Queenstown Real Estate: Essential Info and Tips for First Home Buyers

Date: 30th October 2013 by Tim Medland

The Queenstown real estate market, along with the rest of the Otago region, is entering a positive growth phase, according to a recent report by The Southland Times. The growth reflects increased buyer confidence among first-time home buyers in the past six months, as well as improved activity in the middle to top-end sectors. Below is an excerpt of The Southland Times report:

“It’s been steady growth over the last couple of years.” says Real Estate Institute of New Zealand Queenstown spokesman Kelving Collins. “It’s still relatively balanced, neither favouring vendors or buyers. There’s a slight shortage of property. If we don’t get an influx of property in the spring there’s a shortage coming into summer. We are into a growth phase, there’s no doubt about that.” Demand for sections was up and buyers were considering building, he said.

The shortage of property doesn’t change the fact that shopping for a new home can be very exciting, especially if you are a first home buyer. Unfortunately, being new to the world of real estate can make you susceptible to mistakes that keep you from owning a home that you love at a price you can afford. Arm yourself with the tips below to get the most out of your home purchase:

Get your finances together

What you think you can afford and what lenders are willing to let you borrow may not match up, especially if you have poor credit rating. Therefore, get pre-approved for a loan before you place an offer on a home. Also keep in mind that in owning a home, you’ll have additional expenses to cover, including insurance, taxes, utilities, and more.

Make a wish list

Make a list of everything you want your new home to have, but don’t be too inflexible that you end up paying significantly more than planned. First-time home buyers usually have to do a little compromising because their funds are limited. Be prepared to look into the different suburbs while considering your needs of shopping, schools, transportation, etc.

Ask

First home buyers will often want to “go at it alone” and avoid working with real estate agents altogether. That said, Queenstown realestate companies like Aedifice Limited are in business to help you find the perfect home; such companies wouldn’t want to sell you a property that you won’t be happy about because they understand that unsatisfied customers can only be bad for business. Contact these companies to get all the information you need to buy a home.

(Article Excerpt and Image from Shortage of property in Queenstown, The Southland Times, August 8, 2013)

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