First Homes
New or used
By Rosie Duff
Is it better to buy or build your first home? To make the decision a little easier, first-home owners should consider their own specific wants and needs and then go from there.
To buy or to build – it’s a question that’s sure to cross the minds of those looking to move into their first home more than once.
With a lack of vacant land available around the country’s urban centres, individuals looking to build will have to weigh up their priorities in terms of whether they’re willing to sacrifice a central location for a cheaper build.
On the one hand, you’ve got skyrocketing house prices; and on the other, you’re faced with supply chain shortages and expensive building materials. In the past, the decision to build was often fuelled by an individual’s desire to tailor their space to their specific needs, which often made it the more expensive option out of the two.
If you’re all about ‘location, location, location’ – purchasing a pre-existing property is perhaps a better bet.
However, due to the nationwide housing shortage, building has been touted as the cheaper and easier solution for first-homebuyers looking to step onto the property ladder.
Estate Institute (REINZ) set the national median national house price as $850,000 in August. In Canterbury it was $619,000, while in Wellington it was $875,000, and in Auckland it reached $1.2 million.
In a quick breakdown of the facts, figures released by the Real
The average new build price in Auckland this year was $997,478; in
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Wellington it was $763,853, and bringing up the rear at $634,869 was Christchurch, REINZ reports. So, ultimately depending on land, design and consent costs, the final price tag on your new build could likely rival that of a pre-existing property.
Individuals also often forget to factor in hidden costs such as unforeseen project delays and alternative living arrangements while building, which both add extra time and money onto the final bill. One of the biggest drawcards when shopping for an existing
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