Build or buy an existing?

For most Kiwis, the idea of owning their own home is a dream come true. In the past, people lived in their homes for decades, paying off their mortgages and living in their castles until retirement. Today, however, the average person moves around 11 times in their lifetime.

No matter what stage of life you're in, whether it's buying your first home, downsizing, or building your dream home, buying a home is one of the biggest and most important investments you'll ever make.

Buying existing
Buying an existing home carries its own set of risks, including:

• rooms or bad layouts
• Less storage
• Smaller garages
• No air conditioning
• Unforeseen maintenance

For some, the process of remodelling and updating an older home is something that excites them. For others, the process and timeline may require an extensive remodelling project to make an existing home their own. Many older homes are also less energy efficient, located in older communities, and involve the buyer negotiating with the seller, which can add an emotional element to the process.

New builds
If you choose to buy a speculative home in one of the popular new subdivisions, or oversee the build of your dream home, you’ll only have to deal directly with the builder.

When buying a new home, the buyer often has complete control over the end product, especially when it comes to colour choices and personal touches such as countertops and appliances, general finishings. New home builders can use state-of-the-art construction methods, energy-saving products and materials that can potentially save you money on your bills.

A downside can be new homes are built on smaller sections and are not surrounded by established trees, or picturesque neighbourhoods.

Like all construction options, there are advantages and disadvantages to a new construction home, but it’s ultimately up to the homebuyer to decide if the risks are worth the rewards.