Looking for a clear path to your next home? This page pulls together the most useful advice from our property articles, so you can skip the fluff and get straight to what matters. Whether you’re eyeing a cheap house, eyeing a shared‑ownership deal, or just trying to understand how big a mortgage you can get, we’ve got the answers you need.
First‑time buyers often wonder how much they can borrow. The rule of thumb is that lenders look at your income, debt and credit score. A $70,000 salary usually supports a mortgage around 3–4 times that amount, but you’ll need a decent credit score and a solid deposit. If you’re in NZ, the income limits work similarly, but the exact figure changes with each lender’s policy. Use a mortgage calculator to get a rough number, then talk to a few banks to see where you land.
Don’t forget hidden costs. Closing fees, stamp duty, and moving expenses can add up fast. Budget an extra 5‑10 % of the purchase price for these items. When you’re comparing properties, look beyond the list price. A cheap house might need major repairs that erase any savings. Check the condition, ask for a survey, and factor renovation costs into your total budget.
If you qualify for a government‑backed loan, like an FHA loan in the US or an FHA‑style scheme in the UK, the down‑payment requirement can be as low as 3‑5 %. Just remember there are strict credit and income rules, and you’ll need to meet the loan’s disqualification criteria – for example, high debt‑to‑income ratios or recent foreclosures can block approval.
Shared ownership lets you buy a slice of a home, then rent the rest. It’s a good bridge if you can’t afford a full purchase. You’ll typically own between 25‑75 % of the property and pay rent on the remaining share. Over time you can “staircase” – buy more shares and reduce the rent. Keep an eye on the staircase costs; some schemes have steep fees that can eat into your savings.
Co‑ownership works similarly in NZ, where joint ownership is common for families or friends. The key is a solid legal agreement that spells out who pays what, how decisions are made, and what happens if one party wants out. Avoid costly mistakes by getting legal advice before you sign.
Renters should also know the difference between “room and board” and plain accommodation. If a rental includes meals, it’s usually more expensive but can simplify budgeting. Look for listings that separate food costs if you’re trying to keep expenses low.
Finally, when you’re hunting for properties, use simple search terms like “cheap houses”, “luxury apartments” or “shared ownership homes”. These keywords match the language many listings use, making it easier to find suitable options fast.
Ready to start? Grab a calculator, set a realistic budget, and check out our detailed articles for deeper dives on each topic. With the right info, the property market stops feeling like a maze and becomes a clear road to your next home.
