House buying

[R650R]

Finally in a position to buy a house.... need the dummies guide please

prob around 300-400k price range.

How much extra cash do I need aside for house insurance, fees and paying the appropriate lawyerjews?

This new BS of 'deadline sale' and price by negotiation annoys me greatly, very few properties have asking prices or even offers above $$$$ etc...
Any tricks to working out a starting point....

Once you see a place you really like anything lese besides LIM reports, valuations and engineers reports etc?????

Cheers

[Akzle]

1) you don't "buy a house" you "tender payment for fee simple title to property"


2)property in christchurch is cheap, so buy something there and wait 16 years for the next property horseshit (assuming every cunt doesn't vote akzle, cos if they did, there ain't going to be any more property bubbles) bubble


3) when you say "around 3-400k" do you mean you have 20% of 3-400k, or you acually have 3-400k? or you mean you could borrow enough to get 20% of 3-400k?

4)dont pay lawyerjews. for anything. ever. that shit just encourages them. if you see a lawyer jew you should spit on them. tarring and feathering optional but recommended. vote akzle.

5)

This new BS of 'deadline sale' and price by negotiation annoys me greatly, very few properties have asking prices or even offers above $$$$ etc...
Any tricks to working out a starting point....

don't overthink shit. don't rush in to shit. dan't ever, let any cunt pressure you into any shit. watch the local market for a while to see what's selling where how much and why.

6)you wont know if you like a place until you've lived there a dozen seasons (some would say 10-15 years) the 10 year floods, winter winds, logging trucks every 7 or 8 years, "the hum", road vibrations, what's upwind, yada, fucking, yada. if it appears to suit you now, do it, if it works out that it doesn't, go somewhere else.

[TheDemonLord]

How much extra cash do I need aside for house insurance,

http://need2know.org.nz/what-you-nee...building-cost/
http://homebuilding.cordell.co.nz/in...e=38&restart=1

That will give you the rebuild value - which is what your Premium will be based on.

fees

These are paid by the seller, not the buyer from memory.

and paying the appropriate lawyerjews?

For a simple sale - it's about $2-3k- obviously the more Effing around you do, the more it costs.

Once you see a place you really like anything lese besides LIM reports, valuations and engineers reports etc?????

Cheers

Depending on the house/area - a Moisture report (costs extra) or a P inspection (if you think it might have been used)


that's all I can remember.

[Akzle]

you could get a fokken sikk caravan for 3-400k

[James Deuce]

If you're buying anywhere between Canterbury and Masterton you can't get insurance due to an insurance embargo, thanks to that earthquake thing. All you can do is transfer the existing House and Home & Contents insurance that the current owner has and if what we've gone through over the last 6 weeks is anything to go by, 90% of people are massively underinsured to the point where banks won't loan you money. Digging into this process has demonstrated that only AMI and State are actually willing to transfer policies to the new owner.

Youi will dish out new insurance policies, but it costs $4500pa (for $250k of house cover and $100k land value with no site clearance provision) for the premium with a $2500 excess, no glass cover and no burglary damage cover or lock replacement and they can impose a stand down on pay out. Don't insure with Youi. If you ring them for a quote, they won't give you the policy to review until you've paid the first year's premium in full. If you do ring them, make sure you pay a lawyer to follow up with a letter to say that you did not agree to take out insurance. Do not give them bank account details or a debit/credit card number.

If you aren't buying between those points. Awesome. Life is good.

Oh, and there's no such thing as a "good" Real Estate agent. They're all lying cunts with no ethics. If you can luck upon a private sale, get your lawyer to do all the legwork. Check title, check access, check for covenants, etc, etc.

[Akzle]

and neighbours tend to be foken cunts. so try not to have any.

[caspernz]

The joys of buying real estate huh?

Plenty of variables in your post, but hey, here's my five cents.

The price you put on a house can be driven by several factors. Location, neighborhood, proximity to amenities. A real estate agent will usually be able to give you info on what other similar properties in the area sold for, so use that as a guide. But yeah, the whole having to come up with a sensible offer is a pain. Not as bad as going to an auction in Auckland in the last year or two, and finding oneself in a room of foreigners...

LIM is definitely worthwhile.

House inspection outfits will do an inspection which will give you a fair idea of what's up. The P check is one I'd do, especially if there's signs of recent repainting etc.

Mortgage broker is usually a better deal than dealing direct with bank, and even then the bank will usually contribute a wad to legal fees. Last place we bought as private sale, and the banks' contribution to legal fees was at least twice what we actually paid...go figure?!

Insurance is a biggie of course, figure the rebuild value by whatever means that suits you, most insurance companies will have a model to work thru. If in doubt, round up of course.

Rates will be fun to pay as well of course...

The actual moving cost, getting all services connected, the house warming party...it just never ends.

And you thought trucking was like a bottomless pit, owning a house is much the same

[jasonu]

Finally in a position to buy a house.... need the dummies guide please

prob around 300-400k price range.

How much extra cash do I need aside for house insurance, fees and paying the appropriate lawyerjews?

This new BS of 'deadline sale' and price by negotiation annoys me greatly, very few properties have asking prices or even offers above $$$$ etc...
Any tricks to working out a starting point....

Once you see a place you really like anything lese besides LIM reports, valuations and engineers reports etc?????

Cheers

I don't think I would rely on KB for professional advice when buying a house.

[Grumph]

Be aware that in some council areas the LIM can be a pack of lies. Omissions are common.
Speak to locals, either neighbours or local businesspeople to get the real lowdown on the area or specific property.

Re price - take any advice on price from an agent with care - it's in their interests to keep prices high.

[Voltaire]

I don't think I would rely on KB for professional advice when buying a house.

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

here is my two pence worth ( no chips)

As mentioned Real Estate Agents are not your friend, they are supposed to act for the seller but give the impression of helping the buyer.
Assisted my Son with a house buy in Rotorua earlier in year.
I found my Solicitor excellent to deal with and I think not much over 2K and the ASB chipped in $2500.00
I got the P test done but the results are open to interpretation as its unregulated.
Also got a builders reports for about $500 and it was quite comprehensive with photos.
Best not to fall in love with a property as you may be temped to pay more than you budgeted for.
As one make money on real estate book once said " the house of your dreams come up about once a fortnight"
I have found that the Missus being really keen and you looking totally disinterested can prompt details out of agents.
Wish I'd followed the book in the early 90's but finance was very hard to get then, unlike now with the world being awash with 'cheap money' ...for a while.
At the end of the day if you pay a bit much its neither here nor there over 10 -20 years and you will get sick of open homes and Real Estate Agents pretty quickly.

+1 on LIM reports, they can be vague and not that accurate, but only around $200.00
When making an offer make sure you put 'subject to builders report, P test, finance etc ", thats where the Solicitor earns their money.

[neels]

You'll want to allow around $2k for lawyers costs etc, house insurance for that price range would be around $80-90 a month, you don't necessarily need to pay the whole year up front.

Tell the bank you're not paying a loan application fee, and see what freebies they are throwing in for taking out a mortgage (one I saw the other day was a week in rarotonga), they're pretty keen for business since the reserve bank slowed things down.

Deadline sale pisses me off as well, you can however chuck an offer in prior to deadline date, this can be a good thing where you burn off the competition or a bad thing where you effectively set the starting bid.

If you're in Christchurch then the shiny new RV would be a good starting point, then factor the condition of the house vs an average house of it's age. Homes.co.nz could help as well

You'll need insurance/EQC paperwork for insurance, and probably a building inspection, title check and LIM are standard, and the council long term plans are worth a look to see if anything significant is likely to be happening in the future.

I've done a bit of buying and selling in christchurch in recent years, so pretty familiar with the hoops you need to jump through

[jellywrestler]

Finally in a position to buy a house.... need the dummies guide please

prob around 300-400k price range.

How much extra cash do I need aside for house insurance, fees and paying the appropriate lawyerjews?

This new BS of 'deadline sale' and price by negotiation annoys me greatly, very few properties have asking prices or even offers above $$$$ etc...
Any tricks to working out a starting point....

Once you see a place you really like anything lese besides LIM reports, valuations and engineers reports etc?????

Cheers

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

[Moi]

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?

[EJK]

I don't think I would rely on KB for professional advice when buying a house.

Get a busa

Tell the bank you're not paying a loan application fee, and see what freebies they are throwing in for taking out a mortgage (one I saw the other day was a week in rarotonga), they're pretty keen for business since the reserve bank slowed things down.

Yep. Negotiate, negotiate and negotiate. Shop around and do the same. Suck out everything they can offer because in the end you are paying $200-300k for mortgage interest alone so offers like "$1000 cash back" is a bag of chips. You'd be stupid not to negotiate. If they say no, then walk out.

[Autech]

My advice: Stay the fuck away from Auctions. Very costly for a new home buyer as the bank will make you jump through $1000 worth of hoops before you can even turn up to the auction, only to have some investor cunt stick buy it and the house next to it before you even get a chance to bid. CUNTS! Fucking hate them.

With normal sales you can make an offer and put in the clauses: Subject to finance and builders report. That way you at least can have the offer accepted before forking out for the builder and vauluation.

Anyways, as stated above allow about 1k for the builders report and valuation which your bank will want before they loan to your peasant arse.
From there get a good lawyer, I used Ngaire Smith for my house, she doesn't charge too much and saved us from nearly buying a leaky house which the builder did not pick up on. Great lawyer and I'm pretty sure going by her small nose and name she is not a Jew.