Real Estate Agents….. Well most think that they can be done without but when it comes to seeling your house most of us although we dont like to agree with it couldnt have done without our agent. Now you will probably agree with me more if you had a good agent. This like in any idustry is a risk that will be present but you need to identify which is a good agent. This I have done previous in this blog but I will detail off in another blog post later. In this blog post I mainly want to talk about what the agent will do to get you listed up.
When I say listed up I mean formally signed into an agreement with the agent so that the agent can act on your behalf to sell the property. Here is the catch though and you need to be aware. When you do sign up you are not signing up with the agent as such but with the agency. When you enter into an agreement with a real estate agency to market your home, you are ‘listing your home for sale’. One agent may sign you up and be your main contact, but once you’ve listed your home all the agents in that company can try to sell your home.
The agency works for you and their skill and experience can make a lot of difference. If you dont know an agent yourself already talk with several different agencies to find the one that suits you best because you need to find someone you can trust and can communicate with peoperly. Also look for a company that looks to have a dominant market in the industry. This will really help as they will have greater reach than an agency thats smaller. So when you work with the agent you need to be confident they can do the job on your behalf. You need to ask questions.
Questions to ask the agent
- are you a member of the Real Estate Institute (MREINZ)?
- how long have you been in the business?
- what qualifications do you have?
- what references can you provide?(ask to talk to sellers they’ve worked for)
- how well do you know this area?
- what can you tell me about local trends?
- what buyers do you have on your books?
- how would you market my home?
- what sort of buyers will it appeal to?
- how are you better than your competition?
- what types of promotions do you do?
- what will you do if my home is slow to sell?
- when and how will you report back to me?
- what is your fee?
- would there be any other costs?
- what do you think my home could sell for?
- why do you think that is the right price?
- is there anything I should do to the home?
Two important things to remember
1. A point of warning. Some agents buy a listing. The value an agent puts on your house issometimes partly based on trying to get your business (are you likely to choose the agent who gives you the lowest price?) So how they will try to get the best price for you is more important than the price they quote. The best agent to choose is the one thats going to give you the best price in your pocket at the end of the day. Your buying opportunity is best in the first month. Be very careful not to be overpriced when you come to the market. Be realistic and firm.
2. You want to be sure the agency will try to get the best price for you, not just a quick sale. So look at their approach and experience, not just the sales figures. The experience of the office is just as important as your agent.
Sole or general agency?
A sole agency is when you give one real estate agency the exclusive right to try to sell your home for a certain period. It means you can’t list the property with anyone else or try to sell it privately during that time.
A general agency means you list your home with several agencies and can sell it yourself if you want. Only the agency that sells the home gets the commission.
You generally will get better service from a sole agency because they have more incentive to sell it. My advice is to only sign up for a short time, say one or two months at a time. This will help keep the agency ‘on it’s toes’, give them incentive to sell in that time and it means you can review their performance and change the agreement, or the agency, if things are not working out as you’d like. And on the other side of this in that time you may find that you just cannot accept the market value of your home so you should access if this indeed a waist of time or not.
Home buyers tend to shop around so listing with one agency doesn’t mean fewer buyers.
Listing agreements
Ask the agents you talk with for a copy of their listing agreement – this generally is standard practice. This is the contract between you and the agency setting out what the agency will do, how your home will be sold and the fees you agree to pay.
Agreements can vary quite a bit between agents – and you can negotiate what is in them. As with any other legal contract, you should get your lawyer to check the agreement before you sign it.
Before signing, check it includes
- your name and the agency’s name
- the correct details for your home
- the chattels that are or are not for sale
- how the home will be sold
- how and when the agency will report to you (ask for weekly reports)
- the agency fees and costs.
Be careful at this stage of selling. I would always ask for a marketing plan before signing an agreement. Even if it is not a concrete marketing plan you should get a commitment from your agent so that after signing the contract agreement that you will have things start to happen.
From here on in is where it gets exciting for you.
June 16 2009 | Home Sellers and Buyers Guides and Sellers | 4 Comments »
1. by offer and negotiation
2. by auction
3. by tender.
Most people sell through an agent, but private sales are becoming more common.
1. Selling by offer and negotiation
Most homes are still sold this way. You set an asking price, put your home on the market and if a buyer is interested they make an offer. If you’re using a real estate agent and someone wants to make an offer the agent usually contacts other interested buyers in case they also want to make an offer – so you could end up with several offers at once.
Offers are usually made using the standard sale and purchase agreement form developed by the Real Estate Institute and Auckland District Law Society.
If you want to accept, you just sign the form. But if you want to negotiate you go back with a ‘counter offer’ by putting your change on the form and then signing it. If the buyer signs the change the deal is done – or they may come back with another counter offer themselves. This process is repeated until you and the buyer agree on the price and all the conditions – or you can stop at any stage. Your real estate agent will act as the go-between and try to help you make the deal.
Once both you and the buyer have signed the form and initialled all the changes, the agreement becomes legally binding. The buyer then pays the real estate agent a deposit (usually 5-10% of the sale price).
Is the offer conditional?
The buyer will normally have several conditions in the agreement, such as getting a building consultant’s report, or arranging finance. Once these conditions are met the agreement between you becomes unconditional and you are both legally bound to go ahead with the deal. The real estate agent then takes their fee out of the buyer’s deposit and pays you the rest.
If either you or the buyer back out at this stage it usually means the lawyers (and maybe the courts) become involved and penalties and costs may be awarded.
Negotiating the deal
As the seller you can also negotiate on the price and the other conditions. For example you might be prepared to accept a lower price if the buyer makes an unconditional offer or agrees to give you more time to find another home. Or you might want to keep some of the chattels.
If the buyer wants to make their offer conditional on selling another home you can add an ‘escape clause’ in case you get a better offer from someone else. It means you can give the first buyer a deadline to go unconditional and if they can’t meet this you can accept the other offer.
2. Selling by auction
Auctions are often used if a property is unusual or hard to value because it has a special feature, such as a great view. The main advantages of selling by auction are that competition between buyers can push the price up – and the sale is unconditional.
The way it works is that interested buyers bid for your home on the auction day. You usually set a reserve (the minimum you’ll sell for) and once bidding is over this level the home is sold to the highest bidder, they pay a deposit and settlement is usually 20 days later.
Two important things to understand
1. you shouldn’t tell anyone your reserve – only the auctioneer just before the auction starts
2. you need to do your homework before setting the reserve, because if a home sells at auction it is unconditional – you can’t negotiate further.
What if the reserve isn’t reached?
If the bidding doesn’t reach the reserve the home is ‘passed in’ and the auction ends. However, you can then negotiate with the highest bidder or, if that doesn’t work out, with the other bidders.
You can also sell before the auction if you receive a good offer – but you would generally expect the offer to be unconditional. Usually if this situation arises the agents will notify everyone interested in your home, so they have a chance to put in offers as well.
One drawback to selling by auction is the extra cost of promotion, which you will have to pay on top of the real estate fees.
3. Selling by tender
Tenders give the seller a chance to see what interest there isin their home, without having to put a price on it. Tenders can also be useful if you have a set date you need to sell your home
by, but they generally work best for special or unique properties.
Potential buyers are invited to submit written offers, usually by a set date. You are not obliged to accept any of the offers, and can choose to negotiate with any of the people who have made an offer if you wish.
If your home is likely to attract a lot of interest, a tender may help you get the best price for it. This is because potential buyers don’t know what other people may offer and tend to put in their best price with few if any conditions. On the other hand tenders can limit the number of people who are prepared to make an offer – some are put off by the closed nature of the tender process.
You can tender your home using the services of a real estate agent, or privately through a lawyer or another agent. If you use a real estate agent they will arrange everything. You will pay their normal fees and probably extra for advertising.
| Selling by |
Advantages |
Disadvantages |
| Offer and negotiationCan be done through a sole or general agency, or privately |
- Most homes are sold this way
- Buyers have a price range to guide them
- Many buyers prefer this method because they don’t have to compete
- There is less pressure on the seller
- You can take your time to consider offers and wait for the right price
- You can negotiate until you get a deal that suits you
|
- You need to be sure of your asking price
- Buyers try to negotiate the price down – you will probably get less than your asking price
- The offer is likely to have conditions included
|
| Auction Can only be done through a sole agency |
- You don’t have to set an asking price (but you do set a reserve, which is private)
- You have a set day for the auction
- A keen buyer may pay a top price to get the home before it goes to auction
- Competition between buyers on auction day may push the price up
- A sale at the auction is unconditional
- If the home doesn’t sell you can negotiate with the bidder/s
|
- It is a very public process
- It’s not so suitable for average homes
- Only cash buyers can bid, which can mean fewer potential buyers
- You may have advertising costs to pay even if you don’t sell
|
| TenderCan only be done through a sole agency, or privately |
- You don’t have to set an asking price
- It’s a private way to sell
- Buyers put in their best offers
- Offers are usually received by a set date
- You can sell early if you want
- You can negotiate with some or all those who put in tenders
|
- Not so suitable for average homes
- Some potential buyers are put off by the ‘closed’ nature of tenders
- You may have advertising costs to pay even if you don’t sell
|
June 01 2009 | Home Sellers and Buyers Guides and Sellers | No Comments »
It’s important to do your homework before you decide on the asking price for your home. There are several sources of information you can use to work out what your h
ome might sell for.
Your rateable value
The rateable value (RV) provided by your local authority is not necessarily a good guide to what your home might sell for. Some homes sell for a lot more, or less. The value does not include chattels, such as carpet, drapes, light fittings, appliances and built in items that can add to the saleable value of your home.
Your real estate agent
Most agents are happy to do a free appraisal to give you a price they think it would sell for. While an experienced agent will have a good idea of the current market, it is still only their view and different agents could have quite different views. Some may tend to give a higher price to encourage you to sign up with them, while others may give a lower price because it makes the home easier to sell.
Other recent house sales
Try to find out what other homes in the area have sold for in recent months. You can buy this information from QV (Quotable Value). Your real estate agent can provide similar information from the REINZ (Real Estate Institute) database. You could ask the agent to show you similar homes for sale in your area, so you get a feel for the ‘competition’.
Registered valuation
Getting a valuation from a registered valuer may cost $500-$800, but it can be a good guide to how much your home is likely to sell for. The valuer will look at the features and condition of your property, as well as what similar properties in the area have sold for. Ask your lender who they recommend you use.
A registered valuation can be a useful negotiating tool. You don’t have to tell the agent or anyone else what the valuation is, but you can indicate that an offer is under valuation and needs to come up. Or if you are happy to accept an offer at the valuation price you could offer to share the valuation report with the buyer if they share the cost with you.
What will a buyer pay?
Many people think their home is worth more than it really is – but in the end it’s only worth what a buyer will pay. If you overprice your home you could put genuine buyers off. And if a home is on the market for a while without selling, buyers tend to wonder what’s wrong with it. So it pays to be realistic about your sale price at the start.
Is your home hard to value?
If your home has features that set it apart from other homes, such as a view or waterfront location, it may be hard to decide on a sale price. It may be better to sell by auction or tender because you don’t have to set a sale price – instead the buyers bid or tender what they are prepared to pay.
Do you have a large section?
It will increase the value of your property if your section can be subdivided. Check it out with your local authority and if subdivision is possible tell the valuer and agent.
May 29 2009 | Home Sellers and Buyers Guides and Sellers | No Comments »
What are your options?
Before you decide to sell, here are a few things to think about first
- could you get the home you want by renovating or extending instead?
- how much more will you have to pay to get the home you want – can you afford it?
- would it be a good idea to keep your current home as a rental investment?
- if you’re selling so you can retire do you have any other options?
Should you do up or move?
Selling and moving can be an expensive business. So if you like the area but the home no longer meets your needs, renovating or extending may be a good option instead of selling.
On the plus side
You save the cost of moving and selling your home. Estate agents fees could be up to 4% or more of the price you sell your home for – and moving could cost you several thousand dollars. There’s more about costs later on, and a list of costs in the guide Tool kit.
On the other hand
You need to be careful that you don’t overcapitalise and spend more on your home than it’s worth. If you alter your home would this make it better than other homes in your street or area? If the answer is yes, you may not get all your money back when it’s time to sell.
It’s not for everyone
Doing up a home is not for everyone. It can be hard living in a home during renovations, and if you have to move out for a while it can add quite a bit to the cost of the project.
There’s more about renovating in the ‘Building and renovating’ section, and some advice on what may or may not add value to your home.
What will it cost to move?
The main costs you will have when you sell are the real estate fees and your moving costs. But you also need to be prepared to pay some one-off expenses for your new home, for instance if you need to make repairs or buy new appliances and furniture.
Real estate fees
The real estate agent is paid by the seller when the house sale becomes unconditional.
The fees and costs can vary quite a bit from company to company. Some companies charge a base fee plus a commission based on how much your home sells for. Others charge just a commission and some charge a fixed fee no matter what your home sells for.
Base fees are usually around $500 plus GST. Commissions are usually about 3-4% (plus GST) of the sale price, but may work out less for more expensive homes – or you may be able to negotiate a fixed fee. You may also have other costs such as advertising (which you pay even if the home doesn’t sell).
You may be able to get a better deal, especially if you sign up with just one agency, so be prepared to talk with several agents and negotiate the fee. However, the fee is not the only thing you should think about.
Moving costs and insurance
Moving costs vary considerably. You could expect to pay anything from $1,000 to $3,000 to move within the same town or city. It also depends on how much of the packing you will do yourself.
Most contents insurance policies don’t automatically cover your belongings during a move, so you’ll probably need to ask your insurer to give you extra cover for the day. Or the moving company may be able to provide the cover. If you’re planning to do any of the packing or moving yourself, it would pay to check what the insurance will cover.
Should you keep your home as an investment?
Many New Zealanders own a second home as an investment. It makes sense to do the sums and think about the possibility of keeping your current home as a rental property before you decide to sell. It could be one way to start or expand your investment portfolio.
On the plus side
If owning a rental property is something you have in mind for the future, keeping your current home when you move could be a practical way to achieve it. It means you’ll save on the time it would take you to look for a suitable rental property to invest in, you won’t have to pay a real estate fee to sell your current home, and you should have a good idea of what maintenance might be needed.
On the other hand
Not all homes are suitable rental properties. You need to be sure the home will be easy to rent, and that you can get enough rent to cover the costs of keeping it. We can help you work out how much you might need to borrow, and what your loan would cost.
Will the rent cover the costs?
To get an idea of the rent your home might fetch, check similar places listed with local rental agencies. The Department of Building and Housing website provides information on average rents for homes around the country.
You could also ask a rental agency, or property manager, to give you an opinion about how easily your place might rent and what rent you could expect to get.
Ideally your rent should cover your loan and all expenses for the property. You need to allow at least 25% of the rental income for running costs such as rates, insurance and maintenance – and more if you use a property manager.
Would it make a good rental?
You need to try to think about your home in a detached way (which is not always easy).
Ask yourself
- is the home in a good, safe area?
- are there good facilities nearby, such as shops, medical centre, sports grounds?
- is the home close to public transport?
- is it in good condition?
- is it easy to maintain?
- are the grounds easy to look after?
- is it sunny, sheltered and not damp?
- are the living areas a reasonable size?
- does it have 2-3 bedrooms?
- does it have a modern bathroom, kitchen and laundry?
- are appliances and fittings in good order?
- is there a garage or off-street parking?
- is there private outdoor living space?
- how much rent could I expect to get?
- would the rent cover the loan, rates, insurance and upkeep for the property?
If you’ve answered mainly ‘yes’ chances are your home has reasonable rental potential. But you also need to check with local authorities to see if there are any plans for major changes in the area that could affect the property’s future value, such as zoning changes or plans to build a motorway nearby.
Try to avoid ‘having to sell’
It’s best if you don’t have to sell in a hurry. So if you’re making an offer on another home, give yourself plenty of time to sell. And make your offer conditional on your home selling at a price acceptable to you. If you can’t sell by the date set and don’t want to miss out on the new home, ask your lender if you can get ‘bridging finance’ (a short-term interest only loan) to tide you over.
If you’re in a position where you think you may have to sell, it could be a good idea to put your home on the market sooner rather than later, to give yourself more time to find a buyer willing to pay the price you want.
May 28 2009 | Buyers and Home Sellers and Buyers Guides | No Comments »
Your lawyer’s job is to protect you by checking contracts, explaining your rights, and making sure the property’s title is in order. They also do the legal work to transfer the property to you (the conveyancing) and register your mortgage on the property title.
They’ll provide advice on things like different ways to own the property (for example as joint tenants), negotiating the price and things you need in your sale and purchase agreement.
They may also help with arrangements for your loan and insurance. And they’ll probably suggest you make a new Will and Enduring ower of Attorney, so your affairs are in good order if something happens to you.
Before you make an offer
You should always seek a lawyer’s advice before you make an offer to buy a home.
They can help you by
- checking the sale and purchase agreement, auction or tender documents
- making sure you have the right conditions in your offer to protect you
- arranging valuations and reports
- advising you on ownership matters and any legal issues
- providing advice on negotiating the price.
If you’re buying at auction or wanting to make an unconditional tender, your lawyer will need to do all the legal checks first, such as checking the title and LIM report.
When your offer is accepted
Once your offer is accepted your lawyer makes sure the conditions in your agreement are met and starts doing the legal work to transfer the property to your name.
The transfer is done electronically using Landonline (the electronic dealing system of LINZ, Land Information New Zealand). Your lawyer signs online on your behalf, so they will ask you to sign a form giving them authority to act for you.
At this stage their job usually includes
- checking the title for any ownership restrictions
- checking the LIM for things like consents, and potential problems
- checking local authority plans to see if any major changes are likely
- checking all the conditions in your agreement are met
- preparing the authority form for you to sign and confirming your identity so they can act on your behalf
- setting things up in Landonline – a lot of the legal work is done in advance
- explaining your loan agreement to you and arranging the mortgage
- checking rates and other costs are paid up to date
- making arrangements with you and the bank for payment of your loan and your share of the purchase price.
Your lawyer will also check the property is insured – this is a condition of your home loan. We can arrange all your insurances when you apply for your loan.
You should never sign an offer or any legal document without asking your lawyer to check it first.
Do a final check
Before settlement day it’s a good idea to do a final check to make sure
- the property is still in the same order
- any agreed repairs have been done
- everything you’ve bought is still there.
If there’s a problem, talk to your lawyer before everything becomes final.
On settlement day
On settlement day your lawyer works to settle the deal and does the transfer of ownership.
This work includes
- doing a guaranteed title search
- liaising with the seller’s lawyer to make sure you receive a clear title
- paying the money to the seller’s lawyer
- ensuring the seller’s lawyer does their side of the electronic dealing
- completing the transfer using Landonline
- final details such as where you get the keys and when you can move in!
The money paid on settlement day takes into account the deposit you’ve already paid on the home to the real estate agent.
After settlement
After settlement the lawyer will
- register the new mortgage and the transfer of the title
- provide you with a statement showing all the purchase details
- send a copy of the title, mortgage and certificate of insurance to your lender
- give you a copy of the title showing you registered as the new owner.
Are you buying with someone else?
There are two main ways of sharing the ownership of a home. You can have a joint tenancy where you own the home together and if one person dies the others take over the ownership – this is the way most couples own a home together. Or you can have a tenancy in common, where you each own a share and can leave your share to anyone you wish in your Will – this is more common when there are several owners. Another option is a property sharing agreement. Your lawyer will advise you on the best way to set things up for your situation.
What types of ownership are there?
Most people buy a freehold home, but there are quite a few different ways to own a home.
Freehold – this is the most common type of ownership. It means you own the land and house with virtually no restrictions on your ownership rights. The term freehold is also commonly used to mean that you don’t owe any money on the home.
Leasehold – with this type of ownership you lease the land and pay rent to the landowner. You own the house but your use of the land may be restricted, and the rent can go up. You can sell the lease if you want to move, but you may need to tell the landowner first.
Cross-lease – this is where there are several homes on a piece of land and all the owners own the land together. Each owner leases the land their home is on from the others for a small cost.
Unit title – you own or lease your unit but common areas (like stairways and parking) are managed by the body corporate.
Company title – if you buy a flat with company title, you buy ‘shares’ that give you the right to live there. The company administers and maintains the block of flats.
Licence to occupy – with this type of ownership you don’t actually own the land or buildings, but you have a right to live there for life. This is the most common type of ownership for retirement villages.
May 25 2009 | Buyers and Home Sellers and Buyers Guides | No Comments »
Buying a home is a big financial commitment and is going to impact your life for a good part of your adult 
life. And usually we don’t have enough money to go out and buy a home. So we need to finance this. What’s this? It’s a loan. When you buy a home you usually need to put in a deposit – either money you’ve saved or equity from another property. The more you can put in the better, because it reduces the amount you need to borrow. Most lenders will ask you to put in at least 10-20% yourself as a deposit.
You can usually take out a home loan for up to 30 years (this is called the loan term). Most lenders will charge you a fee to set up your loan.
Principal and interest
The money you owe is called the principal. With most loans you make fortnightly or monthly repayments and the money is split so that some goes to repay the principal, and some to pay interest to the bank.
Interest is what you pay the lender for the use of their money. It’s always an annual percentage, for example 7% p.a. (p.a. is short for per annum, meaning a year). It’s usually worked out each day and charged to your loan every fortnight or month.
With a long-term loan you often end up paying more in interest than the amount you borrow. But you can make big savings by paying your loan off as quickly as possible.
You can save a lot in interest if you
- pay half your monthly loan payment every fortnight (it means you make two extra payments a year)
- make your payments as big as you can and increase them whenever you can
- keep your payments the same if interest rates go down
- pay off extra when you have spare cash.
To make the most of these suggestions you’ll need some of your loan on a floating rate.
Different types of interest rates
There are three different types of interest rates – floating, fixed and capped, or you can get a loan with a combination of these.
Floating interest rate - this can go up and down when the market changes, so you pay the going rate. This type of rate gives you more flexibility to actively manage your loan, for example you can pay off some or all of the loan without having any extra costs to pay.
Fixed interest rate - this type of rate is fixed at a set level for a certain time. It’s good for people who need certainty about how much their payments will be. If you want to change a fixed rate loan or end it early a ‘break cost’ may apply.
Capped rate - the interest rate can go up and down – but it can’t go over a set level for a certain time. It gives you some certainty about payments and you won’t get caught on a high rate if rates go down.
Combination of rates and terms - you can have the best of all worlds by having part of your loan on a floating rate (an amount you think you can pay off quickly) and the rest on a fixed or capped rate so you have more certainty about how much your payments will be. Or you might want to combine several fixed (or capped) rate terms so not all your loan is due to be ‘refixed’ at the same time. This can help you manage the risk that interest rates are higher when your fixed rate ends.
What types of loans are there?
There are several different ways of paying off your home loan. Most people choose a table loan because it gives more certainty about payments, or a transactional loan because it’s more flexible.
Table loan
With a table loan your regular payments are the same each time (unless interest rates change). At first most of the money goes towards the interest you owe, but as your loan starts to go down more of each payment goes towards repaying the loan itself. This is the most popular type of loan because it gives more consistency to your payments.
Interest only loan
An interest only loan is where you pay all the interest owing each fortnight or month, but nothing off the loan itself. These are usually short-term loans (up to 3 years) to help keep payments low while you are building, or if you need bridging finance while you try to sell another home. You have to repay the whole loan at the end – or get another loan. An interest only loan will cost you more in interest than a table or reducing loan because the principal isn’t going down.
Transactional and revolving loans
With a transactional loan your loan and everyday banking are combined into one account. There are usually no set repayments as long as your loan balance goes down a certain amount each month.
A revolving loan is where you can keep taking the money out again – so it’s like a large overdraft. There’s usually a set date when you have to repay the loan by.
Reducing loan
With a reducing loan you pay a set amount off the loan each time plus all the interest you owe. So your payments are a lot higher at the start than later on. This can save you interest because you pay more off the loan earlier on.
May 24 2009 | Home Sellers and Buyers Guides | No Comments »
Well by now hopefully you have chosen what you want. Done your research and found what you need to find and are able to make an educated decision when it comes to buying your home.
There are three main ways to buy a home
1. by offer and negotiation – you make an offer and then negotiate if necessary until you and the seller agree on a price
2. at an auction – you go along on the day and everyone interested bids against each other until only one bidder is left
3. by tender – everyone interested in buying puts in a written offer for the seller to consider, usually all at the same time.
Most homes are still sold by the first means. But auctions and tenders are often used in sought after areas, or if a home has a special feature, or needs to be sold by a set date.
Buying by offer and negotiation. This is normally done through a real estate agent using a standard sale and purchase agreement. You make a written offer using this form, which the agent takes to the buyer.
If the buyer accepts your offer, they sign it and the form becomes your sale contract. But the seller may want to negotiate and make a counter offer (where they change something in the offer then sign it). The agent will come back to you to see if you agree to the change and if you do, you sign the change and the deal is done. Or you might decide to change something yourself and the process is repeated until an agreement is reached or one of you decides to stop.
The big plus about buying this way is that you can take time to think – and you can put in conditions that let you check the place out before you’re fully committed.
Important things to know
Your sale and purchase agreement is a legal contract. You need to have it checked by your lawyer before you sign it – and if any of the conditions change during negotiation. The agreement becomes binding once both you and the seller have signed it and initialled all the changes. You can stop negotiating at any time up until then.
You can take your time. You don’t have to have everything agreed in one day or evening – although this is what the agent may be hoping to do.
If the seller changes something, you can change the offer. So if the price goes up you may want to extend the settlement date or ask for something else to be included in the deal. Or you may want to make your offer more attractive without raising the price by taking some conditions out.
Paying a deposit to the agent
Once everything’s agreed you pay a deposit of 5–10% of the sale price to the agent. The rest of the money is paid on settlement day. The agent pays the money to the seller when your offer becomes unconditional (when all the conditions are met and the sale is definitely going ahead). You get your money back if the sale falls through because the conditions are not met. Butyou can’t usually get it back if you want to back out after everythingis unconditional.
The deposit is held in a trust account and is protected by law. No one can take it if the real estate company goes broke and there’s a fidelity fund to cover missing money.
If you’re buying privately
The process is much the same if you’re buying privately but it may be more difficult negotiating directly with the seller, especially as they may be expecting more from the sale. It’s very important to use your lawyer at each step. If you buy privately, pay the deposit to your lawyer so they can arrange for it to be held in a safe trust account.
The sale and purchase agreement
The agreement mainly used these days is a standard one created by the Real Estate Institute and the Auckland District Law Society. It’s about 10 pages long and in small print, so you may want to get a copy from your agent and read it in advance so you understand
what’s in it.
It covers things like responsibilities under various laws and what happensif settlement is late – and lets youinsert your own dates, amountsand conditions.
Is your offer conditional?
Making your offer subject to conditions gives you time to check that everything’s okay. If your conditions are not met you don’t have to go ahead, or you can renegotiate – for instance you might be happy to do repairs if the price is lower. It’s very important that your lawyer checks your offer and any conditions you add. The other thing to remember is that too many conditions can put a seller off.
Is your offer unconditional?
If you make an unconditional offer you need to sort out your loan and everything else beforehand because once the offer is accepted you have to go through with the sale. If you break the contract you can be sued.
Sellers can add conditions too
Sellers can also add conditions, although this is less common. One you may see is an ‘escape clause’. This means if they get a better offer they can give you a deadline to make yours unconditional. If you can’t meet the deadline they can accept the other offer.
Important dates
Your offer has several dates in it. The finance date is when you need to have your money arranged by and settlement date is the day you take over the home. I suggest you put in a date that your offer ends if the seller doesn’t accept it – that way you’re not left
wondering while the seller possibly waits for a better offer.
This offer is subject to…
Here are some common types of conditions buyers add to the agreement.
• finance – this gives you time to arrange your loan. Make sure it says finance on terms satisfactory to you or you could be forced to borrow on terms you don’t like
• title search – so your lawyer can check there are no problems with the title, or restrictions, covenants or easements you need to know about
• valuation report – so you can check the market price. Your lender will probably want you to get one anyway
• LIM report – so you can check what the council knows about the property and make sure there are no problems with things like consents or flooding
• building inspection report – so you can check the building is sound and find out about any problems that might cost money
• engineer’s report – so you can check any structural or land issues
• sale of another home – if you need to sell one home to buy another.
You might also want to add other conditions covering things like repairs they’ve said they’ll make or extra items they’ve agreed to leave.Your conditions need to state that the report, finance or repairs must be satisfactory to you. Otherwise you will still have to go ahead even if you’re not happy with the results.
Your lender will need to see the sale and purchase agreement after the deal is done. But talk
to them beforehand to check if they have any specific clauses they want added.
My advice is to always get legal advice and get the agreement explained to you before signing anything. Although I myself think this is annoying when your trying to secure a deal I honestly believe this is the safest thing to do. An agreement is binding and I would hate to think that your going to be bound by something you dont fully understand.
May 23 2009 | Buyers and Home Sellers and Buyers Guides | No Comments »
When you have decided on a house you need to take a good look at it and make sure that you are going to be buying it in a reasonable condition (do a building inspection) – this is where every dollar counts because there are some things that can be a disaster for you and cost you thousands if you do not look into them properly. If there is anything wrong with the property it is always a good idea to know what it is before you go into putting offers in. You will need to budget for these other things into the amount you can afford for the house. For example if it needs a new roof you should not pay a rice for the property that is assuming it has a good roof.
Here are things to look for:
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Structural
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Floors
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Are the floors uneven or do they move when you walk around (try jumping up and down)? It could mean problems with the piles. Check for rot and borer holes. Are the floors spongy or damp?
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Walls and ceilings
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Look out for rust or other stains, mould, bulges and cracks that could indicate leaks or that a house that is sinking. Check for fresh paint and plaster that could be a cover-up. Are walls and ceilings insulated?
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Doors and windows
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Check they open without sticking, that handles and locks work (and have keys). Sticking or crooked windows and doors can mean a home is moving. Check woodwork for rot and borer. Check rubber seals on aluminium doors are not perished.
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Under the house
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Look for signs of dampness, leaks, borer, pests, gaps or rot in floorboards, cracks in the foundations, rotten or sinking piles. Is there good ventilation to keep it dry? Test wooden piles below ground level for soft rot.
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Inside the roof
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Look for leaks, holes, sagging roof, cracks in the chimney, bird nests. Check for insulation.
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Living areas
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Light
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Is there enough natural light? Do skylights open?
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Gas
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Are the flames strong? Turn all outlets on at once to check flow – if the flames are weak there could be a blockage. Gas fires need to be vented to the outside to prevent condensation.
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Power
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Are fittings, switches and sockets in good repair? Are there enough power points and lights? Is the switchboard old?
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Fireplace
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Does it work? Is the chimney old or cracked? Is there a permit? Black stains above the fire can mean it’s not working well.
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Central heating
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Does it work? Ask to test it. Ideally there should be outlets in most rooms, and several controls around the home.
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Fittings and chattels
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What chattels are included in the sale? Are carpets, curtains, lights, heaters, dishwasher and so on in good order?
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Flooring
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Check under furniture for worn or stained patches.
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TV
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Is there an aerial? Is the reception good?
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Kitchen, bathroom and bedrooms
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Water
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Check all taps work – turn them all on at once to test pressure. Is there plenty of hot water? Is the tank insulated and restrained?
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Fans
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Do they vent to outside? If they don’t, they can cause fires.
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Appliances
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Do the oven, hobs, dishwasher and rangehood work?
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Cupboards and wardrobes
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Look inside them. Is there enough storage? Do they open and shut properly? Check for mould and damp smells.
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Toilet
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Does it flush strongly? Are the bowl and cistern cracked or stained?
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Bath, shower and hand basin
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Are they in good condition? Check the water pressure and look around them for signs of mildew, leaks or rotting surrounds.
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Outside areas
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Roof
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Check for rust, holes, cracked tiles, signs of leaks.
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Outside walls
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Check for rotten or broken boards, cracks in plaster, rust or other stains. Is the cladding clear of the ground?
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Plaster and paintwork
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Is it in good repair? Is it cracked? Look for peeling paint and plaster. But also check new work to make sure it’s not a cover-up job.
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Spouting, gutters and flashings
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Look for rust, holes, cracks and gaps. Are all doors and windows flashed or sealed to prevent leaking? Check for broken sealants.
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Sheds, garages and decks
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Are they in good order? Have they been built with permits? If decks or balconies are fully clad, check carefully for signs of leaks or repairs.
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Banks
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Is there any sign of erosion? Are retaining walls in good condition?
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Boundaries
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Ask where the boundaries are? Can you see any survey pegs? Are fences in the right place? Is anything over the boundary? If you’re not sure, you could get a plan from the council and measure things out – or get a survey done.
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Drainage and flooding
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Are there storm water drains? Is the ground boggy? Are there nearby streams or rivers that flood?
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Access and driveways
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Is there good access to the house? Are steps, paths and drives in good order? If access is shared is it likely to cause problems and who pays for the upkeep?
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Other
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Is there a washing line? Is there an entry porch? Are fences and railings in good order? Is the soil good? Are the grounds well looked after? Look under and behind big pot plants – they may be a cover-up.
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Also think about
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Noise and smells
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Check for noises from traffic, trains, planes, neighbours, nearby industry. Check for smells from local businesses, waterways or rubbish collection. Visit at different times of the day to check.
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Safety, security and fire prevention
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Is the access well lit? Is the street lighting good? Check for fire exits – are fire escapes in good order? Are there smoke detectors? Is there a security system? Do all external doors lock? Do all windows fasten securely? Do decks and balconies have secure railings?
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May 21 2009 | Buyers and Home Sellers and Buyers Guides | No Comments »
Once you’ve found a home you’re interested in you’ll want to check it out carefully. It really is a case of buyer beware. You don’t want to end up with a lemon, or costs you hadn’t planned for. Here are some ways you can check out the place you’re interested in.
1. Check the place out
When you visit a place you like, take your time. Go back several times. Ask the agent lots of questions, and do a thorough check for things you may have to fix or want to change.
2. Contact the council
Ask your local and regional councils for information about the area and any future plans. Talk to the town planners (and ask them if there’s anyone else you should talk to). Ask about the district or resource plan. It sets out the rules for development in the area, including zones and building heights. You can also get things like drainage and building plans and copies of permits for the property from your council.
3. Apply for a LIM report
A Land Information Memorandum (LIM) from the local authority gives you all sorts of valuable information about drainage, roads, flooding, erosion, consents etc. There’s a charge for LIM reports and prices vary around the country but you can expect to pay around $150–$350 (costs are generally higher in the larger cities and you usually pay more if you need an urgent report).
While LIM reports can contain a lot of valuable information they may also be missing vital bits (such as accurate boundaries, or mention of Wahi Tapu or sacred sites), so it’s a good idea to also talk with the staff and try and find out what other information the authority may have about the property and its neighbours.
4. Get expert advice
Get a report on the property from a licensed building surveyor. Make sure you choose someone with a good reputation and ask them what their report will and won’t cover. Also ask them to give you an idea of what it might cost to fix any problems they find. If there could be any problems with the land or large structures you should also get a report from an engineer.
You my also want to check with the Weathertightness service (see the Useful contacts section) to see if there has been a leaky home claim for the property.
5. Check the title to the property
This will tell you if there are any restrictions that could affect your ownership or use of the property. The agent should have a copy of the title. Also talk to your lawyer about the title and any other checks they think you should do.
You might also want to ask your lawyer about title insurance. It could help protect you if you find later on that the boundaries are wrong or there has been illegal work done on the property.
Is the home in good order?
Before you buy a place you want to be sure it’s in good order, or at least know what repairs are needed and how much they may cost. Your best protection is to get a report from a building consultant. But you probably won’t want to pay for a report until you’ve done some checks yourself and are fairly sure it’s the home you want.
Here are a few pointers
When you check the home look for structural problems, or things like rotten wood or leaks that can be difficult and expensive to fix.
Signs of movement and sinking include cracks in walls and doors or windows that are crooked or jammed. Rotting or borer filled timber is soft and spongy. Rotting wood sounds ‘dead’ when you tap it and crumbles if you push a key or something sharp into it.
Signs of leaks include mould, mildew and bulges in the wall. Often the place will smell musty as well. Musty or unpleasant smells can also be a sign of problems with the drains or sewerage.
Be wary of fresh paint and plaster especially if only some areas have been done up – it could well be covering up a problem. Furniture and pot plants can provide good camouflage too, both indoors and out, so don’t be embarrassed to look behind or under them.
Some common problems include
• poor ventilation and lack of insulation
• lead paint and asbestos problems
• dangerous wiring
• deterioration in wall claddings and roofs
• rotting timber windows
• perishing seals on aluminium windows
• breakdown of silicon sealers
• leaky homes.
How much will maintenance cost?
The cost of repairs and maintenance depends on the age and condition of the home. But you’ll probably need to allow at least $3,000-$5,000 a year. It doesn’t mean you’ll spend this much every year. But over the years you will have maintenance costs, sometimes quite big ones, and you need to be prepared for this. Here are some rough estimates based on an average size home. 
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Some typical costs
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$ Estimated
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New roof (steel)
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From $10,000
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New spouting/gutters
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$3,000–$4,000
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Re-wiring
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$12,000–$15,000
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Re-plumbing
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$10,000–$15,000
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Re-piling
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$10,000–$15,000
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Outside paint job
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$5,000–$12,000
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New switchboard
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$3,000–$4,000
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Ceiling insulation
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$1,500–$3,000
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Retaining walls
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$200–250 a metre
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Storm water drains
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From 10,000
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Fencing
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From $100 a metre
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New kitchen
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$8,000–$20,000 +
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New bathroom
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$8,000–$20,000 +
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New shower
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$1,000–$,3000
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New toilet
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$300-$1,000
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New carpet
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$6,000–$15,000
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Central heating
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$3,000–$10,000
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New gas or wood fire
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$1,000–$5,000
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May 19 2009 | Buyers and Home Sellers and Buyers Guides | No Comments »
How much can you borrow?
The amount you can borrow depends on
• the value of the home you want to buy
• how much equity or deposit you have to contribute
• how much you can afford to pay towards your loan.
These things all need to balance, so if you can afford a bigger loan you may need less equity or deposit.
How much is the home worth?
How much you can borrow is based on the market value of the home. Every lender has different lending guidelines but most will let you borrow up to
• 80% of the home’s market value (or the price you pay, whichever is less) depending on your situation. In some cases you may be able to borrow more.
• 70% for a purpose built apartment, or up to 65% for a converted apartment
• 40–70% of the land’s market value for a section depending on the area and services such as water and power.
What equity or deposit do you need?
Generally you need to have put in at least 10-20% of the money yourself before you can get a home loan – this is your deposit. It depends on the value and location of the home and your financial situation. This money could come from either equity you already have in a home, from a deposit you have saved, or from being in KiwiSaver.
The word deposit is also used to mean the money you pay the real estate agent as the down payment on your home.
What about KiwiSaver?
If you have been saving with KiwiSaver for at least 3 years you may be able to take out some or all of your contributions (plus your employer’s contributions) to help you buy your first home. After 3 years of saving you might also get a Housing New Zealand first home subsidy of up to $5,000 depending on how long you’ve been saving. If you qualify you’ll get $1,000 a year for up to 5 years’ saving. Couples who both qualify could up this amount to $10,000 between them. To qualify there are certain income and home price levels.
What if you already have a home?
If you already own a home and want to sell it to buy a new one, you can usually use the equity in your current home as the deposit for your new one. Equity is the portion you own yourself after your home loan is paid off.
Or you may be able to keep your current home as an investment and use some of the equity you have in it to buy another home. If you’d like to find out more about investing in property and whether your home might be a suitable rental home.
What loan can you afford?
There’s no easy way to work out what you can afford – because everyone’s situation is different. You might like to start by doing a simple budget so you know what your current situation is and how much you might be able to afford to spend on a home loan. There’s a budget worksheet in the tool kit at the back that you might find useful.
Most lenders say your total loan payments (for all debts) can’t be more than about a third of your income before tax. But they also take your other expenses into account and want to know that you have spare income left over for unexpected expenses – and so you can still have a life after buying your home.
Here’s a quick guide…
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If your annual household income before tax is…
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You may be able to borrow…
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$50,000
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$186,200
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$60,000
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$235,000
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$70,000
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$287,000
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$80,000
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$335,700
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$90,000
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$384,400
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$100,000
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$433,000
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$120,000
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$533,600
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$150,000
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$595,100
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May 17 2009 | Buyers and Home Sellers and Buyers Guides and Uncategorized | No Comments »
After you think about the area you want to live in you need to decide what type of home you want to live in. Sometimes this can change the area you will need to look in so you need to get this step sorted out relatively early so that you can get it right so that you are not left at the drawing board for too long. Here are some of the things you have to ask yourself and think about when trying to decide what type of home you want to live in.
Would you prefer an older home?
An older home can provide character in an established setting. Rooms are often large with decorative details. But don’t get carried away with the character and forget to think about the work and money that might be needed.
Here are a few things to consider
• older homes can be hard to heat – they often have no insulation
• the layout may not suit modern living – often the living rooms are at the front, away from the kitchen and private garden
• it can be hard to know what’s ‘behind’ the walls, so alterations can be expensive – builders may want to work for an hourly rate instead of giving a firm price
• the age may mean wiring, roofing, piles and plumbing need replacing
• sometimes even if you want to make small changes you’ll end up having to do other work to get consent
• some renovations need special care – asbestos products were used until about 35 years ago, and some paints contained lead until about 15 years ago.
Check everything carefully, get expert advice first, compare as many homes as you can – and ideally find one where the major work has been done for you.
Do you want a new home?
New homes are generally well insulated, need little maintenance and have modern kitchens and bathrooms. But you may have the extra costs of landscaping, buying curtains and carpets, and commuting. A new subdivision can take a while to start to look established. If you’re keen to build, read the section on building and renovating later
Do you want an apartment?
Living in the city is popular and an apartment can be the ideal first home or retirement unit. An apartment can provide convenience, security and less maintenance, and make it more affordable to live in a good location.
On the other hand, a small two bedroom apartment with no parking or outdoor space in town can sometimes cost more than a three bedroom home further out. And not all apartments are good investments.
Apartments in older converted buildings can be a problem and make finance and insurance harder to get. Why? Because older buildings may need expensive maintenance, and many earlier conversions were poorly done by people out to make quick money.
There can also be problems with newer apartments, for example with building quality or sound proofing. And in some areas the large number of smaller, poorer quality apartments built has affected prices.
In general it’s not a good idea to buy ‘off the plans’ in a new complex where you have no proof of the finished quality. Some owners spend years getting problems sorted out.
Many people say they love apartment living and it’s one of the best moves they’ve made. But there can be pitfalls so it’s important to do your research and get good advice first. Here are a few tips to get you started
• talk to your local authority and ask them if they know of any problems – they do all the consents and inspections
• get advice from an independent valuer with experience of apartments in the area you’re looking – don’t rely on a developer’s valuation
• choose buildings by local architects, builders and developers with a good track record
• be wary of buildings where apartments often come up for sale – there may be problems with the building or the body corporate.
When you’re looking ask
• is there enough space to suit your lifestyle and belongings?
• does the home have the features you want? Use our checklist over the page
• does it have storage and parking? Can you get in and out of the park easily?
• does it have good safety and fire prevention features?
• will noises and smells from the area bother you? Visit at different times to make sure
• what happens to the rubbish? Check it’s not stored near your unit
• can you hear the neighbours? Check for living and plumbing sounds at times others are home
• is there a live-in manager? If there is, meet them and ask how things run
• what work has been done recently and is there money put aside for new work?
• have there been any problems with the apartment or the complex, such as leaks, and what has been done about them?
• what are the body corporate rules and the levies you have to pay?
• is there a fund or savings plan to cover large maintenance work?
• what are the other owners like – are they mainly owners or renters? This may affect how quiet and well kept the complex is
• what is the area like – how is it likely to change in the future?
What’s the body corporate?
Most apartment complexes have a body corporate. All the owners belong and pay a levy to cover building running costs and maintenance. The group is responsible for looking after common areas such as stairs, hallways, garaging, car parks and grounds. It also sets the rules for the complex and these can affect what you can do with your unit (for instance you may not be able to alter your unit or run a business from home). Every body corporate is different and it’s important to find out how it works and what the rules are, because it can affect both your use of the property and the value of your investment.
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What do I want in a home?
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Inside my home
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How many bedrooms do you need?
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How many bathrooms do you want?
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Do you want formal and informal living areas?
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Do you want a separate dining room?
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Would you like open plan family areas?
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Do you like the living to flow to the outdoors?
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Would you like a fireplace?
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Do you want a separate toilet?
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Is a separate shower essential?
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Would you like a bath?
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Do you want an ensuite bathroom?
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Do you want a study or office?
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Do you need extra space or storage for hobbies?
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Do you want a modern kitchen?
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Is gas heating or cooking important to you?
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Would you like central heating?
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Do you want a security system?
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Outside my home
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Is a view important to you?
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Do you want morning, afternoon or all day sun?
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How important is shelter from the wind?
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Do you want a private, quiet or secluded home?
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How important is outdoor living space?
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Do you want an established garden?
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Do want a large or flat section?
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Do you want to drive on to your place?
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Do you need a garage or carport – how many cars?
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Do you want off-street or nearby parking for guests?
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Would you like a swimming pool?
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Do you need the property to be fenced?
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Other things
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Where do you want to live?
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What style of home do you like?
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Do you want a low maintenance property?
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Are you prepared to renovate?
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Do you want the home to have potential to extend?
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How close to work do you want to be?
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Is public transport important to you?
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Do you want to live near shops and restaurants?
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Do you need to be near schools?
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Do you need to be near health or medical facilities?
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What sport or leisure venues do you want nearby?
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How close do you want to be to friends and family?
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Anything else?
Once again you need to look at many houses before you might get the feel for what your going to like living in. Take your time and do not rush this step.
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May 16 2009 | Buyers and Home Sellers and Buyers Guides and houses | No Comments »
By now if you’re looking to buy a property you will have been told about the saying, Location, Location, 
Location. But why do people go on about this so much? Why is it so important?
Well your home is one of the biggest assets most people will ever buy in their lives. It is therefore important to be happy with where you live because if you’re not happy you can’t pick the house up and move to somewhere better. You have to go through the whole process of selling which is both expensive, time consuming and stressful.
When you look for a house to buy you need to look for a house in the most desirable area your money can afford. Desirable areas hold their value better because others want to live there, and when prices do increase the more desirable areas tend to rise first and faster than other areas. Also you will be likely to get the money you invest initially back.
How do you find a good area?
· Talk to family and friends about the areas they live in.
· Ask real estate agents and valuers about local sales in the areas, price and sales volume trends. Look for areas that are selling fast and with holding values in this market.
· Look for areas with good facilities such as transport, shops, schools, cafes, sporting venues and entertainment for the family and yourself.
· If you’re looking in an older area of town look at the places that are getting renovated – and if it’s in a new area look for signs where people are taking the effort to make homes look loved, i.e. landscaping and variety of design.
· If there is variety in landscape where there is flat land with water and views, this will always sell well.
When you decide with is important for you in an area and what would suit you look at the pro’s and con’s of where you’re living.
Here are some things to consider:
· How close do you want to be to work, family and friends.
· Are you prepared to commute – what will be the costs.
· Do you like to be in a quite location or in the heart of the action.
· If you’re preparing to run a certain activity from your home, will the zoning allow you to do this?
· What sort of people do you want to be living amongst, do you want to be in newer homes or older homes.
At the end of the day you need to look at lots of homes in many different areas to get a feel for what you like and can afford. A home to buy and live n is not a short term thing, so bearing that in mind you need to keep in mind what will the area I like now be like in the future. In order to do this you need to check the zoning for the area with your local council and ask if there are any changes planned. You want to be sure the area is still going to be a nice place to live in the future. Zoning allows and restricts activities that can happen in an area, such as running factories or businesses. An area may seem quiet now, but if it’s zoned commercial you may find yourself surrounded by businesses later on.
Here are some of the advantages of investing in property
• If values go up you’ll make a gain
• There’s usually no tax on capital gains (the profit you make if the property goes up in value)
• Many people are better at paying off loans than saving
• You could make money by buying carefully, or with some types of renovations
• It’s a relatively low risk investment that should keep up with inflation
• You own your home and end up with an asset instead of just paying rent.
But you need to look at the options that are available to you.
• Other investments may earn more
• Property prices can go down as well as up
• It may take time to sell – if you’re in a hurry you may have to accept less
• You have ongoing extra costs like maintenance, rates and insurance
• If you don’t keep your home in good order its value may go down.
If buying a property is what you want then to make the most of your investment
• buy in the best area you can afford (buying the worst house in the best street is still good advice)
• check everything out thoroughly first to avoid problems (there’s a checklist later)
• keep your home well maintained
• get advice from a valuer before you do any major alterations – changes don’t always add value.
May 15 2009 | Buyers and Home Sellers and Buyers Guides and Sellers | No Comments »
