With your pre-approval in the bag, you’re now ready to start house hunting! But with so many options available, where to start?

Thankfully there is a wealth of information available at your fingertips to help you set key search and selection criteria for a home.

Start with a checklist

Create a list of ‘must haves’ and ‘nice to haves’ as this will help you keep your priorities in check.

‘Must haves’ should only be things that you’re not willing to compromise on such as having a certain number of bedrooms or being within walking distance to a certain school or public transport.

‘Nice to haves’ should be things that you could go without if price became an issue, such as having a pool or ensuite.

Make a shortlist of suburbs

Write down a list of suburbs that align with your checklist so you can research the market. Consider the ‘must haves’ on your checklist first, like being near public transport, healthcare, retail facilities, childcare, schools and other amenities like shopping centres.

Research the market

Now that you know which areas might work for you, you can research the market. This will help you determine how far your budget can stretch in each suburb.

It’s also a good idea to get in touch with real estate agents for suburb and property reports before heading to sites such as OneRoof, Trade Me or Realestate.co.nz for market insights and valuations.

Not only will doing your research help to narrow down your options, but it will also enable you to sense check your budget against your ‘must haves’ to determine what’s realistically feasible.

Knowing where you want to live is one thing, but how to find ‘the one’? The following websites and tips will help you find properties for sale and how to see them in person. Let the search begin!

trademe.co.nz

The Trade Me Property App (available for IOS and Android) allow you to check out properties on a list or map view, save your favourite property searches, and use the watchlist to narrow down your picks. You can also choose to share properties with family and friends, contact the agent/seller, create viewing and open home appointments in your calendar and even add your own notes and photos – all from within the app.

oneroof.co.nz

Oneroof is a real estate website where buyers, sellers, tenants, agents and investors can find insights into the property market, including properties for sale, estimates of a property’s current value, historical sales data and trends, and open home times. It also features profiles of suburbs in hundreds of towns and cities across New Zealand, as well as calculators to help you discover what you can afford to borrow.

realestate.co.nz

Established in 1996, realestate.co.nz is New Zealand’s longest-standing property site. Each property listing includes open home times that you can add to your calendar, a list of schools in the area, suburb insights including median sale and asking prices, as well as listings for houses recently sold in the area you’re looking to buy.

By creating an account, you can save your searches and favourite properties and get real-time notifications of property price changes.

Working with a real estate agent

As a buyer, you can work with a real estate agent for free. Agents have their finger on the pulse and can alert you to new properties before they’ve even been listed online. They also have excellent local knowledge which they’ll gladly share. Ask to be added to their email list to receive their latest listings and market insights.

Real estate agents can also help you understand the method of sale and negotiate with the seller on your behalf. With a good agent on your side, it can be much easier to finalise the purchase.

Questions to ask your real estate agent:

• How long has it been on the market?
• What schools is it zoned for?
• Has the property had any work done to it as was the work permitted and certified?
• Are there any weather tightness issues?
• Does the property need any urgent repairs?
• Are there any changes coming to the area’s zoning?
• Are there any community issues brewing?
• Which chattels will remain?
• What is the current council valuation and rates?
• Are there any covenants or restrictions registered on the title?

• Hot Tip!

• Have these questions ready for your open home or viewing, as some details may not be online.

When comparing properties, it’s important to find out as much as possible before you consider making an offer.

Different types of land ownership in NZ

There are four main types of property ownership in New Zealand – each with varying rights, responsibilities and restrictions for the owner.

1. Freehold

Freehold is the most common type of ownership in New Zealand. You’re the single owner of the land and can do what you like with it (subject to council approval). Freehold properties usually cost more because they provide total ownership of both the property and the land it sits on.

2. Leasehold

A leasehold is when someone else owns the land. You pay rent to the owner in addition to the purchase price of the property. A lease determines how long you may have possession of the property and what you can do with it. A leasehold’s term can be a number of years, decades, centuries or even 1,000 years.

3. Cross-lease

With a cross-lease title you are part of a group that owns the land. Cross-leases can be divided into two or more homes, and each homeowner owns an equal portion of the land. If you want to make exterior alterations, each owner must approve them. All owners take responsibility for the maintenance of the land, including fencing and driveways.

4. Unit title

A unit title is typically how apartments are owned. Owners own a defined part of a building, such as an apartment, and share common areas such as lifts, lobbies or driveways with other owners. Once you purchase a unit title property you will automatically become a member of the body corporate. The body corporate owns the common property (like gym facilities, lifts and swimming pools) and typically charges each unit owner a body corporate fee to maintain it.

Fixed asking price

This is the easiest method of sale for first-home buyers. The seller sets an asking price, and buyers make their closest offer. Some buyers may make an offer under the asking price (it’s ok to try your luck!) and negotiate with the seller from there. The seller can accept, or decline offers until they get a price that they’re happy with.

Bear in mind that when a property is in high demand, there may be multiple offers made by multiple interested parties. This can result in a multi-offer situation in which the seller can choose whichever offer they think is the most desirable and move on to negotiate if necessary. If you are a buyer in a multi-offer process, you need to put your best offer forward because you may not have another opportunity to increase your offer.

Auction

An auction is a process of bidding for a property against other prospective buyers. The seller sets a reserve, which is the minimum price they’re willing to accept. Once the reserve price is met, or exceeded, the person with the highest bid is legally bound to buy the house. If the hammer falls on your bid, you must complete the sale.

If you are buying by auction, you will need to have obtained unconditional approval from your lender before you place a bid. You should always talk to your lender or financial institution before you go to an auction or make an unconditional offer.

Deadline sale

A deadline sale is where a property must be sold by a set date. There will be no set price, instead, buyers put forward an offer before the deadline. Sellers only have to sell if they receive an offer they’re happy with.

The real estate agent will present your offer to the seller, who will then either accept it, reject it or see if you’re willing to negotiate.

When buying a deadline sale property, there are two types of offers you can make:

• Conditional offers: this means you can commit to buying the property dependent on certain things happening first. For example, a common buyer condition is the completion of a satisfactory builder’s report – giving you extra assurance the house is in good condition.
• Unconditional offers: this type of offer commits you 100% to purchasing the home if the offer is accepted.

Negotiation

In this sale method, there is no end date for offers and potential buyers can make an offer based on what they think the property is worth. The seller will set an asking price or range and the buyer can offer more or less than the asking price and negotiate the sale.

Along with price, buyers can negotiate a longer settlement period or a sale subject to financial approval.

Tender

Purchasing a property by tender is when buyers submit an offer by written document before a set date. All offers must be made through an official tender document with a deposit included. The seller will accept the highest offer, and your deposit will be returned if your offer is unsuccessful.

If the seller is happy with your offer, they might just accept and sign the sale and purchase agreement.