Buying tips

Buying property can be a minefield, but doesn’t need to be.  If you approach it the right way, you should find the home you want, for the price you can afford.

  • Make sure you pick up a copy of Tommy’s Lifestyle magazine in any of the locations shown in our directory (click on the Tommys Magazine on our home page in the bottom left corner) and check out our advertisements in Saturday’s Dominion Post – we’re the only agency to list houses in price bands.
  • Identify your preferred areas, bearing in mind affordability and your space requirements.
  • Register with First Look on our website, a free Tommy’s service to help you find the perfect property.
  • Start attending open homes to develop your knowledge of the market.
  • Find one or two agents with whom you feel comfortable and start building a relationship, so the agents understand your requirements and can alert you to new listings.  Although representing the seller, the agent has a responsibility to protect your interests and disclose any information that might influence your buying decision.  Building a rapport with a good agent means you will be in the front of their minds, and their advice will help you feel confident about your buying decision.
  • Don’t take Government Valuations too seriously – they don’t always reflect current market values, especially after periods of strong growth.  Their main role is to benchmark local authority rates.
  • Make sure you know the vendor’s anticipated price range before you become emotionally involved in the property.
  • Talk to a  Moneybox mortgage broker, to arrange the best loan to suit your needs – good advice could save you thousands over the life of your mortgage.
When you’ve found the right property:
  • Don’t be afraid to tell the salesperson if you are interested, (there is nothing worse than missing buying a property because the salesperson was not aware of your interest)
  • A valuation can provide a useful, and unemotional, report on the property.
  • Ask the agent for a copy of the sale contract.
  • Once you’ve agreed the sale price and signed a sale and purchase agreement you will need to pay a deposit, which will be held in trust in a trust account until settlement.
  • On settlement day, your solicitor may request you make a pre-settlement inspection, just to make sure the property is in the condition you expected, and that everything has been included.

Remember:
Vendors prefer offers without conditions, but you need to protect your position.  So you may want to consider the following conditions:

  • Subject to arranging finance
  • Subject to a builder's report or other building specialists (electrician, plumber)
  • Subject to solicitor's approval of the purchase agreement, and title search
  • Subject to LIM Report (Land Information Memorandum), which covers all the local authority’s compliance criteria
  • Subject to sale of an existing property
  • Subject to a valuation report (this may be required to arrange finance).
Tommy says:
  • Be wary of well-meaning friends, who sometimes think it’s their responsibility to find a fault.
  • If you like the property, make a sensible offer (close to what you are prepared to pay).
  • If there is other interest in the property and a deadline is called, trust your agent to guide you in making your very best offer.  You may not get a second chance.
  • If you do get a builder's or other specialist's report, remember that the perfect house has never been built.  Make allowance for its age and normal deterioration, but take heed of any serious issues that can be costly to remedy.

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