Open Homes
Been to an open home and suffering any of the following inflictions?
Elevated heart rate, butterflies, sweaty palms, rapid breathing, trembling which then gives way to a sense of impending danger, panic or doom, leading to feeling weak or tired? (Note: Sometimes a feeling of rage and/or hopelessness can also make an appearance at some stage).
Don’t worry you are not alone, these are all signs of Openhomeitis, an extremely common affliction in today’s fast-moving property market. Luckily, assistance is here to help you prepare for your next inevitable real-life open home situation. Whilst being prepared won’t guarantee you get the house (we wish it could!), it will help you feel more in control, lessen your stress and improve your confidence in making important decisions regarding the prospective purchase.
Open homes or viewing a property is your opportunity to make your initial investigations into your possible investment, giving you the chance to evaluate its suitability and any potential issues that may mean the property is not right for you. Some of the following points are important things to consider:
Types of material used on the house and maintenance requirement- for example, ‘leaky building’ products or Dux Quest piping.
Topography- retaining walls and other boundary fences.
Natural hazards- for example, flooding or inundation which may affect your ability to insure the property.
Neighbourhood- local schools, amenities, and general feel of the surrounding community.
At the bottom of this page, we have an extremely useful checklist prepared by settled.govt.nz we encourage you to print this checklist and use it as a tool for your next open home, or property visit.
Happy with the property viewing, and wondering what’s next?
Depending on whether you are attending an auction or wanting to submit an offer to the vendor to purchase the property, your further due diligence should include:
Initial discussions with your conveyancing professional (we know a really good firm).
Kiwisaver or Kainga Ora First Home Grant considerations.
Your conveyancing professional perusing the record of title and any ‘interests’ registered against it- this may be easements, land covenants and other instruments.
Engaging a building inspector to complete a building report of the dwellings on the land.
Obtaining a LIM report from the local council – this provides a summary of current information that local authority has on file about that property. For further information you may like to order the Property File from the council also.
Consideration as to Meth (Methamphetamine, meth, or P) manufacture and use at the property and requirement of obtaining a Toxicology report.
Confirmation in writing that your finance provider is satisfied with this particular property as security for your loan.
Depending on the property you may need other specific professional advice or specific clauses drafted to include in your sale and purchase agreement.
Click here for the checklist from settled.co.nz (a great website to spend some time looking over for further information on selling or buying property).
We are here to help you on your property journey and look forward to working with you.
Jo Shannon is the founder of Nest legal & conveyancing. A Conveyancing Practitioner Jo lives with her family in the beautiful Bay of Plenty. Apart from all things property, Jo also loves perma-culture gardening, walking round the Mount and nice wine.