Tips For Buying Your Next Home
Kia Ora Neighbours!
Six tips to help you with your journey on the property ladder.
1. DECIDE WHAT YOUR LOOKING FOR
Before selling, figure out what your next steps are going to be. Are you upsizing or downsizing? Are you aiming to become mortgage-free? Or do you have pre-approval on a new loan? Then you can start investigating the number of homes in your search area that fit the bill and how much they may cost you.
2. PURPOSE
Why are you considering a move? Are you looking for a larger, long-term family home? Are you willing to sacrifice a longer commute time for a better lifestyle? Or are you looking for a property to invest in, with a good capital gain forecast? A long-term plan vs a short-term investment will each paint a different picture.
3. PREPARE FOR THE FUTURE
It’s important to think ahead when buying a home – around seven years is a good benchmark. Your kids will become teens, your teens will leave home (or not) or your parents may need to move in as they grow older. Ask yourself “will this home still work for me in seven years’ time?”.
4. EMPLOYMENT
Factor in your current commute times and travel costs, but also think down the line. For example, right now you may be a young couple both working full time, but are you preparing to start a family? If one person will stay home with the child, it makes sense to purchase a home closer to the other person’s office.
5. DO YOUR DUE DILIGENCE
Just like a first-time buyer, it’s important to do your due diligence. That means the usual LIMs and building reports, but should also include things like a meth test. Make good use of your real estate agent – they are a wealth of knowledge not only about the home, but the local area.
6. KEEP AN EYE ON THE MARKET
Your property journey doesn’t end once you’ve signed on the dotted line and moved into your new place. For most New Zealanders, a home is the biggest investment made in a lifetime and, in many cases, it’s relied upon to help fund retirement. So, like any big investment, it’s a good idea to keep an eye on trends or changes in the market. The realestate.co.nz New Zealand Property Report or REINZ sales data are two handy sources of information.
Poll: Have you ever had a scary flight?
A plane flying from Christchurch to Wellington on Sunday had smoke billowing out of the engine and upon landing, passengers had to open the emergency exit and jump out. Have you had any scary flying experiences?
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56.6% Yes!
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43.4% No, it's always been smooth flying
ALEXANDER ROAD SPEED LIMIT
Alexander Road in Trentham-Wallaceville of which 50% separates a golf course from a military encampment enclosure and the rest has mostly high fenced off industrial and residential areas on both sides, should have a 70km speed restriction.
Only a short time ago the road had a 80km restriction and was reduced to a pedestrian 50km much to the frustration of many. It has never been an accident prone stretch of road.
The several round-abouts ensure speed is reduced to 30-40km when these things occur.
I recently stayed a few days in Feilding - often given the title of the best town in NZ - and one of the lengthy main streets has a 70km speed restriction despite a predominance of unfenced residential properties on both sides.
LIVE Q&A: Financial well-being with Cat Rikihana
Today (Wednesday) we're having another Neighbourly Q&A session. This time with Cat Rikihana who is a financial mentor, educator and financial capability practitioner at Financial Freedom Trust in the Manawatū.
Cat Rikihana (Ngai Tahu) like many financial mentors around Aotearoa, works with individuals, groups and whānau to successfully navigate financial stress and hardship. Mentors work alongside whānau to increase confidence and skills in personal money management and advocate with and for clients. Cat enjoys delivering online and face-to-face workshops which provide opportunities to normalise money conversations and encourages people to make time to consider their financial well-being.
Cat is also an independent financial well-being coach, educator and indigenous life coach at Restore Wellness Network. She is a published writer and currently in the process of writing her first non-fiction book: 'A financial self-care guide for women in Aotearoa.'
She'd love to answer any questions you may have around your budgeting and spending habits, strategies for saving, retirement planning and debt. (Don't be shy, but be mindful about what you disclose!)
↓ Share your questions now and Cat will reply to your comment below ↓
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