• Login:
Welcome, Register Here
follow PropertyTalk on facebook follow PropertyTalk on twitter Newsletter follow PropertyTalk on LinkedIn follow PropertyTalk on facebook
Results 1 to 7 of 7

Thread: Buying a Home

  1. #1
    Join Date
    Mar 2012
    Location
    Quakeville
    Posts
    40

    Default Buying a Home

    Being LL's and PI's how hard do you find it to buy a house to call your own home?


    Me and my partner are looking to buy our first home. I've owned a rental for about 6-7 years now and have a family member who's a successful PM. Manages over 100 properties and owns a few as well and so when looking at houses I'm struggling to find a home. Of the 15 or so houses we have gone to view sofar 1 of them straight away screamed HOME, 1 has said home but could be a rental and the rest say to me they are good/great rentals but I can't ever see them being a home for me and my family.
    Does anyone else have this problem when they look for a house to buy for themselves to be a home? or am I just being too picky?
    I'm just a little curious as to how others feel when they look for a home.

  2. #2
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    5,086

    Default

    Totally different experience - buying a rental is mainly about numbers; buying a home is more about emotions, schools, gardens, bathrooms, kitchens, .....
    DFTBA

  3. #3
    Join Date
    Mar 2007
    Location
    Auckland
    Posts
    3,017

    Default

    If it is your first home, unless you have won Lotto or have wealthy and generous relatives you need to make compromises.

    My first home was in Te Atatu North (now Te Atatu Peninsular) when it was so downmarket that many of the locals aspired to become upwardly mobile and move to Otara but couldn't afford it.
    I bought an abandoned house at a mortgagee sale. The section was so overgrown that the fellow I hired to cut down the growth found a car on the section that we had not spotted earlier.

    Its a matter of getting your foot in the door without over-committing yourself. Many these days seem to say 'We cannot afford to buy in Herne Bay, Remuera or Epsom, that's unfair and we wouldn't live anywhere else'.

    Find something a that meets your budget, meets a few of your requirements, and look upon it as a stepping stone to better things.

  4. #4
    Join Date
    Mar 2012
    Location
    Quakeville
    Posts
    40

    Default

    Quote Originally Posted by flyernzl View Post
    If it is your first home, unless you have won Lotto or have wealthy and generous relatives you need to make compromises.

    My first home was in Te Atatu North (now Te Atatu Peninsular) when it was so downmarket that many of the locals aspired to become upwardly mobile and move to Otara but couldn't afford it.
    I bought an abandoned house at a mortgagee sale. The section was so overgrown that the fellow I hired to cut down the growth found a car on the section that we had not spotted earlier.

    Its a matter of getting your foot in the door without over-committing yourself. Many these days seem to say 'We cannot afford to buy in Herne Bay, Remuera or Epsom, that's unfair and we wouldn't live anywhere else'.

    Find something a that meets your budget, meets a few of your requirements, and look upon it as a stepping stone to better things.
    Thankfully I'm looking to buy in the Eastern (not fully east but still east) Suburbs of Christchurch so the houses aren't that expensive and sofar of the now 18 open homes we have been to we have only ever seen 2 of those with other prospective buyers and in total we have seen only 4 other potential buyers so were in a stronger position to buy as we can put an offer in and stick to it. I've gotten help from Family with Equity to get a mortgage and put an offer in on a great cottage of $280K (it's "valued" (by the REA) at $290k - $320k) and said it's our top offer and all we could afford. They came back with $295k. Were sticking to our top offer and they last came back with $285K. We still said no. So seems as were the only buyer who's put an offer in and we said were still looking were in a good position.
    The way I see it is they have 1 potential client (us) and we have dozens of potential clients (houses for sale) so we can afford to let this go. Since they are moving to England they don't exactly have that same advantage.

  5. #5
    Join Date
    Jul 2011
    Location
    Tauranga
    Posts
    2,769

    Default

    I lost count how many house I looked at you get disheartend everytime you turn up at one that has had pictures taken that make it look heaps bigger / sunnier etc. Its a buyers market keep looking the right one will come along.

    I def recomend getting a building survey done (by a building surveyor as they are trained and there sole pupose is property performance and building defects)- put it as a condition in S and P as they can identify potential issues and save you heartache down the track you can find them here: http://www.buildingsurveyors.co.nz/panel/membersnear They can't identify everything without doing a desturctive investigation but it will give you a good heads up.

  6. #6

    Default

    I don't feel that when coming to picking a HOME that you can be too picky. If it doesn't feel right, it doesn't feel right. If you're justifying why it doesn't then maybe there is an issue there. But your home should be a place you walk into, and it feels like home. You shouldn't need to quantify it.

  7. #7
    Join Date
    Mar 2012
    Location
    Quakeville
    Posts
    40

    Default

    Quote Originally Posted by WaterfrontNZ View Post
    I don't feel that when coming to picking a HOME that you can be too picky. If it doesn't feel right, it doesn't feel right. If you're justifying why it doesn't then maybe there is an issue there. But your home should be a place you walk into, and it feels like home. You shouldn't need to quantify it.
    That's why we've walked away from some decent houses that were pretty cheap because when I walked in I didn't feel it was my home. We've found a nice house that we can really see as our home. Feeling daunted by the mortgage payments though. I've never not had money before :S but it's investing the money in a home and it'll pay off in the long run so not that bad.


 

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Buying first home in Carterton
    By Cass in forum Property Investment (NZ)
    Replies: 0
    Last Post: 22-01-2018, 09:36 AM
  2. Buying my first home
    By kanwal13 in forum Property Investment (NZ)
    Replies: 12
    Last Post: 19-05-2017, 09:43 AM
  3. Buying your first home
    By Dunning in forum Forum Funnies
    Replies: 0
    Last Post: 09-10-2011, 05:18 PM
  4. What to look for in buying a home?
    By auckland investor in forum Property Investment (NZ)
    Replies: 8
    Last Post: 12-07-2011, 07:08 PM
  5. Buying my Own Home in Auckland
    By auckland investor in forum Property Investment (NZ)
    Replies: 9
    Last Post: 12-06-2011, 10:31 PM
  6. Issues to consider when buying a home
    By muppet in forum General (NZ)
    Replies: 0
    Last Post: 24-06-2010, 09:02 PM
  7. Considering Windows When Home Buying
    By Walter in forum Property Investment (USA)
    Replies: 0
    Last Post: 08-12-2006, 10:47 AM
  8. Home Buying Tips
    By donna in forum World in General
    Replies: 0
    Last Post: 12-09-2005, 01:15 PM
  9. can someone point me in the right direction?
    By ryan in forum General (NZ)
    Replies: 2
    Last Post: 08-12-2003, 10:10 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •