NZ Property: Catching the bug

Last updated 13:00 27/06/2013

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We asked readers to share their experiences from climbing - or avoiding -  the property ladder. 

Early this year we got our finances in order and went out house hunting. 

We had been renting a small one bedroom apartment in central Wellington for the past three years paying $325 per week. 

We quickly learned that with our $400,000 budget there was no way we would be finding our family home in Wellington. 

We started to look further afield and fell in love with the community of Tawa. 

We only put in tenders on two properties and won both of them. 

But on the first one after doing our due diligence and asking for a price decrease (borer in the joists) we were denied by a greedy investor and real-estate agent. 

So out of pocket by $2000 (building inspection etc) we kept our heads up and put it down to experience. 

The next property we found I refused to get attached to until the final documents were signed. Something I found very hard. 

But I didn't want to go through the heartache again. We were offered $600,000 by the bank. We bought a house for just over half of that. 

The thought of maxing ourselves out to $600,000 scares me. But people are doing it. 

We now pay about $400 per a week on our mortgage. Although we could afford to pay more we are using our spare money to do renovations. 

After two years we will be putting everything we can into the mortgage to pay it off as quickly as possible. 

We want to build our portfolio as I plan to be the stay-at-home mum when we have children. 

This will be our income. My fiancée is extremely handy which helps keep costs down. 

It has always been our dream to own our own home and achieving that dream is the best feeling. 

I am just lucky that at the age of 22, after three years of saving with my fiancée, we could afford it. 

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