Podcast Summary
Exploring the Benefits of ShareSite's Investment Dashboard and a First-Time Homeowner's Journey: ShareSite's investment dashboard provides a comprehensive view of financial performance, while Sim's experience as a first-time homeowner offers valuable insights for those starting their home buying journey
ShareSite's investment dashboard offers a comprehensive view of financial performance for over 500,000 stocks, ETFs, and funds, integrated with 200 platforms. It goes beyond brokerage statements with analyzed reports, dividend gains, and currency fluctuations visualized through intuitive graphs. Plus, for new investors or those sharing their portfolios, a special deal is available for a discounted annual premium plan. During this episode of Girls That Invest, Sim and Sonya discussed Sim's experience as a first-time homeowner in New Zealand. Sim shared her excitement about becoming a homeowner and the process she went through as a woman buying a property on her own. The hosts emphasized the importance of being prepared and seeking advice from experts for property-related matters. Sim's personal experience was seen as a valuable resource for those starting their own home buying journey. Overall, the episode highlighted the benefits of ShareSite's investment dashboard and Sim's experience as a first-time homeowner.
Understanding the mortgage preapproval process: The mortgage preapproval process is a crucial step in home buying, determining affordability based on deposit and income. Preapproval can be obtained through a broker or bank, involves detailed financial info, and doesn't guarantee a mortgage but clarifies budget.
The preapproval process for securing a mortgage is a crucial step in the home buying journey. It involves providing financial information to the bank to determine how much you can afford to borrow based on your deposit and serviceability. Preapproval can be obtained through a mortgage broker or directly from a bank. The process can take several weeks, and banks may prioritize applicants with existing accounts. Be prepared to provide detailed financial information, including tax returns and proof of income. The process can be done online or in person. It's essential to understand that preapproval is not a guarantee of a mortgage, but it gives you a clear idea of your budget and makes the home buying process smoother.
Prepare necessary documents for mortgage application: Have last 3-6 months of bank statements, payslips, work contract, passport photo, student loan statement, and a letter from KiwiSaver provider ready for mortgage application. Hire a lawyer for a smooth transaction process.
When applying for a mortgage, it's essential to have all necessary documents ready. The speaker shared their experience of providing bank statements, payslips, work contract, passport photo, student loan statement, and a letter from their KiwiSaver provider for the last three months. While some sources suggest having 12 months of statements, the speaker found that the last three to six months were sufficient. However, it's important to note that legally, buying a house requires a lawyer to handle the transaction, transferring the ownership and funds between parties. So, be prepared with your documents and a lawyer to ensure a smooth mortgage application process.
Preparation is key when buying a house: Thorough research, knowing where to look, and careful planning can lead to a successful house purchase for first-time buyers
Being well-prepared and doing thorough research are key factors when it comes to buying a house, especially for first-time buyers. The speaker shared her experience of using her Kiwi saver for the transaction and getting preapproval from the bank. She also highlighted the importance of knowing where to look for a property based on factors like location, safety, and affordability. The speaker recommended attending property meetings, researching online, and creating a Google Doc to help narrow down options. She emphasized the importance of putting the same energy and thought into buying a house as one would with other significant purchases. Ultimately, the speaker's careful planning and research led her to buy a house in a desirable suburb and on the same road where she was living.
Professionals to Involve in Property Buying Journey: Mortgage brokers, real estate agents or buyer's agents, valuers, and builders reports are crucial professionals to involve in a property buying journey for a successful transaction and seamless payment processing with tap to pay on iPhone and Stripe.
Starting a property buying journey involves bringing various professionals on board to ensure a successful transaction. For business owners, accepting payments through tap to pay on iPhone powered by Stripe can be a game changer, enabling quick setup, increased revenue, expanded reach, and enhanced customer experience without requiring additional hardware. During the property buying process, a mortgage broker is an essential professional to help navigate the financial aspects. Buyer's agents or real estate agents can assist in finding the right property, but they come with additional fees. A valuer is required by the bank to evaluate the property's worth, and a builder's report is highly recommended for older homes to identify any potential issues. In summary, involving professionals like mortgage brokers, real estate agents or buyer's agents, valuers, and builders reports can contribute significantly to a successful property buying journey and a seamless payment processing system like tap to pay on iPhone and Stripe can help businesses thrive.
Importance of Key Reports and Inspections: In a hot market, be prepared with necessary reports and inspections to make a strong offer, respond promptly to agents, and research recent sales to determine a reasonable offer price.
When buying a property, it's crucial to have a builder's report done to avoid unexpected costs and negotiations. In a hot market where properties are selling quickly, it's essential to be prepared and have all necessary reports and inspections completed before making an offer. The speaker shared her experience of finding a builder and getting a report done before giving an offer, allowing her to give a cash offer with no conditions. Another key takeaway is the importance of being responsive and proactive when looking for real estate agents or professionals to help in the buying process. Lastly, the speaker suggested researching recent sales in the desired suburbs and using that data to determine a reasonable offer price.
Learning the value of a property: Persistence, research, and learning from mistakes are key to determining a property's worth.
Determining the worth of a property involves research, practice, and making offers that may be rejected. The speaker shared their personal experience of using real estate websites, attending open homes, and communicating with agents to gather information and form an idea of a property's value. They emphasized that it's a learning process and that making mistakes is inevitable. The speaker also discussed the importance of a sales and purchase agreement, which is a contract that outlines the terms of the sale, including the offer price and conditions. Overall, the key takeaway is that the process of determining a property's worth requires persistence, research, and a willingness to learn from mistakes.
Keep offers simple and clear to increase chances: Simple, clear offers with no excessive conditions can increase acceptance chances. Communicate with your agent, adjust offers based on competition, coordinate settlement date, and consider a personal touch.
When making an offer on a property, keeping it simple and clean without excessive conditions can increase your chances of getting accepted, even if it's not the highest offer. During the process, communication with your real estate agent is crucial to understand the competition and adjust your offer accordingly. The settlement date is decided at the time of signing the contract, and the keys can be picked up on the agreed settlement date by coordinating with the real estate agent. Ultimately, a personal touch in the form of a letter or a friendly demeanor may also help sway the decision in your favor. However, rejection is a possibility, and it can be more painful when the seller knows you personally.
Hidden costs of buying a house: Expect unexpected expenses when buying a house, save extra funds for hidden costs, and manage expectations to avoid financial stress.
Buying a house comes with hidden costs that can add up quickly. The speaker in this podcast shared her experience of paying a low equity premium, which was an additional cost on top of the deposit. She also mentioned receiving a refund from the bank, but even with that, she still ended up using most of her savings on these unexpected expenses. Her advice for first-time home buyers is to manage expectations and not to get too attached to specific properties. She emphasized the importance of keeping extra funds aside for these hidden costs. It's essential to remember that the advice given in this podcast is for educational purposes only and not personalized investment advice. Always do thorough research and use your due diligence before making any financial decisions.
