It is often assumed that purchasing an existing home is cheaper than building new. Building your own space uniquely designed to your needs is often thought of as an expensive dream, rather than a potential reality.
International research shows that twice as many people would prefer to live in a new home, however, often don’t recognise that those who are financially able to buy a new home, can probably afford to build.
Governments often have financial incentives in place to encourage new construction activity within New Zealand. This allows for smaller deposits and, in some circumstances, additional support toward gathering these deposits.
For first home buyers, there is the use of KiwiSaver, the First Home Grant or First Home Loan, if eligibility is met, and banks are competing for customers with attractive loan rates for those who are committed to a new build.
There are several benefits of building new, however one of the most significant is the flexibility of designing a space that functions best for your current and future needs. Your needs can be catered for in the process of designing a new home, whereas it can be difficult to find an existing home that fits all your requirements, without compromise or expensive renovations. A new build can combine your imagination and budget and provide you with plenty of choice and flexibility throughout the layout, look and specification of your home.
There are other benefits that come with modern construction and efficiency standards, resulting in a home that is often more economical to run, with a healthier living environment for those residing in it. Factor in manufacturer warranties, an independent ten-year build guarantee and recent announcements of financial benefits to build new homes over purchasing an existing property, and it is easy to see why new builds offer significant advantages, not to mention peace of mind.
As with most decisions in life, there are both benefits and drawbacks. One of the potential drawbacks of building new, is the location of some residential subdivisions. With the requirement for land, new subdivisions are often located on the fringe of existing city areas. However with good planning and infrastructure, these drawbacks can often be mitigated through developer placement of good local amenities and employment opportunities. Subdividing existing land also provides the opportunity for sections within existing suburbs, for those with a preferred location.
Finance is another factor that people are concerned about being a drawback, however it does not need to be. There are many ways in which loans can be structured to finance a new build and support your current living arrangements.
Where to start first?
The first step is to find the right builder. A builder of high standard can provide you with insightful advice across all these individual areas which will benefit the process and end to end experience. Further to this, a reputable home builder can remove the requirement for an architect, engineer, planner, and project manager, providing you with a central point to better manage your project.
So maybe it is time to consider a new build? Consider the benefits a new house will provide, an environment that suits your current and future living needs, the health and safety of those that reside there, and the peace of mind brought on by modern design and materials.
Interested in building, or want to learn more about the process? Check out G.J. Gardner’s Our Process page to learn about the building journey, or have a look at their range of informative brochures here.