Buying your first home is a big deal and an experience that should be enjoyable. In Queenstown, unlike other places, the housing market is always popular because it’s such a beautiful place to live. That’s why it’s in your best interest to get as much help as you possibly can when purchasing your first home and use property lawyers in Queenstown, who will help you navigate Queenstown Property Law. We’ve put together five things for you to keep in mind when beginning your journey to the Property Ladder.
Always Research
So, you know you want to live in Queenstown, but what kind of house do you want to live in here? Your best place to start is to visit heaps of open homes, even ones you’re not interested in, just to get a feel of the value of the properties. Use this as an exercise to complete your property checklist and discover what you need from your home, versus what you can live without.
With your lawyer: It’s particularly important in Queenstown that you should find out if your potential house is in a flood area or an earthquake zone. Ask your agents or your lawyers for a Building Report or a LIM.
Calculate your Expenses
In Queenstown, your lifestyle is important, and it’s what you want to maintain, even with a mortgage. Consider what you can still afford with one and adapt your current expenses to when you own a home. Consider health insurance, life insurance, home insurance, council rates, and a change in your electricity and heating bills. In this small town, it’s a uniquely popular option to share your house with housemates. This way you can supplement your income and rent out your spare space.
With your lawyer: work out your price range for the type of property you want and how much you can afford to borrow. Keep this in mind when you’re visiting open homes. Consider interest rates, and if they increase, what you can still afford.
Shop Around
The popular method of selling in Queenstown is by auction. Few people before buying a property will have been to an auction before, so it’s good practice to visit as many property auctions as you can beforehand and get a feel of the pressure tactics, the bidding wars, and the emotions.
With your lawyer: Work out and know your number. Auctions can be tempting and emotional, which is why people end up spending more than they really should. If you’re confident with your property lawyer on your number, then you should save yourself money.
Think about Heating
Heating is really the key to unlocking your dream home in Queenstown. As it’s a mountainous town, it means your natural light can significantly change from season to season, depending on when the sun sets behind the mountains. Read up on the building report and find out how well it’s insulated and what the heating method is. It will save you a significant amount of money when winter hits.
With your lawyer: Get some independent advice and get them to explain the LIM and building report to you. They will be able to figure out if the property is a smart choice.
Get into the Market
Buying your first property in Queenstown is a big achievement. With high demand comes high pricing. Just by getting onto the ladder here is an investment and opportunity for even bigger and better things in the future.
With your lawyer: when it’s time for purchase, your lawyer will make sure the process goes smoothly. Your Queenstown Property Lawyer will be able to use your Kiwisaver or First Home Grant.
When the day comes, your Queenstown Property Lawyer will help you secure your purchase. That means keeping you up to date on what happens on settlement day when your money is transferred, and the properties become in your name. Your property lawyer is a big part of this process and having the right one looking after your needs flattens any bumps in the road, making it an enjoyable experience for everyone.
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