For plenty of individuals, buying a home for the first time is probably one of the biggest decisions that they’ll make when it comes to investments. For first time homebuyers and migrants especially, the entire process could be daunting as there are many steps involved. To start you off, below are some things you should consider.
Do your Research
If you don’t have a real estate agent, you must do your research and do it well. Read news about real estate and ask friends and family who’ve been there and done that. Remember, the agent of the home you’re looking to buy represents the home’s seller, and while he or she would answer all your questions, you also need to know which questions you need to ask.
Familiarise Yourself with the Method of Sale and Sale Process
There are a couple of methods commonly used in buying real estate, including through auction or straightforward tender and note that practices differ from one sale to another and one salesperson to another. That said, confirm all details with all relevant persons involved and obtain legal advice before signing anything.
Read and Examine the “Sale and Purchase Agreement”
This is a legally binding document, so it’s immensely crucial that you understand every single item in it before signing, warns a renowned real estate and land lawyer in Maori like raineycollins.co.nz. He adds that you are free to negotiate items on the agreement but only before signing and you can’t renegotiate once you’ve signed the papers. If you’re eyeing multiple properties, get a copy of the contract. This will help you narrow down your choices based on what you see in the agreement.
Obtain Legal Counsel
Purchasing real estate is costly for many people, and the cost could quickly skyrocket if something goes awry. This is the main reason why you need expert legal advice. Keep in mind that anything you sign during the entire buying process is legally binding so consult a professional to help you review relevant documents.
It’s also vital to note that the entire home buying process in New Zealand is usually between three and four months, not counting the time you spent looking for a home. Additionally, once a seller formally accepts your bid to buy, he or she won’t consider last minute offers, so you need to be 100% sure about every little detail before leaping homeownership.