What you are looking for in the Wanaka property market?
Before starting your search for the ideal Wanaka property it is important to identify what you are looking for. Why are you buying the property – is it purely for financial reasons or is it a lifestyle choice?
Establishing the type of property you need and the purpose it is to serve involves consideration of who is going to be using the property and what for. This will also have an impact on the ideal location of the property.
What are the realities of the Wanaka property market?
The budget is going to impact on the types of properties that you can consider – what can you afford? Speaking with the bank or a mortgage broker will help determine your level of finances available before you start the search.
Being a cash buyer has significant advantages – a motivated vendor is going to find a non complicated offer most appealing – an offer with certainty in it holds far more value to the vendor that the transaction can actually be completed, than a higher offer with no security. Options involve having cash available to complete the transaction or having funds pre-approved by a lending institution.
Know the market you want to buy in
What is the current Wanaka real estate market doing? Are there many listings on offer?
Know what is available in Wanaka and the surrounding area
Is your research giving you all of the properties that fulfil your search criteria? Are there any properties available that are not officially on the market?
Am I offering a realistic and fair price?
The actual sale price of a Wanaka property will be a combination of the true market worth, the vendor’s motivation to sell, the marketing campaign, how long the property has been on the market, the presentation of the property and the level of interest from other buyers. Have you considered all of these factors?
Dot your I’s and cross your t’s
Never sign anything you do not understand.
Request a pre-settlement inspection of the property to ensure nothing has changed in its status since purchase and agreed chattels are in place and in working order.
A safety net
Buyer’s agents are not common in New Zealand. There are some operating, usually in niche markets. A buyer’s agent in New Zealand is a licensed real estate agent who chooses to act only for the buyer. Buyer’s agents are bound by all of the requirements of the Real Estate Agents Act 2008. This means that they must carry out work for a client under an agency agreement, disclose information, as required, under the Act and comply with the Real Estate Agents Authority’s Code of Professional Conduct and Client Care (Code of Conduct). The Code of Conduct includes specific rules for buyer’s agents.