Advice From My Money on Buying Your First Home

There’s plenty of debate about whether Auckland’s housing market has peaked, with recent reports of a sharp fall in house sales in October. But the jury is out on whether this drop in house sales will have a lasting effect. There’s no doubt that the market is still pretty hot, and first home buyers are still struggling to keep up with prices.

Buying your first home can be overwhelming. Getting your mortgage approved, then figuring out where/what you can afford is just the beginning, so My Money have put together some simple pointers to help you buy in the present housing market. Firstly, they say you need to get your ‘ducks in a row’ financially, and they recommend meeting with My Money to find out how much the bank will approve you for, and get your deposit sorted. Once you’ve got the preparation sorted, you know you’re in a position to buy when the right property (at the right price) comes along.

They also recommend moving quickly when you find a house that suits you. If you need a building inspection, organise this as fast as possible, and if the vendor is keen to move on the sale, being the first to make an offer means your offer won’t be compared to anybody else’s. If the property is being sold via auction, a pre-auction offer can bring the sale forward and potentially cut out some of your competition. The biggest offer isn’t always the single thing that motivates vendors. Things like unconditional offers, or being flexible can help – a seller might want to move on a certain date, so being open to a longer or shorter settlement can play into your favour.

The best thing you can do – especially when buying your first property – is to work with an expert, and My Money will give you solid property investment  advice, in a way you understand, while working on your behalf with the banks. My Money has had over nine years’ experience specialising in home loans, so  get in touch, and they will help you get your ducks in a row to help you buy in the present housing market.

For more information on mortgage brokers Auckland, commercial mortgage brokers and mortgage brokers in general, please go to http://www.mymoney.net.nz .