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| NZ Buying Process |
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| If you’re new to New Zealand one of the first things you’ll notice is the many different types of property on offer. Per square kilometre New Zealand has 14.4 people, compared to a whopping 245.1 for the UK. This of course means that people have more space and choose not to live in faceless rows of terraced housing or massive tower blocks. Property is frequently detached, individual in style and with generous sections. A thing to keep in mind is that although there are Victorian houses you won’t find any 200 year old properties! |
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| Construction The construction of property is also different. When settlers to New Zealand first arrived they used the resources that were abundant and that meant wood. Although homes are also made of brick and other material, wood remains a popular choice. Roofs are often made of steel and because the country has a warmer climate than the UK, double glazing and gas central heating are rare. The quality of most housing is good with new homes having a ‘Master Builder’ certification, which is a 5-10 year guarantee on the quality of workmanship. However surveys are still strongly recommended especially since some new buildings have been affected by what has been termed ‘leaky building syndrome’. |
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| Timeframe The process of buying a home or investment in New Zealand is refreshingly simple compared with the lengthy uncertainty that is commonplace with many UK purchases. Regulation exists that discourage gazumping and helps move the process forward. Typically a formal offer is presented in writing that is conditional upon mortgage approval, valuations, searches and related sales. If an offer is accepted a 10% deposit is required which is held until the conditions of sale are met. The next stage is signing the contract which specifies the settlement date and makes the sale unconditional, meaning there are financial penalties if the sale doesn’t proceed. From initial offer to completion takes on average 3-4 weeks. NZ Property Finders can guide you through the whole process and co-ordinate with estate agents and/or vendors as well as legal advisers and mortgage brokers. |
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| Mortgages Mortgage rates in New Zealand are usually higher than the UK, US and Europe but there is still a very competitive market place. Banks and financial institutions offer a variety of flexible products. NZ Property Finders will provide you with a list of Bank and financial institutions and some examples of rates at the time of the property search. The amount that you can borrow will of course depend on your circumstances but may be up to 80%. |
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Fees
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