Oct 12th, 2018 | Louis Metson

If you’re in the market for the first-time it’s understandable that you want to find that perfect starter. However, in a market which has been short on options it’s important to take a long-term view on your first purchase.

Here are some thoughts that will add value to your purchasing journey

1: Finance:

Contact your mortgage broker to find out your borrowing capacity and maximise your money with the sharpest interest rates available.

2: Purchasing requirements:

You must define clearly your needs and wants in a home. What aspects can you compromise on to get into the market and what are your non-negotiables?

3: Opportunity costs:

If you see a home that meets the majority of your NEEDS, what is the opportunity cost of not submitting an offer? How many more open homes will you need to attend to find another property that ticks as many boxes?

In the current Wellington market, to meet buyers who have been looking for 12-18 months is not uncommon and delaying offering on a home because it doesn’t meet all requirements is costly on two fronts. Time used on due diligence and viewing of other homes in conjunction with the fact that values continue to increase as demand exceeds supply!

4: Just go for it! Think long term:

Your first-home will not be your forever home! Increasing your equity in the property market should be your first priority, don’t be too precious about the home as you will most likely be upgrading within 5-7 years of buying it!