Finding the perfect home in New Zealand can be an exciting journey, but it’s not without its challenges. In the current property market, home buyers face obstacles such as limited housing supply and soaring house prices and run a real risk of losing momentum or giving up. Whether you’re looking to buy a first home or a new home, here are some of the most common challenges home buyers in New Zealand face along with valuable tips to help you overcome them.

Setting realistic expectations

One of the first challenges that many home buyers encounter when buying property in New Zealand is setting realistic expectations. While it's natural for home buyers to dream big, it's important to align expectations with the current market conditions. Research the local market, understand pricing trends, and consult with a trusted mortgage adviser to determine what you can realistically afford. By setting realistic expectations, you'll be better prepared to navigate the property buying process.

Finding affordable homes

The steep rise in property prices during the pandemic presented a significant challenge for many home buyers. While property prices have dropped across parts of New Zealand in 2023, housing remains unaffordable for many. For home buyers struggling to afford properties within their budget, it can be helpful to work closely with a mortgage adviser to explore various financing options and initiatives available to first home buyers. Mortgage advisers can help you navigate the lending landscape and find solutions that make homeownership more attainable.

Dealing with a housing shortage

Parts of New Zealand continue to experience a housing shortage, which can make finding the right home a challenge. But this also presents an opportunity to explore alternative options. Consider expanding your search to areas that were previously not on your radar. Look for upcoming developments or suburbs with potential for growth. By broadening your horizons, you may discover hidden gems that meet your requirements and fit your budget.

Staying focused and motivated

The process of finding a home can be exhausting and time-consuming, and often leads home buyers to lose momentum or even give up altogether. To stay motivated, it's essential to mentally prepare yourself for the journey. Embrace the fact that it may take time and effort to find the perfect home. Break down the process into smaller, more manageable steps, celebrate small victories along the way, and stay connected with a support system of friends, family, and professionals who can provide guidance and encouragement.

Getting the right help

Engaging the services of an experienced real estate agent, someone with local knowledge, access to off-market listings, and negotiation skills that can work to your advantage, is invaluable. Collaborating with an agent can save you time, expand your options, and increase your chances of finding the right home within your budget.

Overcoming challenges

Buying a home in New Zealand – whether a first home, a new home or an investment property – is certainly challenging. But, with the right support and guidance from a mortgage professional – such as those at Mortgage Express – it is possible to navigate the home buying process. For financial or mortgage advice for first home buyers, existing buyers, and investors, contact a Mortgage Express branded mortgage adviser today.