Conveyancing and buying property on the North Shore
Although buying a house may be a serious adventure, there are also a few pitfalls to look out for. If you are not careful, instead of it being an exciting adventure it will become a complicated and expensive nightmare. The following are some tips from a North Shore conveyancing lawyer. As you read them, you will find out how to avoid some of the more challenging issues and enjoy the process of buying a property on the North Shore of Auckland.
Buying a house – image photostock
The best piece of advice is to talk to a mortgage broker before you begin your search for a dream home. Too often people find a house they would love to buy only to be severely disappointed later when they find out that a bank will not lend them enough money to make the purchase. It is well worth your while to spend an hour having an open and honest discussion with a mortgage company so you can get a good feel for what you can afford to buy.
Once you have that idea of your price range you could also start the approval process. This is when the lenders run credit checks on you and make an offer of a mortgage. This does not mean that you will definitely be able to buy any house you see as the bank will want to have a valuation carried out on the property to cover their mortgage risk. But it does give you bargaining power to say to sellers that you are pre-approved for finance. In the current housing market in Auckland every little bit of an advantage, however small, could work in your favour.
Once you have found your dream home and you are prepared to make an offer be prepared to act quickly. Many times a seller will want to make a fast settlement so have talk to a conveyancing lawyer before you find your home. This way they can prepare their files and do any preliminary work for you. For more information about how a North Shore conveyancing lawyer can help, click here.
Many people consider the swimming pool as a sign of success and an added value to the selling price. Unfortunately, this is not the case, because a pool requires high maintenance, which involves high costs. They are also viewed as dangerous for children. This is why, in reality, most people see the swimming pool as an unnecessary addition and are not willing to pay extra for it.
Up until December 2013, it was possible to pay just a small amount as a down payment, often as little as five per cent, now the government requires new loans issued by banks to have an average of 20 per cent deposit. While this has raised the bar for buyers it actually does a big favour to people. This is because the interest on a typical mortgage is around the same amount that is borrowed – i.e. people pay back twice the figure they took out on loan. This is a huge amount running into hundreds of thousands of dollars. So having a bigger deposit means that you will be paying less in total interest over the life of your mortgage.
Conveyancing lawyer Albany
If your price range is limited, an important piece of advice is to look at buying a house in the outer suburbs of the area. Besides the fact that it is more peaceful, your children will be able to play outside without constantly watching them plus, a house may be bought for a considerably cheaper price than one near the centre of say Takapuna.
It is common for people especially novice house buyers to spend more than they need or to have some regrets after they have settled the purchase. To reduce these downsides, talk to professionals including a North Shore conveyancing lawyer. They will be able to guide you through the process and avoid any unpleasantness along the way.
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