Tips for would-be buyers

❚ Gather evidence of income and outgoings. Lenders can offer a lot more support and, in some cases, a better deal if they have a clear picture of your financial position. If you plan to use your KiwiSaver, you will need to provide statements for that too. ❚ Know your budget. This might sound like an obvious one, but it’s easy to use an online calculator and get carried away about what you can afford. You might not be paying rent in the future, but on top of your mortgage repayments, you will need to pay for utilities and insurance. Day-to-day costs like food and travel also need to be included. ❚ Research the market and the area where you are looking for a property. Is the area at risk of flooding? Is there future development planned in the area? Commute to work? Schools? Shops? ❚ Do your homework on the house. This should include (but not be limited to) title searches and builders’ reports. ❚ You’ll need legal representation. Usually not until you sign contracts, but it is an expense to keep in mind. Source: Canstar