NZ House buying guide?
#1
Forum Regular
Thread Starter
Joined: Aug 2007
Location: Christchurch, NZ
Posts: 234
NZ House buying guide?
Was wondering if there are any online guides to the house buying process in NZ?
Just about to start looking - aim to move out of our rental after the 6 months is up .. so about March 09 ish
Lou
Just about to start looking - aim to move out of our rental after the 6 months is up .. so about March 09 ish
Lou
#2
Re: NZ House buying guide?
Buying a house is simple in NZ. It costs about £1000 in fees for the average house..give or take a few hundred bucks.
Plus the following costs.
Get a LIM (land info. memo) report, this is available from the local council, its a dossier on the house ... the good the bad and the ugly. Cost around $400.
Utterly essential. Use it as leverage agin the price (if there's ought ugly!!). CHECK THE PLANS AND MAKE SURE EVERYTHING'S IN ORDER..MY 4 BEDDER (which I paid 4 bed money for!!) TURNED OUT TO BE ONLY A 3 BEDDER!!!! One of the bedrooms was built at the time of construction outside the building enevelope. Had I got a LIM and looked at the plans therein it would have been obvious.
Get a WRITTEN builders report. DO NOT USE ONE RECOMMENDED BY THE AGENT....... LIKE GUESS WHO DID!!!
There are loads in the YPs under 'House Inspection'. Cost around $500.
Once again you will either be delighted its sound or use the bad bits as leverage or to simply know its a lemon and walk away.
Get a registered valuation. Google 'QV NZ'. They are the people that value all houses in NZ..again use the results as leverage. Cost about $400.
Optional is getting an electrician to check the wiring etc and you yourself once you decide to buy go round the gaff and check all's working. I had swimming pool lights broken, a busted cooker and a other bits because 'I expected them to work'!!!!!
Finally ask to be shown where the fuse box is, the gas stop cock and the water. No one showed me and it took me ages to find them all!!!
Can anyone add any more 'must dos'??
I was only off the plane 4 days and in a bit of a RUSH..THATS MY EXCUSE FOR HAVING BEEN AN AGENTS DREAM....A DAFT BUYER WHO KNEW NOT A SAUSAGE!!!!!!
And the motto? Caveat emptor and buy in a rush and repent at leisure.
The upside is I sorted ALL the problems and now live in what is my dream house!! Tenacity will always prevail over adversity.
Please feel free to ask more questions..PM me if you like. Would hate anyone else to go thru what we did. It is so easy to avoid all the pitfalls....if youknow them!! Good luck!!
Dom.
#3
Re: NZ House buying guide?
Loads of auctions in NZ and 'open homes' are the order of the day. Very little private one on one viewing. During an open home the owners go out and the agent is the MC.
#4
Re: NZ House buying guide?
My advice is to view lots of homes (open homes help), talk to as many agents as you can, attend a few auctions, and if certain things are important to you (for example more insulation, double glazing, decent heating) then cost up retrofitting these before you buy, and include them in your budget.
Also the chances of getting a decent no-doc or low-doc mortgage are decreasing by the day, so having a salary will be important in getting finance.
Unfortunately viewing stuff on the internet is no substitute for viewing the property yourself. Please be warned.
#6
Re: NZ House buying guide?
quote It costs about £1000 in fees for the average house..give or take a few hundred bucks.
Sorry that should be $1000. There is no stamp duty in NZ by the way. The $1k is legal fees, land regisrty and searches etc.
Sorry that should be $1000. There is no stamp duty in NZ by the way. The $1k is legal fees, land regisrty and searches etc.
#7
Re: NZ House buying guide?
And generally prices are hugely inflatted in advertising, don't get sucked into a bidding war with the seller.
#8
Forum Regular
Joined: Apr 2007
Posts: 215
Re: NZ House buying guide?
Yes, listen to me!!! I did it ALL wrong and learned the VERY hard way.
Buying a house is simple in NZ. It costs about £1000 in fees for the average house..give or take a few hundred bucks.
Plus the following costs.
Get a LIM (land info. memo) report, this is available from the local council, its a dossier on the house ... the good the bad and the ugly. Cost around $400.
Utterly essential. Use it as leverage agin the price (if there's ought ugly!!). CHECK THE PLANS AND MAKE SURE EVERYTHING'S IN ORDER..MY 4 BEDDER (which I paid 4 bed money for!!) TURNED OUT TO BE ONLY A 3 BEDDER!!!! One of the bedrooms was built at the time of construction outside the building enevelope. Had I got a LIM and looked at the plans therein it would have been obvious.
Get a WRITTEN builders report. DO NOT USE ONE RECOMMENDED BY THE AGENT....... LIKE GUESS WHO DID!!!
There are loads in the YPs under 'House Inspection'. Cost around $500.
Once again you will either be delighted its sound or use the bad bits as leverage or to simply know its a lemon and walk away.
Get a registered valuation. Google 'QV NZ'. They are the people that value all houses in NZ..again use the results as leverage. Cost about $400.
Optional is getting an electrician to check the wiring etc and you yourself once you decide to buy go round the gaff and check all's working. I had swimming pool lights broken, a busted cooker and a other bits because 'I expected them to work'!!!!!
Finally ask to be shown where the fuse box is, the gas stop cock and the water. No one showed me and it took me ages to find them all!!!
Can anyone add any more 'must dos'??
I was only off the plane 4 days and in a bit of a RUSH..THATS MY EXCUSE FOR HAVING BEEN AN AGENTS DREAM....A DAFT BUYER WHO KNEW NOT A SAUSAGE!!!!!!
And the motto? Caveat emptor and buy in a rush and repent at leisure.
The upside is I sorted ALL the problems and now live in what is my dream house!! Tenacity will always prevail over adversity.
Please feel free to ask more questions..PM me if you like. Would hate anyone else to go thru what we did. It is so easy to avoid all the pitfalls....if youknow them!! Good luck!!
Dom.
Buying a house is simple in NZ. It costs about £1000 in fees for the average house..give or take a few hundred bucks.
Plus the following costs.
Get a LIM (land info. memo) report, this is available from the local council, its a dossier on the house ... the good the bad and the ugly. Cost around $400.
Utterly essential. Use it as leverage agin the price (if there's ought ugly!!). CHECK THE PLANS AND MAKE SURE EVERYTHING'S IN ORDER..MY 4 BEDDER (which I paid 4 bed money for!!) TURNED OUT TO BE ONLY A 3 BEDDER!!!! One of the bedrooms was built at the time of construction outside the building enevelope. Had I got a LIM and looked at the plans therein it would have been obvious.
Get a WRITTEN builders report. DO NOT USE ONE RECOMMENDED BY THE AGENT....... LIKE GUESS WHO DID!!!
There are loads in the YPs under 'House Inspection'. Cost around $500.
Once again you will either be delighted its sound or use the bad bits as leverage or to simply know its a lemon and walk away.
Get a registered valuation. Google 'QV NZ'. They are the people that value all houses in NZ..again use the results as leverage. Cost about $400.
Optional is getting an electrician to check the wiring etc and you yourself once you decide to buy go round the gaff and check all's working. I had swimming pool lights broken, a busted cooker and a other bits because 'I expected them to work'!!!!!
Finally ask to be shown where the fuse box is, the gas stop cock and the water. No one showed me and it took me ages to find them all!!!
Can anyone add any more 'must dos'??
I was only off the plane 4 days and in a bit of a RUSH..THATS MY EXCUSE FOR HAVING BEEN AN AGENTS DREAM....A DAFT BUYER WHO KNEW NOT A SAUSAGE!!!!!!
And the motto? Caveat emptor and buy in a rush and repent at leisure.
The upside is I sorted ALL the problems and now live in what is my dream house!! Tenacity will always prevail over adversity.
Please feel free to ask more questions..PM me if you like. Would hate anyone else to go thru what we did. It is so easy to avoid all the pitfalls....if youknow them!! Good luck!!
Dom.
Fantastic advice
Cheers Jads
#9
Forum Regular
Joined: Apr 2007
Posts: 215
Re: NZ House buying guide?
I forgot..try your best to keep it a secret that you are a newbie to the country. All kiwis think that brits who are fresh to the country are awash with wedge and I am sure they give you a harder time price wise than someone who has been in NZ for a few years...it won't do any harm to keep your 'fresh status' a secret. You very rarely ever meet the vendor in a kiwi house sale..you deal almost entirely with the agent..its them who should show you where everything is!!
Loads of auctions in NZ and 'open homes' are the order of the day. Very little private one on one viewing. During an open home the owners go out and the agent is the MC.
Loads of auctions in NZ and 'open homes' are the order of the day. Very little private one on one viewing. During an open home the owners go out and the agent is the MC.
Are 'Auction Houses' the ones that wont sell or is it because they want a quick sale? What about all the reports and surveys etc. etc. on auction houses, do you take the risk or are they all available before auction?
What is the state of the housing market at the moment? Any info is good info!
Cheers Jads
#10
BE Enthusiast
Joined: Mar 2005
Posts: 613
Re: NZ House buying guide?
I agree with the point about not telling the estate agent you are new to the country. There's a perception here that the Brits who come over are loaded and can afford to pay more than average for their houses. That's why it's not a good idea to arrange rentals before you come over either. And the same about enquiries for houses when contacting agents when still in the UK.
Take your time and read, read, read the local papers (not simply the internet), relax and play the waiting game. Especially now with all the financial turmoil.
Genesis, how could you - only four days here and buying a house! That's just madness. Must have been the jetlag.
Take your time and read, read, read the local papers (not simply the internet), relax and play the waiting game. Especially now with all the financial turmoil.
Genesis, how could you - only four days here and buying a house! That's just madness. Must have been the jetlag.
#11
Re: NZ House buying guide?
Genesis, how could you - only four days here and buying a house! That's just madness. Must have been the jetlag.[/QUOTE]
Having lived on my little 1200 mt plot now for almost 3.5 years I know why I acted like I did..never been more content and never have I felt like I could live in a house forever until I moved to this neighbourhood. I propsed to my wife after 11 days..I am ruled by emotions..not intelligence!!!!!!
The house was a 'rough diamond' much hard work later its just as we wish!!!
Which is nice.
Having lived on my little 1200 mt plot now for almost 3.5 years I know why I acted like I did..never been more content and never have I felt like I could live in a house forever until I moved to this neighbourhood. I propsed to my wife after 11 days..I am ruled by emotions..not intelligence!!!!!!
The house was a 'rough diamond' much hard work later its just as we wish!!!
Which is nice.
#12
Re: NZ House buying guide?
Hi
Are 'Auction Houses' the ones that wont sell or is it because they want a quick sale? What about all the reports and surveys etc. etc. on auction houses, do you take the risk or are they all available before auction?
What is the state of the housing market at the moment? Any info is good info!
Cheers Jads
Are 'Auction Houses' the ones that wont sell or is it because they want a quick sale? What about all the reports and surveys etc. etc. on auction houses, do you take the risk or are they all available before auction?
What is the state of the housing market at the moment? Any info is good info!
Cheers Jads
Personally for me I care not a jot what my house is worth, I have parted with the cash, love the house and I personally see houses as very personal things rather than investments. But then when it comes to money I am a complete fool!!!!!!!
#13
By name and by nature
Joined: Mar 2005
Posts: 1,852
Re: NZ House buying guide?
Hi
If you make an offer (not at an auction obviously) you can make it subject to all sorts of things - LIM report, having your solicitor see the contract, building report (on newer houses make sure you get an infra-red moisture report, especially in the northern part of the country), finance, having your left foot perfectly aligned with your right The timeframe for these conditions to be met is usually 5 days with maybe 10 for finance. If you want the vendor to put something right you wait for that to happen before going unconditional.
Look up 'Leaky homes' and be very careful if you're looking at a house built in late 80s-early2000s. Monolithic cladding is also a phrase you need to know about!
We were only here a few days when we bought our house too BUT thanks to advice on these forums, we bought wisely. It is insulated, has a woodburner and we got a new roof before we went unconditional.
Where are you based? There are quite a few mortgagee properties around at the moment too but again, make sure to do a pre-settlement inspection (do this with all purchases) to ensure that what you bought as chattels are still there!!!!!!
If you make an offer (not at an auction obviously) you can make it subject to all sorts of things - LIM report, having your solicitor see the contract, building report (on newer houses make sure you get an infra-red moisture report, especially in the northern part of the country), finance, having your left foot perfectly aligned with your right The timeframe for these conditions to be met is usually 5 days with maybe 10 for finance. If you want the vendor to put something right you wait for that to happen before going unconditional.
Look up 'Leaky homes' and be very careful if you're looking at a house built in late 80s-early2000s. Monolithic cladding is also a phrase you need to know about!
We were only here a few days when we bought our house too BUT thanks to advice on these forums, we bought wisely. It is insulated, has a woodburner and we got a new roof before we went unconditional.
Where are you based? There are quite a few mortgagee properties around at the moment too but again, make sure to do a pre-settlement inspection (do this with all purchases) to ensure that what you bought as chattels are still there!!!!!!
#14
Re: NZ House buying guide?
Hi Lucy
One thing I must say is that when you want to put in an offer for a house the Agent has the contract which you sign. Now if you haven't put any conditions on that contract like "subject to finance" or "subject to survey" or whatever, then once they have the vendor's signature on it to say that they accept your price there is no going back. You are bound by that contract. We signed one saying subject to finance which we had 10 days to sort out and after that we went unconditional. It wasn't until we had another look that we found a few minor probs (yes in our brand new house) and because we had not mentioned this on the contract the builder was under no obligation to put it right. Therefore we had to do that ourselves. However, a few minor probs with the electrics on moving in we asked the builder to put it right and he did but only because it was a new property, if it had been already lived in we would be up the creak without a paddle so to speak. Be very careful, if you are thinking of staying in this area there are lots of bargains to be had at the moment. Even the new builds are coming down in price and some of the investors who bought new homes here for renting are finding it a struggle so you may be able to grab yourself a bargain. Please feel free to talk to us about it or indeed my OH can come with you to look over something if you like as with his building background he would now pick up anything that was not right especially now as he knows what he is looking for here and he is in the construction game.
One thing I must say is that when you want to put in an offer for a house the Agent has the contract which you sign. Now if you haven't put any conditions on that contract like "subject to finance" or "subject to survey" or whatever, then once they have the vendor's signature on it to say that they accept your price there is no going back. You are bound by that contract. We signed one saying subject to finance which we had 10 days to sort out and after that we went unconditional. It wasn't until we had another look that we found a few minor probs (yes in our brand new house) and because we had not mentioned this on the contract the builder was under no obligation to put it right. Therefore we had to do that ourselves. However, a few minor probs with the electrics on moving in we asked the builder to put it right and he did but only because it was a new property, if it had been already lived in we would be up the creak without a paddle so to speak. Be very careful, if you are thinking of staying in this area there are lots of bargains to be had at the moment. Even the new builds are coming down in price and some of the investors who bought new homes here for renting are finding it a struggle so you may be able to grab yourself a bargain. Please feel free to talk to us about it or indeed my OH can come with you to look over something if you like as with his building background he would now pick up anything that was not right especially now as he knows what he is looking for here and he is in the construction game.
#15
Re: NZ House buying guide?
Hi
If you make an offer (not at an auction obviously) you can make it subject to all sorts of things - LIM report, having your solicitor see the contract, building report (on newer houses make sure you get an infra-red moisture report, especially in the northern part of the country), finance, having your left foot perfectly aligned with your right The timeframe for these conditions to be met is usually 5 days with maybe 10 for finance. If you want the vendor to put something right you wait for that to happen before going unconditional.
If you make an offer (not at an auction obviously) you can make it subject to all sorts of things - LIM report, having your solicitor see the contract, building report (on newer houses make sure you get an infra-red moisture report, especially in the northern part of the country), finance, having your left foot perfectly aligned with your right The timeframe for these conditions to be met is usually 5 days with maybe 10 for finance. If you want the vendor to put something right you wait for that to happen before going unconditional.