REINZ Initiative To Help Prvent "Buyers Remorse"

News Release 6 September 2007

REINZ Initiative To Help Prvent "Buyers Remorse"

The Real Estate Institute (REINZ) today announced that it is endorsing an initiative by the Government to help home buyers make better informed decisions when it comes to buying a house.

The Department of Building and Housing has developed a practical and easy to follow checklist to help buyers keep a level head when looking to purchase a house, as it is often emotional factors that drive their decisions.

Buying a house is generally the most significant financial transaction that most New Zealanders will ever undertake. For this reason it is so important that relevant information and help are available to ensure they get it right.

Murray Cleland, National President of REINZ said: “As the professional body for the real estate industry in New Zealand, our members are involved in some 104,000 residential sales each year. Given the volume of property that gets bought and sold in New Zealand everyday, we feel it is prudent to ensure that homeowners and potential homeowners are aware of the checks they can do to ensure the house they buy suits them and their needs and that its purchase doesn’t come back to haunt them in the future.

“New Zealanders have an enduring love affair with property; but this should not blind them to making sound decisions when it comes to buying a house. Following the Department’s suggested checklist can prevent a serious case of ‘buyer’s remorse’; as well as potentially avoiding a number of issues, including purchasing a house that leaks, needs serious remedial work, or doesn’t have relevant building consents.”

Located at www.consumerbuild.org.nz, the downloadable list details relevant checks that should be carried out including obtaining Land Information Memorandum (LIM) and builder’s report, and getting a lawyer to run a title search. Among the more practical things to survey are the roof, plumbing and water pressure, wiring, piles and obvious alterations that are not on plans. Checking for water damage or other signs of leaking is also urged.

It’s all about helping people to buy a weathertight home and keep it that way. It’s important that home owners continue focusing on the health of their house and their ongoing investment, long after the purchase, by carrying out proper maintenance. It’s cheaper and less stressful for potential home buyers and home owners to prevent issues or identify problems early on.
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“Real Estate agents have a duty of care which sees them helping property owners sell their houses, as well as assisting buyers to purchase a property that they want and which meets their needs.

“REINZ believes that this duty of care extends to helping a buyer research their dream property before they commit to buying it, and this is where the Department’s pre-purchase checklist comes in. We encourage all real estate agents and salespeople to make themselves familiar with the content of the list, and not hesitate in referring would-be homeowners to the website for further review,” Mr Cleland said.

ENDS

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