Buying a house is not something you should do on a whim. It takes careful planning, saving, and research. For first home buyers especially, it’s important to look at all of your options and speak with experts before embarking on a mortgage that will take years to pay off. Here are a few tips for first home buyers.
Have A Plan
Preparing for a new home means having a plan in place. If you are purchasing with a partner, communicate about the commitment and be honest about what you are looking for and can afford. Focus on your income and what you are comfortable paying out. And think about what you would do if your income changed.
Boost Your Savings
When it comes to deposits, bigger is better. The more you can put down now, the lower your interest will be in the long run. Boosting your savings by reducing all of your financial wants to just financial needs, enrolling in a Kiwisaver plan and sticking to a budget can help you feel more in control of your finances. Even after you’ve moved into your new home and are paying off your mortgage, keep saving so you can manage unforeseen events like changes in income or interest rates.
Talk to Experts
As much as your parents might want to give you advice, you should consider expert’s advice when it comes to what options are currently available, what the best rates you can get are, and when is the time to buy.
Get on the Ladder
The house you are looking to buy now should be a step on the property rung ladder. Instead of waiting to buy a house until your dream home comes along, your first house should be one you can afford and that you build yourself up from. You may be going through a couple of different properties over the years until you own the house you want to retire in.
Don’t start by finding your dream house and seeing if you can afford it – calculate how much you think you can reasonably afford each month and then go looking for what is out there.
More information below:
- Benefits of Property Investing
- Growing Your Property Investment Portfolio
- Finding The Right Property
- How To Subdivide A Property
- Managing Your Investment
- Planning Your Investment
- Getting the Best ROI
- Property Investment Yield
- Capital Gains
- Property Investor Tips
- Property Investment FAQ
- Using Equity To Buy
- Investing in Apartments
- What to Look for When Investing in an Apartment
Don’t just take our word for it – check out our reviews!
"Absolutely awesome words can't describe it even when we were declined you fought for us and got us our first home loan amazing job never gave up 5 starts and more"
Ross & Briar Parfitt
"I've dealt with many brokers and lenders in my career, these guys were BY FAR the quickest and stress free to work with. Everything was so easy for a change, professional, to the point, and simple. Highly recommend them! Can't speak highly enough of this company!"
"Our bank of 10+ years couldn't get the job done. Jeff and his team did it in two weeks, absolutely hassle free. Really need an option for a 6 star rating as the type of personalised service you receive from iLender just doesn't exist anywhere else."
"Thank you Jeff and team. We have found a home and you have made it possible for our family. You have made the impossible look easy and we are very thankful with gratitude that you have worked on our behalf. Very happy and satisfied customer and we highly recommend your services to those that find it a challenge buying a home...Thank you ++++"
"I am a first home buyer, who had been battling for 7 months to secure a home for my family and I. Jeff was my third try at a mortgage broker/banker, and by the time I got to Jeff I'm just thinking about giving up, this is just too hard. Jeff brought assurance and calmness to my situation straight away. He answered all my questions with clarity, and without hesitation or annoyance. Just shy of 4 weeks since working with Jeff, I am now a home owner. I cannot recommend him enough!! Thank you for all your help Jeff."