I often talk to First Home Buyers about the importance of having a great "Team" around them when they are buying their first home - and by that I mean a fantastic group of professionals and support people who are awesome at what they do and can help make the process incredibly simple.
In this blog, I'd like to briefly talk about each of them and what their role is in the home buying process.
Firstly, a Real Estate Agent - A good agent will know their local market, and can help negotiate a sale price for you. It's best to find an agent you trust and get on with well, and let them know what you're looking for. They might have recently listed the right property for you, or know another agent who does, and the best agents will be skilled at matching buyers to the right property. Be realistic with your price range and make sure they know what you can afford, so they show you the right properties. Many people get into trouble when they fall in love with houses outside their price range.
Lawyer/Legal Executive- They make sure your interests are protected legally, take care of the change of ownership of the property, and all of the paperwork for the mortgage once it's been arranged. It’s important to choose someone who’s experienced in property transactions, which we call Conveyancing. If you're withdrawing your Kiwisaver it's also a good idea to find someone who has done this a lot, as they will also apply for this withdrawal on your behalf, as well as the Home Start Grant, if you’re eligible.
Registered Valuer - You may require a valuation for finance (especially if you are borrowing over 80% of your property's value. A valuer looks at the recent sales in the area you’re buying in to put a value on the property you’re purchasing. Because all banks have become a lot stricter on which valuers can be used, we usually order valuations on your behalf so we can be sure that the bank will accept it.
Mum & Dad - They may be in a position to provide part of a deposit, or a guarantee for your lending. Find out more in this blog about how they can help.
We work with a number of excellent professionals across the Waikato, skilled at what they do, and we can recommend those we know will do a fantastic job for you.
Get in touch today to get the ball rolling on your first home application and start the process with us and our Team!
- Claire Martin, Adam Thompson and the My Mortgage Team