Once you start looking for a home there are some costs you should factor in.
A lawyer or conveyancer. Buying a house is a legal transaction. Before signing any contract its a good idea to get a lawyer to look at it and give you some advice. They will do a title search and look over any building contracts, and mortgage documents before you sign up to anything. This could cost you between $1000-$3000 depending on the work involved.
A Building Inspector. You should always get the property inspected before buying. The report will let you know if there will be any repairs needed to the house and what that might cost. If the repairs are too major you might decide to opt out of the purchase. This could cost you anywhere from $300-$1000 depending on the builders qualifications and whether you want a written report. Some banks will require this as part of their mortgage requirements
Land Information Memorandum (LIM report). This is a report of information that the local council has about a property. A LIM report can include information about:
- zoning details of the property;
- land features such as landfill contaminants, erosion or flooding;
- building consents or permits which the local council or building consent authority has previously issued;
- any rates owning on the property;
- whether the property has any Heritage New Zealand protection;
- stormwater or sewage drains;
- and any other information about the property that the council thinks is relevant.
You apply to the council to get the report. The council will have an application form you need to complete, and there is usually a fee.
