7 tips to help you navigate Auckland's property market
Whether you're a first-time home buyer, an investor, or a developer, navigating the Auckland market can be a challenging experience. Here are 7 helpful tips, to help you navigate Auckland’s property market like a boss.
Tip 1: Be patient and persistent
One of the most important tips for buying a house in Auckland is to be patient and persistent. In the current market, there is a range to choose from, but it still may take some time to find the right property. However, it's important not to settle for something that doesn't meet your needs or budget. By being patient and persistent and working with the right agent and mortgage broker you'll be able to identify potential properties and make informed decisions about your purchase.
Tip 2: Be prepared financially
Auckland's house prices mean that buyers will likely need to have a sizable deposit saved up in order to secure a mortgage. It's important to be financially prepared and to have a clear understanding of your budget. In addition to the deposit, you'll need to consider the ongoing costs of home ownership, such as insurance, rates, maintenance, and monthly costs like power and water.
Tip 3: Do your research
Before making an offer on a property, it's important to do your research and due diligence. This includes getting a thorough inspection and understanding any potential issues or risks associated with the property. It's also important to consider the location, accessibility, and potential for growth in the area.
Tip 4: Work with a reputable real estate agent
A reputable real estate agent can be helpful in identifying potential properties and navigating the buying process. They will have a thorough understanding of the market and can provide valuable insights and guidance.
Tip 5: Look for specific types of properties
There are certain types of properties that may be more advantageous in the current market. For example, newly built properties with 10-year builder warranties, double glazing, and insulation can provide peace of mind and energy efficiency. Properties with land or a granny flat minor dwelling can be extended or subdivided, providing additional value. Do-up properties that can be renovated and added value to are also worth considering. Renovated properties, where everything is already done, can provide a move-in-ready option.
Tip 6: Consider home and income properties
Home and income properties can provide an additional source of income and cash flow. These properties can be rented out or used for Airbnb, providing a way to offset the costs of homeownership. For investors, we have contacts with social housing providers who can guarantee rent and provide peace of mind. Additionally, some properties may qualify for full loan interest deductibility - discuss this with your accountant for more information.
Tip 7: Distressed and motivated Sellers
It's also worth considering looking for distressed sale properties. These include properties where the vendor is in financial distress, such as a mortgagee sale, or where the owner is moving overseas or has already bought another property. These types of sales may be more motivated to sell quickly, providing a potential opportunity for buyers to secure a good deal.
Navigating the Auckland housing market can be a challenging experience, but by following these tips and working with experienced professionals, you can find the right property for your needs and budget. Contact Tina Lum at Inspire Real Estate today to find properties that suit your price range, lifestyle, or investment requirements
Disclaimer: Information provided here is for educational purposes only. For more information on your borrowing options, speak to a qualified mortgage broker or your bank.