The benefits of building a new home VS buying existing
You’ve got two options for your next home. You can build your own castle from the ground up and customise every inch to suit your lifestyle. Or you can buy an existing home that someone else has lived in already.
Our bias might be showing again, but we reckon the first option is by far the best one for most Kiwis – here’s why.
Easier to borrow for
To keep commercial banks in line the Reserve Bank imposes LVR limits on their lending. These limits restrict the amount of low deposit lending (to borrowers with a deposit under 20%) that commercial banks can do.
If you’re building a new home you’re exempt from these rules, which should make it far easier to get approved for a home loan even if you’ve only got a small deposit.
Better first home buyer grants
It’s hard out there for first home buyers. To help them out the government has offered a grant to eligible Kiwisaver members of $5,000 to go toward the purchase of an existing home, or double that amount for the construction of a brand new home
If you build with another eligible person you can both receive the grant, meaning you could receive up to $20,000.
Spend less time repairing and maintaining your home and more time enjoying it.
More energy efficient and comfortable
Every Kiwi has lived in an old dinghy house at least once in their lives and most will agree that once is enough. Once you trade up to a brand new home, you’ll never want to go back.
That’s because new homes are more comfortable and energy efficient. They feature double glazing, superior weather proofing, newer fittings and fixtures and sometimes even underfloor heating in the bathrooms and kitchens. They’re draught free, dry, healthy and warm. Plus your energy bills will be far lower as new homes are generally easier to heat in winter and keep cool in summer.
Build it how you want
No matter how long you look you’ll never find an existing home that suits you and your lifestyle perfectly. To get that you need to build your own.
Golstruct make this easier by offering a consultation with our inhouse architect so that you can design your home from scratch and ensure it’s exactly as you imagined. Alternatively you can pick one of our existing home designs and customise it to suit.
New homes are often more comfortable to live in and easier to finance.
Spend your time enjoying your home, not fixing it
If you buy an older existing home your work may never be done – you’ll always be spending time and/or money maintaining and repairing it. That may be fine if you love a bit of DIY, but if you want to put your feet up on the weekends and enjoy your home, building new is the better option.
Since new homes are built to higher standards, using new innovations and better quality materials they last longer and require less maintenance. Plus you’ll get a 10 year guarantee on your home so if anything breaks it may not even be your job to fix it.
There are a lot of practical reasons why building your own brand new home is a good idea but the most compelling reason of all is a an emotional one. We’re talking about that feeling you get when you walk through your front door for the first time after the build is finished. It’s kind of like driving off the lot in a brand new car, but 10 times better.
If you’re keen to experience that new-home-feeling for yourself give the team at Golstruct a call today or drop into one of our show homes.