NZ Mortgages: First Home Buyers in Christchurch, the essential tips & tricks
Buying your first home in Christchurch is an ever-increasingly popular option. Cheaper than Auckland and Wellington, with plenty of options for property from hillside homes, city townhouses to classic kiwi bungalows on larger sections, there is an option for every buyer.
Here at NZ Mortgages, we’re proud to be based in Christchurch, and to help those looking to become first home owners in our beautiful city we’ve compiled our top tips for purchasing your first home.
1. Match the property to your lifestyle
There are many paths to choose in life, and your lifestyle will significantly influence the type of property you should consider purchasing. In Christchurch, many suburbs cater to specific needs and preferences. Looking for a little more land at an affordable price? Try Hoon Hay or Halswell, where you can find spacious properties that are still close to the city. Prefer a vibrant, community-focused area with cafes and parks? Consider St Albans or Beckenham, which offer a great balance between affordability and lifestyle. If your work commitments keep you close to the city center, Addington or Phillipstown are excellent choices, known for their townhouses and proximity to the heart of Christchurch.
2. Don’t skip the building reports
It’s easy to get caught up in the excitement of buying your first home, but skipping a building report is a mistake you can’t afford to make. A detailed building report will provide insights into the condition of the property, highlighting any issues that may require costly repairs. In Christchurch, this is particularly important due to our well-known reputation for earthquakes, and plenty of houses still needing work from the big quakes of 10 years ago. A thorough inspection can save you from unexpected expenses and give you peace of mind knowing that your new home is structurally sound. Better to spend ~$800 now, than $10,000 later.
3. Location, location, location
The age-old real estate mantra “location, location, location” couldn’t be more accurate, especially in a city like Christchurch. Proximity to work, schools, public transport, and amenities should all factor into your decision. Each suburb has its own unique character, so it’s important to research and visit areas to see which aligns best with your lifestyle. Do you need to be close to the city center, or are you happy with a longer commute in exchange for more space? Are good schools a priority, or are you more interested in a quiet neighborhood? These are crucial questions to consider as you narrow down your options.
4. Stick to your budget
When you’re searching for your first home, it’s easy to get swept away by properties that stretch beyond your budget. However, it’s vital to remain disciplined. Determine your budget before you start house hunting and be realistic about what you can afford. Remember to factor in additional costs such as legal fees, insurance, and potential renovations. At NZ Mortgages, we’re here to help you understand your borrowing power and ensure you secure a mortgage that fits within your financial boundaries. A well-structured budget will keep your home-buying experience stress-free and prevent future financial strain.
5. Your first home is not your forever home
Finally, as a first-home buyer, it’s important to remember that your first home doesn’t have to be your dream home. This is a stepping stone on your property journey. It’s an opportunity to build equity and get a feel for homeownership. Focus on finding a property that meets your current needs and offers potential for growth, whether through renovations or appreciation in value. As your circumstances change, so too can your home—your first purchase is just the beginning. Investment rules have recently changed, and the opportunity to turn your first home into an investment property within just 2 years is certainly a viable option. We love Christchurch, and believe that you will too. Whether you’re moving from other cities or small towns, or are a long-time resident, there is something for everyone.
If you need any help or guidance in your first home buying journey, NZ Mortgages is here to help. Reach out to our team on 0800 100 300 or contact us here.
