Very popular with both buyers and
sellers in New Zealand are "Open homes". Everyone is
allowed to look around during an "open house"
without first asking for an appointment.
Attending open homes is a good
way to know more about your area’s real estate
Another good way to quickly see plenty of houses is
to go with a real estate agent on a tour. Agents are
normally glad to spend a couple of hours driving
around migrants, desiring a sale. Agents make
sizeable commissions on sales of houses so many are
willing to showcase plenty of houses to you.
When you finally
find your dream house and it fits your budget perfectly, you
should try making an offer for it. Most property in New
Zealand is offered at an asking price which is fixed. Unless
the market is much in demand, it is the norm to try to offer
less than the selling price. Research well and you will be
able to make the right offer.
Another good way of marketing houses is through auctions.
Sometimes, banks force an auction whenever borrowers cannot
maintain their mortgage payments. Most of the time, auctions
are employed when sellers believe buyers will bid up the
Extra fees are paid by sellers
for auctions. In effect, agents make more profit
from auctions versus sales with fixed prices. Even
if a house isn’t sold, the auctions fees still have
to be paid by the seller. Because of this, agents
are frequently keen to encourage homeowners to sell
If there’s a house you particularly like and you
want to make a bid for it, you have to set up all
the other parts of the process of buying prior to
the auction day. You ate sure to have the property
title checked by a solicitor. It is also strongly
advised for you to get an independent evaluation of
the property and carry out a building inspection.
You will gather enough information from these to
discourage you from bidding or to change the sum you
would be offering.
You are further advised to employ inspection agents and
solicitors through personal recommendation; not those
recommended by the real-estate agent. Although agents appear
friendly, they are not your friends. Their actions are
geared towards the interest of the seller and to themselves.
This is one more reason not to purchase too soon after
having seen a property. By being prudent, you give yourself
the chance to meet people whose judgment you have faith in
and whose good word you can trust in.
An LIM or Land Information Memorandum is a document you
really need to see before you finalize your purchase. This
document has information from the local government about a
property's boundaries, zoning, building consents, and more.
For a transcript of Land Information Memorandum, local
councils charge a fee between NZ$100 to NZ$400. This is
costly, especially if you do not purchase the property.
There is also a small chance that an LIM might contain
inaccurate information. Once you get hold of the LIM, it is
good advice to discuss it with the local council. You can
request for more information they might have on the
property. More often than not, they have more information
than what they have put in the LIM.