Finding a home

Buying a home is one of the biggest and most exciting purchases you’ll ever make. With that in mind, here are some things to consider along the way.

4 minute read

Before you start

Everybody has their own idea of a perfect home, so to help you find yours, you may want to consider:

• number of bedrooms and bathrooms
• if you want a home on a small or large piece of land, or an apartment
• if the home is ready to live in, or needs work
• school zoning
• public transport and traffic in the area
• facilities in the area e.g. supermarkets, doctors, green spaces
• suitability for young children or pets
• how much sun the property gets
• any plans for future development in the area.

It can be tricky to find a home that ticks all the boxes, so it’s a good idea to decide on what it must have, and what would be nice to have.

Different types of homes

When you’re looking for a home, the options can sometimes feel overwhelming. We’ve broken down some popular property types to help you work out what might be right for you.

Building a new home

New homes are built to modern standards, so things like insulation, double glazing and underfloor heating are often installed during the build. They also require less maintenance, and you can choose the look and feel of the home, so you get exactly what you want. 

Having said that, depending on where you’re looking, it can be difficult to find land to build on in a central location, like the middle of town. The wait to move in is also longer if you build from scratch.

Buying an existing home

With an existing home, you’ve got a clear idea of what it looks like, and you can still personalise it to make the place really feel like yours. Finding an existing home is generally easier too, since you’ve got more options. 

However, make sure you think about renovation plans when you buy. It’s a great way to make a house what you want, but it can be time-consuming, expensive, and a bit stressful.

Buying an apartment

Owning an apartment is generally cheaper than a house. The property price is usually lower, but often so are the bills, maintenance, and transport costs too, since apartments are often more central.

Keep in mind though, that there will usually be body corporate fees, rules and regulations that come with an apartment, so make sure you know what those are. Your bank will also usually require the apartment to be above a certain size (in square feet).

Understanding property titles

There are four main types of property title (or property ownership) in New Zealand – freehold, leasehold, unit title and cross lease. Find out more at settled.govt.nz

Good places to look

From property websites to local real estate agents, there are so many places you can look for homes. These are some good places to start.

• OneRoof.co.nz
• RealEstate.co.nz
• Homes.co.nz
• TradeMe
• Homesell (for private sales)
• Real estate agents
• Talking to friends and family

What to look for at open homes

When you’re viewing a home, there’s a range of things to look out for. Here’s a checklist to help you in your search – and don’t be afraid to take notes as you go.

Inside the house

• Signs of dampness, mould, or dry rot
• Cracks in the walls and doors, or windows that don’t sit square
• Scorching around plugs and the age of the property’s fuse board
• Leaky taps and water pressure
• Level and quality of insulation

Outside the house

• Condition of any decks, sheds, or garages
• Condition and age of the roof
• Rusty, cracked, or leaking gutters
• Any cracks in plaster cladding
• Storm water drains, and any water sources nearby that may flood
• Ventilation and insulation in the roof

General considerations

• The type of property title (like cross-lease or freehold)
• Any covenants (private agreements between landowners) on the property
• Whether there are required permits for decks, sheds, garages, or extensions
• Whether there’s shared access to the property, and who maintains this
• If the neighbouring houses are rented out or lived in by the owners

If you’re interested in the property, you can ask the real estate agent to provide recent sale prices in the area of similar sized properties. Agents are also legally required to share any information they know about the property, so make sure you ask lots of questions.

You’ve found a home, what’s next?

When you’ve found a property you like, it’s time to get a building report, LIM report, and a few other checks done, before you make an offer. Find out what’s involved in making an offer.

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This material is for general information purposes only and does not constitute, and is not intended as, personalised financial advice or as a replacement for legal advice. BNZ strongly recommends you seek advice specific to your personal financial or legal situation from a qualified adviser.