Buyers Checklist
Buying a property can be a scary thing, Glass Miles has put together a Buyers Checklist to make sure that you are prepared for your new home purchase in Christchurch.
Confirm your finances
Talk to a mortgage broker, bank or financier so you know how much you can afford to spend. Take into account extra expenses needed to cover moving, insurance etc.
Make a list of requirements
Break your list into "must have's" and "nice to have's". For example:
Must have ... 4 bedrooms and be close to public transport.
Nice to have ... fully fenced and low maintenance.
Research areas and prices
Use the internet, local papers and real estate publications to investigate prices and housing styles in different areas. The internet is particularly useful if you are moving between towns.
Decide where you wish to purchase
Take into account affordability, transport, schools and family lifestyle. Be flexible with your area selection.
Property Title
Check what type of title the property has: freehold, leashold, unit title, cross lease.
With leasehold properties, check how long the lease has to run and the annual ground rent.
With apartments or terraced complexes, check whether the property has a Body Corporate and any associated fees.
Specialist Inspections
If you are serious about a property but unsure of structural issues, arrange for a building inspection by a building inspector or qualified tradesperson.
Auctions
Register your interest with the real estate agent in advance.
Arrange your finance in advance; if you are the successful bidder, the contract will be unconditional.
Make sure you have the finance available to pay a deposit on auction day.
Talk to the real estate agent to make sure you understand the auction process.
Carry out any necessary checks before the auction.
Use your solicitor
When you make an offer on a property, make sure a copy of the contract is sent to your solicitor. Follow their advice.
Deposit
When an agreement has been reached by both buyer and seller, a deposit will be payable. This is usually around 10% of the purchase price. Deposits are held in the real estate agent or lawyer's trust account for a minimum of ten working days.
Final inspection
You have right to make a final inspection of the property prior to settlement to ensure it is in the same condition as when you first inspected it. This can be arranged through the real estate agent.
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