5 tips for buying your first home

It's a far better time to be a first home buyer than any other time in the last few years.

Buying your first home is a big step and an exciting one. As exciting as it is, it does take some hard work. The challenges of buying a first home have become a familiar story over the last few years. Market conditions have made it increasingly challenging for many young New Zealanders to buy their first home.

Recently though, this has changed. We've seen a strong return of First Home Buyers in our Rotorua, Tauranga and Mount Maunganui markets.

This is being driven by a few factors:

•The healthy homes bill is raising some challenges for landlords. In particular if the ownership of such property is lining up with their bright line tax period. So, we're seeing more landlords choosing to sell their rental property.

•Also, many banks also appear to be in a better placed to lend.

This means it's a far better time to be a first home buyer than any other time in the last few years.

As mentioned this journey takes a bit of hard work and can be quite daunting. So, we wanted to give you a few tips to help make your first home journey a little easier and less stressful:

1) Be realistic with your wish-list

Be sensible about what you're looking for. Take out all the nice to haves and only look at property that meets your needs and your budget.

2) Do your research

Identify the locations that your budget is going to allow you to buy in and take a drive through those areas. Get a feel for the areas you like and then go through a few of the local open homes

3) Use a real estate agent

Of course, we would say this, but we hand on heart believe that this is the only way to proceed. There are so many pitfalls to be weary of. Real estate salespeople are governed by rules that protect you and ensure that you're given the right advice and information. If you get that same information directly from the seller and things go wrong, you have no protection.

4) Have 3 figures in mind

As you're thinking about price, have 3 figures in mind. A price you'd like to pay, a price you'd be OK with paying and a maximum "walk away" price.

5) Have a shortlist when looking

This one is the hardest to be disciplined with, but this one is the most important. When you're shortlisting potential new homes, only have 3 on your list on any given time. If you find a new favourite, one of the others must come off your shortlist.

We hope these tips are helpful and you have success in finding your first home. It is truly one of the most exciting life stages.

To help make this journey even easier we'll be running our EVES first home buyer's seminars again this May. Come along for more in-depth tips, expert knowledge, help toward your deposit*, access to other giveaways and a list of ideal first home properties.

They're on in Rotorua on May 1, and Tauranga on May 2.

For more info visit eves.co.nz

*Terms and Conditions Apply