Buying in a millennial market

Millennial-Home-Buyers

As the millennial generation step on to the property ladder, we see different trends emerging and more caution being taken when buying first homes. Deemed by some as the ‘pickiest home buyers’, Generation Y are turning the tides of real estate.

Where generations before had limited resources when buying property and considered their first purchase a lifelong family home, millennial’s have an overwhelming amount of information at their fingertips and consider their first home a stepping stone or starter property on the way to their big picture goal.

One thing that remains the same, buying a house is the biggest financial decision you will probably make. Ever. Can we help you? Absolutely, keep reading for our top tips for millennial buyers.

 

Define your goals

Figure out what it is you’re looking for and if you’re going it alone or with a partner/friend. Ryan Hardy, luxury real estate agent says, “Given that buying a home is such a big step, it’s important for you to educate and prepare yourself as much as possible in advance. This means clearly determining why you’re buying and what kind of home you’re looking for”. Define your house goals, whether it’s an investment property or your new family home. Facing the property market with a clear idea of what you want will make the process easier and much less daunting.

 

Examine your finances

Look at what you can afford and keep in mind that you may need to spend money on the property to personalise it further down the line. Speak to your bank and discuss the best plan of action and what your budget will stretch to. Remember, interest rates can change as economic conditions fluctuate, will you be able to afford your mortgage payments if they increase? Perhaps buy a property slightly under your budget so you have a safety net.

 

Talk to the professionals

Determining your budget or knowing a properties worth isn’t easy. Talk to the professionals and work together to find your dream home within your budget. There are many mortgage and payment options, a specialist can help you choose the right one for you. A real estate agent can review your property checklist and provide an option you may have overlooked.

 

Look beyond the great views

Know the property inside and out before buying, not preparing for necessary renovations or essential work takes its toll on the budget and you. Find an agent who provides you with detailed inspections and keeps you updated regularly.

 

Talk to one of our agents for more information.

Insulation Regulations For Rentals

NZ-Insulation-Regulations-Harcourts

Landlords are now obligated to provide warmer, drier and safer homes for their tenants. Any new, replacement or top-up insulation installed after 1 July 2016 in a rental home must meet the regulations that will apply to all rental homes from 1 July 2019. A landlord who fails to comply with the regulations is committing an unlawful act and may be liable for a penalty of up to $4,000.

Insulation is one of the most effective ways to save energy in a home since it keeps it warm in the winter and cool in the summer. And a warmer home is a drier, and healthier home. It is estimated that in one year a typical home can save up to $400 on energy bills by installing ceiling insulation. Adding underfloor insulation could save even more!

Recent studies in New Zealand have shown a link between insulation and health. The Wellington School of Medicine and Health Sciences study showed:

  • A significant drop in energy use when the houses were insulated.
  • Once the houses were insulated, they were drier and warmer.
  • People in insulated houses reported their houses were “significantly warmer”.
  • There was a significant improvement in the self-reported health of those living in the insulated houses compared to those whose houses were not insulated.
  • Adults and children in insulated houses reported visiting their GP less.
  • Adults and children in insulated houses reported that they were admitted to hospital less often for respiratory conditions.
  • Adults and children in insulated homes were significantly less likely to report sick days.
  • People living in insulated houses reported less visible mould inside their homes.

Who is exempt?

As New Zealand has many types of houses, the law allows for some exceptions to the insulation requirements, including where it is not ‘reasonably practicable’ to install insulation in certain types of property. These exceptions are not loopholes – they must be legally justifiable.

Due to the design or construction constraints of some property types, it is sometimes either not physically possible to insulate or would require major renovations to do so. Examples of types of properties that would meet exception criteria would be apartments where there is a habitable space above and below the apartment, houses constructed on concrete slabs where it is not feasible to install underfloor insulation, and homes with skillion roofs where there is no ceiling in place to install insulation above.

Other situations in which landlords may be exempted from the insulation requirements are:

  • Where within 12 months of the start of a tenancy, the landlord intends to demolish or substantially rebuild all or part of the property. In this case the landlord must, if requested, provide evidence of having applied for the necessary resource consent and/or building consent for the redevelopment or building work.
  • Where a property is purchased from and immediately rented back to the former owner-occupier – in which case a 12 month exception will apply from the date of purchase.
  • If a property does not meet the new insulation requirements, but a landlord can provide evidence that when insulation was originally installed it did comply with particular insulation requirements (such as the specifications outlined in the building consent or an Acceptable Solution or Verification Method) the property is excluded from new requirements, provided the insulation is in reasonable condition.

To read the full Insulation requirements, click here.

How to impress with your outdoor space

garden

When you’re getting ready to sell your property, you’re probably thinking about one thing: how to add value quickly and inexpensively.

One of the most cost-effective ways you can do this is to make sure your outdoor space is in tip-top condition.

Continue reading “How to impress with your outdoor space”

15 quick feng shui tips for good energy in your home

feng shui real estate

Feng shui is an ancient Chinese system of laws that aligns the arrangement of your home in relation to the flow of energy (chi). Based on the idea that our homes are a mirror of what’s happening in our lives, it’s thought you can affect what happens to you by encouraging good energy and repelling bad energy from your home. Continue reading “15 quick feng shui tips for good energy in your home”

Top tips for applying for a rental property as a pet owner

pet owner rentals

Some property owners associate pets with added mess, damage and disturbance which can make it more difficult for pet owners to find a rental home.

However, many landlords are beginning to see the advantages of pet owners as tenants. They may be more responsible if they have a furry friend to look after and they may take even more care of the property.

But, when applying for a rental, pet owners will almost always face competition from people who don’t have the worry of animals. This can be a difficult situation, but we know pet owners deserve just as much of a chance! That’s why we’ve put together these application tips — they’re just a few extra ways that will help you get a look in if you have pets.

  1. Be honest

Never try to pretend you don’t have pets — we will find out! And it might be a problem down the line. Tell us your situation when you’re first looking for a property and we’ll be able to work to your situation.

  1. Tell us more!

The more you can tell us about your pet, the more likely an owner will be to choose you. What breed? How old? Long or short hair? Do they stay at home during the day? Where do they sleep? Do they make a lot of noise? Write it all down and attach to your application — you could even add a photo!

  1. Include pet references

It may seem silly, but references for your pet will go a long way. You could ask a previous property manager or landlord, your vet, doggy day care or pet trainer to put a few good words together about the behaviour and character of your pet.

  1. Understand the agreement

Tenancy agreements can include a pet clause outlining what will happen in the event of damage caused by pets. They may request the full four weeks’ bond as cover. Make sure you understand the implications and speak to your property manager if you’re unsure.

  1. If you don’t ask, you don’t get!

It doesn’t hurt to ask — a property may be advertised as “no pets”, but exceptions can sometimes be made. If you can deliver on the above points, landlords may be encouraged to choose you.

 

We love animals and we don’t think you should sacrifice finding a good home just because you have pets. Our number one piece of advice is to stay in touch with your property manager — we can understand your situation and work hard to find you a place that suits you (and your furry companion!) down to the ground.

Get in touch if you’d like to know more about our property management services.

 

Four key ways property marketing increases the value of your home

property marketing

A strategic multi-channel property marketing campaign will almost always deliver a better sale result. Kelvin Collins, CEO at Harcourts Otago, shares four crucial marketing aims which come together to add value to your property. Continue reading “Four key ways property marketing increases the value of your home”

13 easy ways to stay on your property manager’s good side

property manager tenant

We’ve had times where relationships between our property managers and tenants have broken down.

But it doesn’t have to be that way.

Our friendly team sees your happiness and comfort as a priority — it’s just as important to us as keeping our landlords happy. Continue reading “13 easy ways to stay on your property manager’s good side”

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