House buying

[Maha]

For less or around $200K you can own a three bedroom house buy a Lake. Three KBers already own homes there.

http://www.trademe.co.nz/property/re...1213549287.htm

[jasonu]

Location, location, location...

I can't comment on what is the process now for buying - we bought the current property 30 yrs ago!

However, I will suggest a few things to consider when you start looking: the old real estate adage "Location, location, location" is very important
* where is the property? - are you within easy access, such as walking or cycling distance, of local amenities like a supermarket, other local shops; council provided amenities - library, swimming pool - and public transport?
* how is the house located on the section? - which rooms will get the winter sun and for how long; do you have easy access onto the property; is there enough garden, or too much garden, for what you want and have time to do? just how close are your neighbours?
* what is the layout of the house? is the house "move in and live in"? or will it need urgent work? how many bedrooms do you 'really' need? is the main living area, such as the kitchen/family room, located in a sensible part of the house? does it face northwards for winter sun and does it offer privacy? if there's only one bathroom and the toilet is in there as well, is there a second toilet? what is the heating? do you have outdoor living space? do you prefer a brick house or a wooden house and what age house appeals?

All good stuff. Add in what my dear old Dad who did quite well out of real estate told me. Try to buy the worst house on the best street instead of the best house on a shitty street and be sure to be on the up hill side of the street.

[Moi]

All good stuff. Add in what my dear old Dad who did quite well out of real estate told me. Try to buy the worst house on the best street instead of the best house on a shitty street and be sure to be on the up hill side of the street.

Very true... plus: buy on the northern side of an east-west street or the western side of a north-south street...

[EJK]

Very true... plus: buy on the northern side of an east-west street or the western side of a north-south street...

Why is that? Genuinely curious.

[Maha]

Why is that? Genuinely curious.

Feng Shui

[Moi]

Why is that? Genuinely curious.

Northern or western side = allows for you to have the main living area of the house facing the sun for winter and in summer you have a verandah for shade, plus having those areas away from the street front offers privacy.

[Laava]

be careful with buying auction houses early , often they take your offer and set that as reserve then come crawling back if it doesn't sell

We bought a house a few years ago which was going to auction. We offered them $250 k beforehand which they refused and then we ended up paying the same money at the auction.

[Maha]

I thought an Auction would be the shits, but we sold in 2014 at Auction, it was a great experience. We had a go at selling privately, the house was a 300 sqm five bedroom house on two levels 150 up and 150 down...all usable floor area. We targeted the Bretheren but they were not looking to spend the 550,000+ figure we wanted. Auction morning we set our reserve, it was slow to start with but it reached reserve within minutes of the first bid and we settled for 3K over reserve, which allowed us to settle all debt and pay cash for our next home.

I would Auction any day, some say stay away from an Auction but the whole deal was very (while emotional to be honest) easy way to sell. Your house will sell on the day if you're ready to sell and it save months and months of open homes/stupid offers and endless advertising.

[Old Steve]

When making an offer make sure you put 'subject to builders report, P test, finance etc ", thats where the Solicitor earns their money.

Our lawyer always got us to add a condition, "Subject to lawyer's approval", we called it the Clive Gardner clause but it saved our bacon once. See, it doesn't specify that the lawyer has to explain why he disapproves, it's just that he does.

[R650R]

Some good advice here, all contribution appreciatted. Workmate has s aid go to few auctions to get feel for prices locally.
Buying in HB so never mind all the chch dramas.
Can see why its so unaffordable for so many now. Can get a good deal through work, have good deposit but even then though the $$$ add up quickely. No new bike for a long time i think.....
So from everyones 2 cents worth im thinking keeping 10k cash aside would be a good idea for insurance, rates and other things.

[Moi]

If you can locate a few houses that have recently sold in the area you're thinking of buying in, this website could be useful:

http://www.trademe.co.nz/property/insights

[R650R]

Very true... plus: buy on the northern side of an east-west street or the western side of a north-south street...

Currently live on the south side of an east west street, get plemnty of sun..... I do like to wake up in a room that gets morning sunshine though.
And a porch preferably with a verandah is great for mid morning coffees or just being a porch monkey and watching the world go by

[Oakie]

I can only provide this useless advice. Buy a long time ago.
Our first house circa 1985 in Oamaru cost us $25,000. The second in Twizel approx 1988 cost us $33500. The third in Christcurch approx 2001 cost us $136000.

Glad I'm not trying to get in to the market now and huge sympathy for those are and finding it out of reach.

[bogan]

How can you say that... $5 and a bag of chips will get you a deathstyle block and then you can spend quality time on KB

Yeh, but you'd have to bulldoze the existing (or give it a light tap with a shovel), and put a mordhaus in its place. Lot of work, and health and safety costs would be through the fucking roof...

[mossy1200]

I can only provide this useless advice. Buy a long time ago.
Our first house circa 1985 in Oamaru cost us $25,000. The second in Twizel approx 1988 cost us $33500. The third in Christcurch approx 2001 cost us $136000.

Glad I'm not trying to get in to the market now and huge sympathy for those are and finding it out of reach.

We got lucky and bought in just in time 3 years ago. House has gone up 240k in last 3 years.

I bought a house back in 2001 in Dunedin for 67k and should have bought the ex out back then. Mortgage was 90 a week and it could have returned good rent and capital gain.