A bespoke design that is tailored to your needs versus a renovation of someone else’s dream home? As with anything there are pros and cons to building versus buying a new home. Read on for our break down of everything from upfront costs, energy efficiency and the all-important location.
Should I Build A New Home?
Your home is likely to be your biggest investment. So, it’s little wonder that the question “should I buy or build a new home?” is commonly asked among prospective homeowners around New Zealand.
Consistently high property prices in New Zealand have meant building a house has become an increasingly attractive option according to ANZ economists. A shortfall of housing has also played its part, with demand for new build expected to remain solid under the influence of relatively low interest rates.
5 Benefits Of Building New
Thinking about building a new home and want to know more? Here are 5 of the top benefits to building new versus purchasing an existing home.
The primary benefit when you build a new home, is that there is much more potential for customisation. You can tailor every aspect of it to your unique lifestyle needs.
Love entertaining and hosting dinner parties? A butler’s pantry could be for you. Or if exercising first thing is a must, you have the chance to build an indoor gym or pool.
You can specify right down to the little details too. Characteristics such as flooring materials, fixtures and fittings can all be done to your specifications.
2. Energy Efficiency
New homes are built in a much more energy efficient way. In New Zealand, we are not renowned for our warm, dry houses. Building new means you can make use of the latest insulation technologies and incorporate sustainability into your build.
Double-glazing, under-floor insulation and superior ventilation won’t just keep you warm and dry, but will also keep your running costs down. Modern building requirements make sure that the house will be built positioned towards the sun, enhancing your warmth and comfort even more.
3. Fixed Price Contracts
Worried because you think you won’t know what the build is going to cost? When you build a new home using a Fixed Price Contract there are no unwanted surprises along the way. The full price is set up front and agreed upon by both parties to avoid the risk of budget blow-out and misunderstandings.
4. Low Maintenance
Building a new home means when making the right choices, ongoing maintenance can be kept to a minimum. This can be a big bonus for those who don’t feel at home at their local Mitre 10!
Knowing that you won’t need to do any maintenance or repairs for a while also lightens the financial burden for the near future.
5. Guarantees And Warranties
Building a new home with a reputable builder in New Zealand should come with a comprehensive warranty to ensure any unforeseen hiccups once you’re in, are sorted.
Some building guarantees to look out for are the Master Build Guarantee and the Safe Hands 10 Year Guarantee. These sorts of guarantees will provide good peace of mind when building a new home.
Or Should I Buy An Existing Home?
In New Zealand, we’ve seen property prices skyrocket in the last decade, but that doesn’t mean buying a pre-existing home might not be the right choice for you.
Existing properties often provide a sense of history and the presence of “good solid bones”, particularly for buyers who are looking to be in a very specific area or zone.
4 Benefits Of Buying A House
Check out our top 4 reasons why buying an existing home and renovating could be right for you.
1. What You See Is What You Get
Buying an existing home allows you to see exactly what you are getting with your own eyes, rather than having to visualise from plans. Heritage features and original fittings can be a great draw, although in New Zealand, our relatively young housing means that these can be few and far between.
A pre-purchase inspection should help you find any issues that the eye can’t see; however, things can be missed which can cause headaches further down the track or during renovations and extensions.
2. Short On Time?
The turnaround time for moving into a pre-existing home compared to building new is a lot quicker. In New Zealand, the average time to move into a home is around two months after purchase.
When building a home, there are a lot more decisions to be made, as well as an entire house to construct! If you’re eager to move quickly then looking for a pre-existing home might be the right choice; however, if there are major renovations to be done first, this will delay your move in plans considerably and bear in mind costs and work involved to ensure positive results.
3. Established Neighbourhoods
Another advantage of buying a home is the all-important location. Sections pop up a lot less frequently in established neighbourhoods, particularly those in urban locations. If living close to the central city is a must for you, then buying a home might be more attractive.
Being able to explore your potential new neighbourhood and community, features before you buy is a big plus. If gardening is your thing then pre-existing homes are also likely to have more mature established gardens and landscaping.
4. Unexpected Surprises Don’t Phase You?
In recent years, older New Zealand houses have been found to have a number of undesirable issues such as asbestos, Leaky Building Syndrome, poor insulation and questionable building shortcuts.
When buying a home, the costs are not fixed at the price under the hammer. Maintenance, repair and renovation costs can quickly add up, especially if you uncover any nasty surprises such as structural issues or degrading plumbing. Buying an existing home may be cheaper but it means that you are taking more of a financial risk and you won’t get the same assurances that you do with building new.
Need more advice on building versus buying or help with designing your own home? Make the right choice and give the experienced, reliable, local builders at Build7 Christchurch a call today. We’re the Christchurch building firm who can create your dream home, so get in touch today to talk about your building plans or check out our house and land packages available now.