1. KiwiSaver Timing Traps
KiwiSaver withdrawals usually take 10–15 working days to process, with little flexibility around the timeframe. It can be longer if you have lived overseas or owned a home before. The key is making sure the funds are available when you actually need them, either for the deposit when your agreement goes unconditional, or in time for settlement.
2. Ordering Reports at the Wrong Time
It is tempting to get a LIM, building report, or valuation before signing an agreement. The risk? You spend money on reports for a deal you never secure. The safer approach is to negotiate well-drafted conditions and only order reports once you have a signed agreement. That way, your due diligence dollars are spent on a property you actually control.
3. Signing Without Legal Review
Plenty of buyers sign agreements without legal advice first. One common trap is the solicitor’s approval clause, often pitched as a safety net but usually drafted to favour the seller. That can leave you with very limited grounds to cancel or renegotiate. A quick legal review before you sign can save you from being locked into terms that do not protect you.
4. Relying on Vendor-Supplied Reports
Vendor LIMs and building reports can seem convenient, but they rarely give you recourse if something is missed. When you commission your own reports, the professional is accountable to you, which means stronger protection if issues arise.
5. Not Clarifying How Your Offer Will Be Handled
When you make an offer, ask the agent how it will be presented. Will it go straight to the vendor, or is there a deadline for multiple offers? Agents sometimes hold offers back to stir competition. If possible, either insist on immediate presentation or delay until the deadline depending on your strategy. This reduces the risk of your offer being used to drive up interest rather than being considered on its own merits.
Final Thoughts
Most of the pitfalls above share one thing in common: they are avoidable if you know what to look out for. That is where we come in. We work with first home buyers every week, so we know how to structure conditions, time KiwiSaver, and deal with agents in a way that keeps you in control. If you are about to make an offer, get in touch before you sign. The right start makes all the difference.
Written by the C&M Legal Property Team
We help first-home buyers and families across Taranaki and Whanganui buy and sell homes with clarity and confidence.