Why?
Why do you want to buy?
The first question to ask yourself is: Why do you want to buy a property? Some common reasons include:
You hate your landlord (a popular one among my friends).
Your Asian parents won’t accept you moving out in your 20s unless you buy a house (that was me).
It seems like a smart investment (check out the investment section).
You really want to put holes in the wall (fair enough).
You’re planning for a family (also fair enough).
You might have multiple reasons, but one should stand out as your main motivation. Keep it in mind when evaluating properties—it’ll help guide your decisions. Don’t lose sight of why you started this journey in the first place.
What do you want from your property?
Auckland offers a huge variety of properties, so it's important to know what you're looking for. Write down your must-haves and make sure your partner or co-buyer is on the same page. Identify a few key features that every property you consider should have—these might evolve as you learn more about the market.
Common factors to consider:
Proximity to public transport
Nearby amenities
School zones
House style
Number of bedrooms
The "Creating a shortlist" section will cover this in more detail.
How much do you want to pay?
This is the second most important question you need to ask yourself (apart from deciding to actually buy a house). Buying a home is a financial decision, and while you may have an idea of how much you want to spend, what you want to pay, and what the market has to offer, are two very different numbers.
Don;t set your budget upfront based on a fantasy number. Sit down with someone else, perhaps even a financial advisor, and map out what you can afford financially - repayments, expenses, income, and so on, this is a far more realistic picture of what you will pay, and therefore, what you'll get.
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