6 minute read
Buying property? Balance caution with speed
Buying property?
BALANCE CAUTION WITH SPEED
The past year has seen almost manic buying of property with many new listings being snapped up within a day or two of coming onto the market.
In line with the property grab, land and house packages are often secured within no time of sections being released to the public and building companies.
With the pressure on to make quick decisions, it’s easy to overlook or forego those necessary checks ahead of signing on the dotted line. In particular, faced with a multi-offer situations, the scurry to present an unconditional deal can often override the good sense of completing checks to ensure the property in question is sound, meets your needs and is not over-priced.
In order to act quickly, yet still proceed with caution by completing due diligence, heed the following advice:
Talk to real estate companies and choose an agent with whom you feel comfortable to work with. Outline your budget and what you are looking for so they can let you when a property comes on the market.
Sort out a good building inspector in advance – you may need his/her services quickly.
Talk to your bank or mortgage broker before beginning your search and have pre-approved finance in place if possible. However, even with this in place banks often need to approve a property before final confirmation of finance. If you are working with a broker, or bank manager, this approval can often be completed very quickly.
When you find a property you like ask the agent for a LIM report but don’t rely on a vendor obtained report, It’s generally better to source your own from council although that will come with a cost.
If you plan to access your Kiwisaver to help with the deposit on a property, speak to your lawyer before signing any agreements. There are strict timelines with using Kiwisaver money, which don’t always match with your need for speed! It pays to talk to a lawyer about how an offer can be structured to give you the time you need to draw down Kiwisaver funds yet also give the vendor certainty that the deal will proceed.
If seeking a new build, visit show homes and building company websites. Talk to company sales reps about price structures, build quality and materials, extras you may need to pay for, and what the ‘package’ covers such as landscaping, paths and letterboxes. Ask about build times and if the section title has been issued. Importantly, take any agreement to your lawyer first.
When looking at properties be sure to consider your work and lifestyle needs. For example, it may be tempting to buy a few acres but if you have a busy job in the city and then need to travel extra each day, ask yourself if the property will work for you.
Also, be aware that extra land not only means extra work, it means extra knowledge about keeping that land well maintained. This isn’t always straight forward for those who have little knowledge of rural living.
Of course, in mid 2021, mortgage interest rates were at an all time low in New Zealand which has helped ease house hunters into new properties but it’s important to calculate what extra you can afford to pay should rates increase.
Planning before you look will help avoid unwise decisions when the time comes to buy.
YOUR SIGNATURE SETS YOU APART, JUST LIKE YOUR Signature Home
Design & Build your dream home Showhome, 2 Kira Road, Flat Bush
At Signature Homes, we take great pride in providing our customers with a bespoke experience, building homes which feel uniquely yours.
Signature Homes Botany & Manukau has been designing and building homes for East and South Aucklanders since 1983, so franchise owners, Allan and Jennie Moore, know a thing or two about offering quality, personalised design and build services.
Whether you have an idea for your dream home planned out or you’re just starting your building journey, our team of experts, including three in-house architects, at Signature Homes Botany & Manukau will help create a space that’s perfectly in tune with the way you like to live.
“We’ll be with you every step of the way, from our designers who put your dreams into a plan, to our project managers who are only ever a phone call away during your build,” says Allan.
If there is something particular that’s needed in a new home, which might be difficult to find in an existing home or predesigned plan, such as a downstairs suite for grandparents or a home to fit a sloping site, Signature Homes’ design and build service will tailor to your needs for a fraction of the cost of engaging an architect.
And, being a full-service company means the team is with you all the way, from putting your dreams on paper, right through to handing over the keys on settlement day.
“After clients have discussed their needs with a new home consultant, our architectural designers work with them to create a home which perfectly suits the site, budget and lifestyle,” Allan explains.
As well as having your own team from start to finish, your Signature Home is backed by New Zealand’s most comprehensive building guarantees, for complete peace of mind.
Full of clever design ideas, our recently opened Flat Bush showhome provides a taste of what is possible when building with Signature Homes Botany & Manukau.
This Design & Build showhome is truly a work of art, showcasing how building a new home allows you to really make it your own.
From the designer kitchen with scullery to the engineered wood floors through the dining and casual living, everything about this fourbedroom family home has been thoughtfully and tastefully considered.
Three separate living/entertainment areas, three full bathrooms plus separate toilet and a guest suite with ensuite downstairs, ensures this home is built for modern family living.
Visit the showhome daily between 12 & 4pm, at 2 Kira Road, Flat Bush, Auckland.
SUBDIVIDE AND BUILD ON YOUR LAND
Are you looking to unlock the value of your land?
Subdividing and building on your property can be a great option, potentially offering very good financial rewards. However, the subdividing process can be a time-consuming and complex process, that’s why the Signature Homes Botany & Manukau team are expert in the Auckland Unitary Plan and has developed a streamlined subdividing service to manage the entire process, saving you time and money.
Our one-stop solution – Subdividing Services – pulls together a number of specialists to save time, guiding you through the process of subdividing your property and building a new home on the site from start to finish.
In addition, Signature Homes has recently launched the Urban Collection. Our duplex and terraced plans are designed to suit the needs of medium-density subdivision projects. We have a range of single and double-storey plans available for inspiration and will work with you to ensure the value of your site is maximised.
Signature Homes Botany & Manukau offers a free, no-obligation site visit to help you understand what can be achieved on your land. Wherever you are in your building journey, Signature Homes Botany & Manukau can help.
Subdivide and build
