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The Buying Process: A Step-by-Step Guide
Buying a home involves several decisions before you receive the keys. Use this guide to organise your finances, research the property and understand the agreement, with help from the right advisers.
1. Set your budget and arrange advice
Talk with your lender or mortgage adviser about your budget and the conditions of any pre-approval. Allow for legal advice, property checks, moving and other purchase costs as well as the price of the home.
Choose a lawyer or conveyancer early. They can review the agreement and title and explain the legal issues. A building inspection is a separate specialist check; a title or LIM review does not establish the building’s structural condition.
2. Research homes and the sale method
At viewings, consider the layout, condition, outdoor areas and how the home fits your daily life. Ask for the available property documents and arrange the checks appropriate to the property.
- Auction: understand the auction terms and complete the finance and due diligence needed to bid unconditionally. Read Settled’s guide to buying by auction before bidding.
- Deadline sale or tender: confirm the submission requirements and closing time, and whether the property may sell earlier.
- Negotiation: check the advertised terms with the salesperson. A property offered by negotiation may have an asking price or may be marketed without one.
For more auction preparation, read our buying at auction guide.
Considering a section or new build? Our Hamilton land and building guide covers site investigations, service connections, contributions and project budgeting. For an existing rental, compare the investment property guide.
3. Make an informed offer
Your written agreement sets out the price, conditions, chattels, deposit and settlement arrangements. Have your lawyer or conveyancer review it before signing and explain the deadlines and obligations. The salesperson works for the seller, so independent advice is important.
Finance, building checks or other conditions need to suit your purchase and be correctly recorded. If a multi-offer process applies, ask how it works and submit an offer you are comfortable with; do not assume you will have another chance to negotiate.
4. Meet conditions and confirm the deposit
Work with your advisers to meet the agreed conditions by their deadlines. The agreement determines the deposit amount and when it is payable. Confirm payment instructions before transferring funds rather than assuming a standard percentage or payment date.
5. Prepare for settlement and possession
Confirm any pre-settlement inspection rights and arrangements under your agreement. Raise concerns promptly with your lawyer or conveyancer. Ask them to explain the balance payable, settlement steps and when possession and keys will be available, especially if the property is tenanted.
Common buying questions
What is a LIM?
A Land Information Memorandum provides council-held information about a property. Ask your lawyer what it covers, what may need further investigation and what other checks are appropriate. It is not a substitute for a building inspection.
What does unconditional mean?
An agreement becomes unconditional when its conditions have been satisfied. An offer can also be unconditional from the start. Ask your lawyer to explain the commitments before you sign.
Can I buy if I am not a New Zealand citizen?
Eligibility depends on your circumstances and the property. Check the current overseas-investment requirements with your lawyer before committing to a purchase; do not rely on citizenship or visa shorthand alone.
For independent information, read Settled’s sale and purchase agreement guide. Talk with our team about viewing a Hamilton property or understanding its advertised sale process.