Essential Reading for First Home Buyers?

[Monza]

Wife and I are trying to buy our first home in Auckland and we are finding the process very daunting. So far we've had real estate agents lie point blank to our face, paid for an expensive registered valuer that we didn't even get to the offer stage plus a range of terms and caveats that keep tripping us up.

I feel I need to get up to speed as fast as possible, are there any good books that people recommend? Please note we are primarily buying a place to live in, not make money, but obviously desire something we can sell on at a later date (5-10 years?).

[Craig Pope Mortgages]

Hi Monza, it can be a daunting time, especially with the busy Auckland property market! A good mortgage broker will be able to help you through the whole process. You can also 'google' first home buyer guides or home buyer guides as all the banks usually have one on their websites. This is always a good place to start as well as having your lawyer check over your sale & purchase agreement before you sign it.
It also helps to try and find a good agent within one company to show you round all their listings. Good luck!

[Maccachic]

Definitely clue yourself up on the key factors in a leaky home, you will save yourself $$ on building reports if you can identify the basics yourself.

Remember there are plenty of court cases where building reports failed to identify potential faults.

There are remedies under the http://www.reaa.govt.nz/ for agents who mislead, if you have evidence lay a complaint and make sure in future everything is in writing.

http://www.dbh.govt.nz/UserFiles/File/Publications/Building/consumer/home-buyers.pdf

http://www.hobanz.org.nz/

http://www.prendos.co.nz/leaky-building-information

[artemis]

Suggest start with the Consumer NZ book How to get the House you Want. Not the most up to date but covers the basics well and you can buy for practically nothing on Trademe, or get from the library. That will help you get the process clear in your mind. Ask on this forum for specifics, eg terms you need explained. Lots of experienced and helpful folk here. A mortgage broker would be useful as well. Unfortunately you are buying in a seller's Auckland market. But people are buying, selling and listing houses every day, so hang in there. Once you get your feet on the property ladder, you will have learned heaps and maybe will follow in the footsteps of many on this forum who have done very well from property.

[Contrail]

If you have a 20% deposit usually you dont need to get a valuation for a property to buy.

Valuations are really a waste of money. Just get to know the area you want to buy by visiting a lot of open homes. Building reports are what you dont want to skimp on, and that is after you have made an offer anyway.

[Monza]

Hi Monza, it can be a daunting time, especially with the busy Auckland property market! A good mortgage broker will be able to help you through the whole process. You can also 'google' first home buyer guides or home buyer guides as all the banks usually have one on their websites. This is always a good place to start as well as having your lawyer check over your sale & purchase agreement before you sign it.
It also helps to try and find a good agent within one company to show you round all their listings. Good luck!

Thank you, we have already started talking to a mortgage broker that a friend recommended, so glad we are doing something right! Yet to find a 'good' agent but good idea nonetheless.

Definitely clue yourself up on the key factors in a leaky home, you will save yourself $$ on building reports if you can identify the basics yourself.

Remember there are plenty of court cases where building reports failed to identify potential faults.

There are remedies under the [link removed] for agents who mislead, if you have evidence lay a complaint and make sure in future everything is in writing.

[link removed]

We also got a building report done, I went around with him and he explained everything he was looking for, and as the house we were looking at did have some leaking issues it was a good example of what water damage looks like.

I may have exaggerated a bit when I said our agent lied to our face, but we started to suspect the cladding of the house was weatherside, not hardiplank like the listing said. We asked him directly which one it is and got "I'm pretty sure it's hardiplank but I'm not sure, I'm not a builder". Further research showed the same agent sold the house five years ago, I simply can't believe that this weatherside issue wasn't raised then. When the builder confirmed our fears that it was weatherside, patchup jobs had been attempted in the past, we then walked away.

Suggest start with the Consumer NZ book How to get the House you Want. Not the most up to date but covers the basics well and you can buy for practically nothing on Trademe, or get from the library. That will help you get the process clear in your mind. Ask on this forum for specifics, eg terms you need explained. Lots of experienced and helpful folk here. A mortgage broker would be useful as well. Unfortunately you are buying in a seller's Auckland market. But people are buying, selling and listing houses every day, so hang in there. Once you get your feet on the property ladder, you will have learned heaps and maybe will follow in the footsteps of many on this forum who have done very well from property.

You're right, that book is cheap on Trademe, I'll grab a copy. Lots of our Google searches to date have pointed back at these forums, and looks like a very helpful group of people.

If you have a 20% deposit usually you dont need to get a valuation for a property to buy.

Valuations are really a waste of money. Just get to know the area you want to buy by visiting a lot of open homes. Building reports are what you dont want to skimp on, and that is after you have made an offer anyway.

Therein lies our problem, we can only afford 10% deposit so the bank needs the valuation. Another problem is nearly every house we like is going to auction, so no guarantees that we will get the house after paying for the valuation.

[Maccachic]

We also got a building report done, I went around with him and he explained everything he was looking for, and as the house we were looking at did have some leaking issues it was a good example of what water damage looks like.

Not all damage is apparent. Some of the pics here give a good indication of hidden damage http://www.prendos.co.nz/potential-risk-house#

[Bricks & Mortgages]

Hi Monza, I have put together a great first home buyer booklet you can have access to. Make contact with me and I will send you a copy. Buying a home is a big process with lots to learn. Understanding your financial ability is important.

[Monza]

Not all damage is apparent. Some of the pics here give a good indication of hidden damage [link removed]

Thanks for the link

Hi Monza, I have put together a great first home buyer booklet you can have access to. Make contact with me and I will send you a copy. Buying a home is a big process with lots to learn. Understanding your financial ability is important.

My post count is not yet high enough to send a private message, feel free to email me on monza27 at gmail dot com