There are many things to consider when buying a section, and getting organised early could save you time, money and headaches later on. Here are some steps you could take to make section shopping easier. It’s just a starting point so please get professional advice before taking the next step.
Before you start shopping, have a clear idea of what you’re looking for as this will narrow down your search.
For example, where do you want to live? How close do you want to be to shops, schools, hospitals and public transport? Is sun important to you? What about views?
We have different types of home loans to help finance your section purchase and the construction of your new home. Everyone’s situation is different, so talk with an ASB home loan specialist – we’ll be happy to work with you to find the loan structure that is best for you.
Benefits of an ASB home loan
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You could be eligible for a KiwiSaver HomeStart grant of up to $5,000 to purchase an existing home, or up to $10,000 when building a new home or purchasing a newly built home.
If you’re building or purchasing a newly built home with someone else and they are also eligible, you could get up to $20,000 between you. Check here to see if you and the property might be eligible.
Once you’ve found a section you like, it’s a good idea to ask your architect or builder to inspect the site with you before you buy. Here are some tips for discussions with them at your inspection.
Here are just some of the documents your lawyer may look at.
Check the district or unitary plan for your region to check for any planned changes or restrictions to your neighbourhood and district. These plans may affect your final decision on which section you buy.
When you’ve done your homework, got your lawyer involved and sorted your finance, you could be ready to buy your section. Alternatively, you could make a conditional offer, subject to checking the LIM and title are to your satisfaction. This will give you more time to research the property and get your lawyer involved.
Buying a section usually involves you making an offer on a Sale and Purchase Agreement, and then negotiating with the seller through a real estate agent until you agree on a price.
The great thing about the offer and negotiation method is that you can make your offer subject to conditions. This is called a conditional offer. The conditions might be that you want to get the approval of your architect or you want to see the LIM report.
Your lawyer is the best person to advise you on conditional contracts. Please talk to them before you sign anything.
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The above information is a guide only and should not be relied on as it does not take into account your personal financial situation.