Be wary of falling too in love with a dream
The boat, bach and the BMW is a Kiwi stereotype invented for those lucky enough to afford the good things in life.
As Christmas approaches and people head off for a summer break, a fair few will fall in love with where they stay.
But, assuming you can afford it in the first place, there are some other things you should consider before signing on the dotted line.
How far away is the bach - too far and you won’t use it nearly as much as you think you will.
Are you buying it with family do you really like them that much?
Can you make extra money from it by renting it out on Airbnb or book a bach?
Remember, you can ask an agent anything you like about a property.
Property seekers need to remember to do their homework first, warns the Real Estate Agents Authority (REAA). It offers some practical help on the less emotional side of bach buying.
‘‘It’s easy to fall for an area or a property, but you need to be hardheaded about issues like coastal erosion, and the challenges and costs of ongoing maintenance and security,’’ chief executive Kevin Lampen-Smith said.
He suggests making a list of questions before visiting open homes.
‘‘Remember that you can ask an agent anything you like about a property. Agents are not allowed by law to withhold any information they know.’’
Lampen-Smith recommends buyers do their own research and seek legal advice before making an offer, including getting a property inspection report, a Land Information Memorandum (LIM) and a title search.
The REAA has an online register of licensed real estate agents that includes information on any complaints upheld against them.
‘‘Agency agreements and sale and purchase agreements are legally binding contracts; you need to understand them because you can’t change your mind when the holiday glow wears off.’’