
- you may be able to negotiate a price better than if the seller was paying a real estate agents commission.

Disadvantages:
- more time consuming as you have to organise viewings with each individual owner
- the asking price may be out of line with the rest of the market as the owner often has an emotional attachment to the property (this can also be an advantage if you they list at a lower price)

Another Alternative

Benefits:
- no real estate agency commission to consider in the buying price

Disadvantages:
- the seller may have an emotional attachment to the property and it may be hard to negotiate on price. They will also be receiving support in the background to help them achieve the price they want

Looking for Property to Buy

HELPFUL REAL ESTATE WEBSITES FOR NEW ZEALAND PROPERTY

RealENZ

Open2View

TradeMe

HomeSell

More to come soon on the following:
- Pre-Purchase Checks
- Buying Process
- Lawyers
- Council
- Land Transfer