Buying a property is a long process, and one of the biggest financial decisions you’ll ever make. On top of that, it’s also pretty complicated, so it pays to have a good independent team of professionals on hand to support you to make sure everything goes smoothly.
Your property ‘A-Team” has a great deal of influence over a successful outcome. But when it comes to property, not all helpers are made equal. So, how do you make sure you find the one? Three words. Research, research, research. Taking the time to find out who’s credible and makes you feel more comfortable will end up saving you time and stress down the line.
So let’s take a deeper dive into who you need, and what to look for.
Not all Brokers are the same
Through the process of preparing to buy your first property, getting a good mortgage broker on board should be first on your list. They’ll be able to tell you what you can afford or even what you can do to increase how much you can afford.
A lot of the time mortgage brokers work on commission and get paid by banks which means some brokers can be influenced by wanting to get paid quicker, by telling you to buy an existing property over a property yet to be built.
We recommend working with a broker like Squirrel. While we aren’t affiliated with Squirrel, we’ve had a lot of great personal experiences with them, and many of our clients have too. Because they operate on salaries, they’re less inclined to have ulterior motives when they give you advice or recommendations.
There’s also specific first home buyer initiatives that can help, so make sure to research or ask your broker about this.
Lawyer Up
There’ll be a lot of parts of the property process that require legal advice. We recommend finding a lawyer you can stick to for independent legal advice.
Your lawyer will handle all the legalities of a property purchase or sale. They can help you carry out property transactions and give you advice on the clauses to put into your final offer.
They’re also particularly helpful when it comes to checking over crucial documents before you make an offer. They can also help during your due diligence process. They’ll make sure you know what to look over in LIM and title documents.
When it comes to lawyers and solicitors, make sure they’re on the same page as you when it comes to your budget. It also pays to make sure they have a lot of experience with home buyers rather than going for a classic corporate firm. Ask if they’ve got experience with new build homes – you need someone who understands and can navigate that process.
Need some help finding a lawyer? We’re more than happy to send you a list of lawyers we’ve seen ask the right questions for clients in the past. You can also ask someone you know has bought a property similar to the one you are looking to buy. That way you have a good idea of their track record from people you trust. You can also contact Auckland District Law Society or the New Zealand Law Society.
Property Managers
As a buyer, a property manager can help you understand the potential rental appraisal of a property. They’ll do a great job of managing your expectations and keeping them realistic. While many newbuild homes come with rental appraisals. You can also ask them things like the type of tenants you’d expect to get and more, so you can understand the full picture.
Real Estate Agents
Your agent can help you source properties and oversee the purchase process. One of the biggest advantages is they often have inside knowledge of properties that haven’t been released to the public. Their extensive knowledge of the home buying process and the housing market, topped with their negotiating skills can be a real asset. At SM Property many of our homes sell before they hit the market – so it’s essential to be in touch with a trusted agent.
Friends and Family
Not everyone in your A-Team has to wear a suit. Your family and friends can be a great source of support during what can be a stressful process. They’ll be on hand to give you honest, objective feedback about the properties you’re looking at.
This is handy if you’ve got friends or family who’ve been through the same process, as they’ll have a few tips from their own experiences. Make sure you chat to people who have recently been on the journey. Parents will often want to help, but haven’t bought or sold property for years. Things have changed a lot and sometimes they aren’t as up to date on the process!
Now you know how to get your property “A-Team” together and what to look for, it’s time to take the next step. SM Property is happy to answer any questions you may have and give you the best recommendations. Just give SM Property a call today to get started, or pop us an email here.
