Things you need to know before buying a house

Eligibility

You need to check whether you are eligible to purchase a house in New Zealand. There is no restriction if you are NZ citizens.  For other cases, It depends on several factors, primarily related to your residency status and any relevant restrictions or conditions.

Finance and Budgeting 

You need to determine your budget and secure pre-approval for a mortgage if needed. Also, you need to consider additional costs such as legal fees, house inspection, and insurance.

Location

Location can significantly impact property value and lifestyle.  You need to do the research about the school zone, public transport, shops, and recreational facilities. 

Types of housing

In New Zealand, you’ll find a diverse range of house types reflecting the country’s unique architectural styles and housing needs, such as Villa, townhouse and apartment etc.

Land Information Memorandum (LIM)

A LIM report is a useful starting point for understanding land use and planning considerations. It includes details about the land’s zoning, potential hazards, and any known issues.

Title and Ownership

As a buyer, you need to verify the property’s title, boundaries, and any encumbrances (e.g., easements or covenants) that may affect ownership rights. This information is typically obtained through a Land Information Memorandum (LIM) report.

Sales methods

In New Zealand, there are several common methods used to sell a house, such as Auction, Price by Negotiation and Private Treaty etc. Each method has its own advantages and considerations, and the choice often depends on the property type, market conditions, and seller preferences.

Sale and Purchase Agreement

Once an offer is accepted, a sale and purchase agreement will be drafted. You need to review this document carefully and seek legal advice to ensure all conditions and contingencies are clear and favourable.

Settlement Process

You need to coordinate with your lawyer or conveyancer to finalize the settlement process. This involves transferring ownership, paying the purchase price, and ensuring all legal and financial obligations are met.

For the key considerations above, I will further elaborate one by one in coming topics.  Follow my page and you can get more information about the real estate in New Zealand.