Whether you are buying a piece of land for personal use or business purposes, it is important to do your research and weigh your options. Keep in mind that these transactions require a lot of paperwork and legal procedures. Here are some pointers when investing a property in Wellington, New Zealand:
Check the Records
Before buying any property, it is advisable to learn about its history. Visit the local council and request for a LIM or the Land Information Memorandum. This document shows all the valuable records of the registered property.
Consult a Legal Counsel
Hiring a reputable Maori land lawyer can simplify things for you. This professional can make sure you comply with all the requirements in case you need to build a new structure. Land lawyers can likewise take care of all the necessary legal documents prior to your transaction.
Join the Property Alert Services
Property managers and real estate investors are now taking advantage of the “Property Alert” features. This will keep you updated with the latest real estate news and other important events. This likewise allows you to find the property you need. Simply indicate the details and you will get a list of your preferred properties.
Organise Your Finances in Advance
Make sure your budget is all set before looking for properties. Explore your financial options and get pre-approved as early as possible. This is to secure the purchase of your desired investment. You can consult a mortgage broker as well to determine the best repayment scheme for your loan.
Be Prepared for Additional Expenses
Even if the lender has determined the upfront costs, you should prepare a budget for unexpected expenses. These include maintenance costs, council rates and insurance premiums.
These are just some of the things you should keep in mind when buying a property in Wellington. Always weigh your options and be smart with your decisions to ensure a successful transaction.