What made you want to own your own home?

It’s the classic Kiwi dream to own your own home. Aside from that, it is a good investment and I’d put it down to a few main reasons from a financial stand point. Having a roof over your head is a necessity and renting is a sunken cost. Houses generally appreciate over time at a faster rate than interest rates so I gain more than I would having savings in a bank. I also have the opportunity at my age to have flatmates to help out with the mortgage payments. I expect as I get older and priorities change this won’t be an option.

What was the hardest part about buying your house?

Finding a house to tick as many boxes as possible. I searched for almost a year before finally signing on the dotted line. In this time I saved a lot more, allowing me to increase my expectations, but it was a hard graft attending open homes almost every weekend only to decide that the houses were either out of reach financially or had no potential. The whole exercise was a roller coaster of emotions

What was the most rewarding step?

Going to the auction fully prepared and coming away with the desired result. I learned a lot from the whole experience and was very pleased with the outcome. Prior to the auction I had Jim Eddy at Canterbury Legal look over the auction documents and explain the process. This was really important because once you have won an auction you don’t have the chance to change the sale and purchase agreement. You need to make sure that everything is in order beforehand.

Is there any advice that you would give to other prospective first home purchasers?

Do your research; find out what’s involved financially. Visit a huge number of houses – even if you know a house isn’t the right house it will help you understand the market. Talk to those who have done it before and attend first home buyer seminars.

Did having a lawyer assist you make a difference in your understanding of the process?

Yes. The team at Canterbury Legal guided me through the process step by step. Aside from sorting the paperwork, Jim Eddy helped me understand the requirements and the potential issues that may arise with the property purchase.

Link to First Home Buyers Guide
Link to First Home Grant

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