Buying a new home is an exciting, but busy time. Before confirming the purchase of your property you have likely been caught in the process of “signing it up”. So, now that it is, what next?
1. Arrange Insurance
It is quite likely that you would have already had to arrange insurance before confirming your purchase. But if not, now is the time to get that cover in place. Insurance is critical, and you need to be sure you are covered before your settlement date.
There are many insurance options out there, and you can compare policies and companies to find what is right for you. To take the hard work out of this, consult an insurance broker who will make the comparisons for you and has a lot of experience in this area.
2. See Your Solicitor
Over the past year, laws have changed that now require you to prove your identity to meet Anti Money Laundering conditions. When you visit your solicitor to sign forms before the settlement of your new home, you will need to make sure you bring the correct ID.
Your solicitor will provide details of what you need. For example, a current passport, driver’s license, and proof of address such as a utility bill from the past six months.
3. Contact Service Providers
There are several service providers who you will need to contact.
Fibre/Internet – Search for various broadband plans from different Internet Service Providers here.
Mail Redirection – Check out a price list and your options to make sure your mail comes to your new home.
Power /Gas – ConsumerNZ shows some of the best options here.
4. Property Management
If your new purchase is going to be rented out, it is wise to have a chat with a Property Manager about what services they can provide for you. Ask them what their fee structure is, and what that fee covers. If you are new to investing or don’t live in the same town as your rental property, it is highly recommended that you have a Property Manager working on your behalf.
5. Arrange Moving Transport
Book in the moving van or trailer! Are you going to put your move in the hands of a moving company or are you going to do the heavy lifting and hire a trailer? It can pay to look at both options before rushing into a decision. Harcourts clients have the option of using our courtesy trailer for moving.
6. Pre-Possession Inspection
Under the standard Sales & Purchase Agreement, you are entitled to one inspection before the settlement date (after the unconditional date). The purpose of this inspection is to ensure your new property is still in the same condition it was when you purchased it. If there are any concerns once you have carried out this inspection, you have until the end of business on the day before your settlement to go back through your solicitor about any issues.
7. What time will I get the keys on settlement date?
This is a crucial point to consider. The keys to your new home can only be released to you once the funds for the home have been transferred to the vendor (or their solicitor), and once the title has changed names.
Once the vendor’s solicitor has received this, they will notify your solicitor that the keys are now ready to be released to you. Be aware that this can take place at any time from 9 am until 4 pm. Therefore, it is best you plan your shift knowing that it could be later in the day that you get the keys.