What Buyers Should Consider Before Purchasing Their First Home

The New Zealand property market is experiencing its first cooling down period in years. This is inspiring many to contemplate purchasing their first home. While it is possible for you to get more bang for your buck in the current climate, with more houses for sale and less competition, there are still considerations that first-time buyers should keep in mind before purchasing a property.

As a first-time buyer, it can be easy to be blinded to issues if you find a decently priced home that ticks off most of your wish list. But just because a property seems good on the surface doesn’t mean that it’s automatically a good buy. All first-time buyers should, therefore, have a potential property inspected by knowledgeable professionals to ensure that the electrics, plumbing, and building structure and materials are all up to code. You don’t want to purchase a ‘good deal’ only to find out later that it’s a money pit when it comes to maintenance issues.

Another consideration is the location and potential resale value of the home. It’s all good and well to purchase a home that suits your immediate needs, but a house is also an investment. The property should be able to both grow with you and hold appeal for possible future buyers. As a first-time buyer, you should, therefore, keep in mind things like the kinds of schools in the area, how far the home is from the city centre, and the quality of the other homes in the neighbourhood itself.

If you want to make the most out of the current market slow-down as a first-time buyer, you would do well to take your time, do your homework, and use the knowledge and skills of professionals like lawyers, estate agents, and inspectors who can guide you through the process.

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