To buy or not to buy? That is the question. And the answer, as always, is complicated. It depends on your current income, your future job security, your savings, your capacity for risk and your ability to compromise. Many experts predicted a drop in house prices when the COVID-19 crisis first gripped New Zealand, but once again the housing market has defied all predictions.

It can be a frustrating time for first home buyers so here are five things to consider before you go down the rabbit hole and spend every weekend traipsing from one open home to another, hoping and praying that your dream home is just around the corner (and within your budget!).

1. Finance First

Get your finance sorted first to confirm how much you can borrow before you go looking to buy your home. Don’t forget to factor in any available KiwiSaver funds. You should also keep in mind the additional ongoing expenses that you will need to cover when owning a home, such as rates, insurance and maintenance.

2. Get your priorities straight

Make a list of what is essential for you in a home. Think about your needs (consider schools, shopping, transport, medical support, recreational facilities, etc) versus what you would consider to be a bonus. Look at the different house styles in your preferred suburb and try and look past what a house might look like currently, and what it could look like given some tender loving care and a good builder! And remember, there is more than one right home.

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