STEP 1: Is home ownership right for you?
Owning your own home is different from renting in so many ways. There are lots of benefits, but there are also many costs, risks and obligations that you need to consider. It’s important that you look at the pros and cons of home ownership so that you can make the best decision for you and your family. Therefore the workshop will cover the differences between owning and renting a home, obligations and responsibilities of home ownership.
STEP 2: The home buying process
An important part of the home buying process is deciding what you want and need so that you know what kind of house to look for.
To make this decision, you should think about:
- • The location of the house
- • The features of the house – how many bedrooms, bathrooms and type of section
- • How will you use the house
Also you will find out how much a home is worth, know what’s involved in making an offer on a house and understand the roles of experts who help when buying a home.
STEP 3: Goal setting and budgeting
Setting goals and targets allows you to choose where you want to go in life. By knowing what you want to do, you know what you have to concentrate on to be successful. Learn how to create and keep a budget, understand the need for a deposit to purchase a house and how to calculate the price you can afford to pay for a house.
STEP 4: Getting a home loan
Do you want your interest rate to be fixed or floating? Is a table loan a better option than a revolving credit
line? There are a lot of concepts to get your head around when you’re applying
for a home loan. You will learn if the bank is likely to lend to you, applying for a home loan,
the type of loan that would best suit you and the different kinds of lending options available.
STEP 5: Financial assistance for first home buyers
What assistance is available to you other than banks? Learn about some of the Housing NZ products such as Welcome Home Loan, Kainga Whenua Loans, KiwiSaver First Home Deposit Subsidy and KiwiSaver First Home Withdrawal.
STEP 6: Building a home and affordable House Design
Having your own home built can be very exciting! You get to help design it and make sure it will meet the needs of your family. Everything will be fresh and there will be no need to fix anything ... or will there? Building your own home can be fun, BUT it can also be a big Headache! Learn what is involved in designing your own home and what you should think about before starting such a project such as risks and costs involved.
STEP 7: Maintaining your home and refinancing
Your home will be your biggest asset and to ensure that your asset continues to add value it is important to understand what is involved. So learn the difference between minor and major maintenance tasks, why it is important to use trades people to complete complex, risk or significant repairs, understand the importance of a healthy home and what refinancing a home loan is all about.