3 steps to finding and securing your new-build home
Scott Muirson

November 22, 2021

Buying your first home is an exciting time, but it can also be extremely overwhelming – what with all the decisions you need to make and the information you have to process. Although there are some great tips out there on how to find your first home, they usually focus on just one aspect of the process – plus it’s often hard to find information specific to new builds. 

The good news? We’ve compiled this handy guide on how to find your first new build home! Let’s break down the three steps that every first-time buyer should know about.

Get ahead of the game in a hot market

When you’re looking for a home within your budget that meets your requirements, it pays to reach out to people in the industry. With a hot market that’s changing rapidly, there’s tonnes of properties out there that never even make it to TradeMe or other listing sites – so you may never even know you missed out on them if you’re not on agents or developers email lists, or signed up with a new build specialist. 

To get yourself one step ahead of the rest, sign up to a variety of emails or hotlists, so that you can be the first to find out when new properties become available. We send out weekly newsletters with our latest properties in different areas across New Zealand, so you can see what’s available in your region and budget – you can sign up here.

Put a home under EOI (expression of interest)

Found ‘the one’? It’s time to get serious and make an ‘expression of interest’ (or EOI). When you put a property under EOI, you’re making a commitment and letting an agent know you’re serious about their listing, but this is mainly a benefit for you – it gives you a moment to put the property on hold, and consider your decision before you start the next step.

At SM Property, our most common method of sale is by EOI. We believe it allows us to operate in a fair way, particularly for first home buyers. The property market moves at such a fast pace, and this is a great way to slow things down and give you time to think through your decision before signing the dotted line. Not every agent or developer works this way, so do your research to find someone that does, if this feels like the right option for your situation.

Place a conditional offer

When you’re ready to make the commitment, it’s time to place a conditional offer on the property you’ve found! It is best to speak with a solicitor prior to doing this, or ensure the sale and purchase agreement has a ‘Finance approval’, ‘Solicitors Approval’ or ‘Due diligence’ clause in it that will protect you and ensure that you can get adequate legal advice and sort finance before the contract goes unconditional.

This conditional offer isn’t a commitment to purchase, as most typical new build Sale & Purchase Agreements (S&Ps) will give you an allotted amount of time to undertake your due diligence, before you officially purchase the property. If the property doesn’t meet your expectations or requirements from the bank, for example, you’ve got the option to exit the agreement. 

At SM Property, all of our homes have a ‘get out of jail free card’ in the form of this purchaser’s conditions clause, giving you the time and flexibility to ensure you’re 100% satisfied before you purchase your property.

Want to takea deeper look at the process?

With these simple steps in mind, you can rest assured you’re on the right path to home ownership. If you’re ready to take the next step and need more information, we’ve created the SM Property First Home Buyers Guide. It’s packed with even more information and tools to help you get started on your home buying journey. Click here to download the guide.

Ready to take the next step? Scottie has nearly 10 years of experience in property investment and sales. If you need some help in trying to find the right home – or if you just have other questions you’d like answered contact us.

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