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Introduction
Legal and Negotiation Processes
Preparation and Planning
Settlement and Post-Purchase
The Market and Compliance
Viewing and Inspecting Properties

01.
 
How To Use The Step Guides
02.
 
Buyer Introduction
03.
 
Welcome to Your First Home Journey
04.
 
Your Current Scenario
05.
 
Understanding Real Estate Market Dynamics and Influences
06.
 
Assessing the Benefits of Owning vs. Renting
07.
 
Assessing Your Readiness and Financial Planning for Homeownership
08.
 
Establishing a Budget for Property Purchase
09.
 
How First-Home Buyers Use the Bank of Mum and Dad in NZ
10.
 
Deciding to Work With A Mortgage or Financial Adviser
11.
 
Deciding on Whether to Proceed with Home Buying
12.
 
Analysing Financial Capacity for a Mortgage in New Zealand
13.
 
Getting Pre-Approved for a Mortgage
14.
 
Proceeding As a Cash Buyer
15.
 
Consider Utilising a Home Buying Service
16.
 
Attending Property Seminars and Workshops
17.
 
Exploring Various Mortgage Options in New Zealand
18.
 
Property Sale Types in New Zealand
19.
 
Anti Money Laundering Rules and Regulations
20.
 
Determining Long-Term Goals and Future Plans for Property Buying
21.
 
Costs Associated with Buying a Property
22.
 
Creating a List of Must-Haves and Nice-to-Haves

23.
 
Potential Purchasing Partners for Property Buying
24.
 
Researching the Housing Market in Your Desired Area
25.
 
Avoiding Pricing Pitfalls: A Guide to Transparency in New Zealand’s Property Market
26.
 
Location and Commuting
27.
 
Understanding Property Taxes in New Zealand
28.
 
How to Compare The Values of Similar Properties
29.
 
Exploring Property Listings and Conducting Online Research for Buying Property
30.
 
Interacting with Real Estate Agents
31.
 
Arranging Private Viewings of Properties
32.
 
Arranging Professional Property Inspections
33.
 
Guide to Attending Open Homes and Viewing Properties
34.
 
Seeking Comprehensive Legal Advice Before Making an Offer
35.
 
Choosing the Right Conveyancing Lawyer when Buying Property
36.
 
Understanding Legal Obligations and Rights as a Buyer
37.
 
Considering Community Amenities and Infrastructure
38.
 
Conditional Offers Versus Unconditional Offers
39.
 
Formulating an Offer Strategy
40.
 
Buying a Property at Auction
41.
 
Auction Bidding Services: Expert Representation for Your Property Purchase
42.
 
Buyer First Mover Advantage Offer Strategy
43.
 
Engaging in Negotiation of Purchase Terms
44.
 
Ensuring Compliance with Agreement Conditions When Buying Property
45.
 
Discussing Agreement Details with Your Legal Advisor
46.
 
Undertaking a Geotechnical Report
47.
 
Reviewing Property Inspection Reports for Potential Issues
48.
 
Requesting and Analysing a LIM Report
49.
 
Requesting and Analysing a PIM Report
50.
 
Things to Do During Due Diligence Period to Prepare for Move
51.
 
Preparing the Property: Painting, Staining, and Minor Interior Updates Before Moving In
52.
 
Advantages and Disadvantages of Using a Moving Company
53.
 
Organising Home and Contents Insurance
54.
 
Settlement Day Procedures
55.
 
How to Deal With Settlement Delays in Property Transactions
56.
 
Planning Interior Layout and Design
57.
 
Settling In and Post Purchase Steps
58.
 
Purchasing Necessary Furniture and Appliances
59.
 
Tools and Services To Help Manage Your Property & Finances Post Purchase
60.
 
Re-evaluating Your Budget Three Months Post-Property Settlement

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Buy / Step 22 of 60

Creating a List of Must-Haves and Nice-to-Haves

Finding balance between your needs and wants

When setting out to buy a house, it's a good idea to distinguish between the essentials and the luxuries. A well-thought-out list of "must-haves" and "nice-to-haves" can help guide you through the real estate market and help you find a home that not only meets your needs but also fulfils your desires.

Once you've established your must-haves, you can indulge in considering nice-to-haves. These are features that would be great to have but aren't absolutely essential.

Aesthetic Appeal

While not critical, having a home that appeals to your sense of style can make everyday living more enjoyable. This might include modern finishes, a specific architectural style or landscaping.

Extra Amenities

Think about additional amenities like a garage, extra storage space or outdoor entertaining areas. While they may not be deal-breakers, these features can enhance your lifestyle.

Potential for Value-Adding

Homes with potential for improvements or extensions can offer long-term value. This could be particularly attractive if you're looking for an investment opportunity or hoping to increase your equity over time.

Energy Efficiency

Eco-friendly features such as solar panels or efficient heating systems might be on your wish list. These can reduce utility bills and contribute to a more sustainable lifestyle.

Finding the right balance between what you need and what you want requires careful consideration.

  • Prioritize: After listing out all your preferences, rank them in order of importance.
  • Be Flexible: You may need to compromise on some nice-to-haves if they conflict with your must-haves or budget constraints.
  • Consider Long-Term Needs: What works for you now might not suit you five years from now; try to anticipate future changes in circumstances.
  • Research: Use online resources to understand what's available within your budget and desired location.
  • Seek Expert Advice: Real estate agents can provide valuable insights into market trends and help identify properties that tick both boxes.

Must-haves are non-negotiable elements that a property must possess for it to be considered suitable for purchase. These are your deal-breakers, and they typically revolve around the following five features:

Location

The adage "location, location, location" holds true. Consider proximity to work, schools, public transport, amenities and the overall safety of the neighbourhood. If you have children or are planning to start a family, school zones might be at the top of your must-have list.

Size and Layout

The size of the property and its layout are essential. How many bedrooms and bathrooms do you need? Do you require an office space for work or study? Think about the flow of the house and how well it fits with your lifestyle.

Budget

Your financial constraints will define what you can afford. Stick to properties viewing within your price range to avoid falling in love with a house that's beyond your means.

Structural Integrity

A solid structure free from major defects is imperative. Look for signs of dampness, cracks in the walls or any other structural issues that could lead to costly repairs down the line.

Legal Requirements

Ensure that all legal aspects, such as zoning laws and building compliance, are in order. This is where thorough due diligence is paramount.


By creating a comprehensive list tailored to your unique situation, you'll stand the best chance of finding not just any home but your ideal home in New Zealand.

 


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