If your property needs repair or you’re considering a few renovation projects to get it ready for sale, there are a few things you need to consider first.
Summer weekends in the sun at the family bach; it’s been the Kiwi dream almost as long as there have been Kiwis to dream. And when you’re on holiday beside the perfect beach, with the family squashed into a caravan or leaky tent, the dream of owning a bach is even more enticing. But it’s important to look before you leap. Here are some things to consider before you embrace the Kiwi dream.
Open homes give you a great first impression of a property and you’ll know almost immediately if it’s one you want to pursue. But that first visit can be much more than a “once over lightly” impression. How do you make sure you’re getting as much information from it as possible.
You can return most things you buy if you discover that they don’t fit or don’t work. But if you buy the wrong home, the chances are that you’ll be stuck with it for several years – or have to pay quite a price to correct your mistake. However there are some tried-and-tested preventatives for what is known in the real estate industry as “home buyer’s remorse” and it is worth running through these before you go house-hunting.
A recent study in the UK revealed that about one new buyer in 10 regrets their choice to some degree, with the most common cause of their dissatisfaction, thinking they could have got a better deal if they had taken more time to choose.
In January, major cities in both New Zealand and Australia were listed as some of the world’s most unaffordable, with both Sydney and Auckland appearing in the world’s top 10 most unaffordable cities according to the 11th Annual Demographia International Housing Affordability Survey.
It’s not exactly great news if you’re looking to buy, invest, or live in these markets, however, despite Sydney properties being listed as the third least affordable city in the world, and Auckland properties as the ninth least affordable, there are still reasonably priced pockets in both property markets.
The loan-to-value ratio (LVR) restrictions have created a lot of discussion about the affordability of buying your first home. We’ve put together some helpful advice to help you determine if you’re ready to take your first step onto the property ladder.