5 minute read
NEW OR USED
New or used Is it better to buy or build your first home?
By Rosie Duff
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.
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. 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. In a quick breakdown of the facts, figures released by the Real 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.
The average new build price in Auckland this year was $997,478; in 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. To make the decision a little easier, first-home owners should consider their own specific wants and needs and then go from there. 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. If you’re all about ‘location, location, location’ – purchasing a pre-existing property is perhaps a better bet.
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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property, is that individuals can see what they’re getting before they pour their money into it. For first-time homeowners, this can streamline the decisionmaking process and prevent any unwanted stress.
Although older properties boast a certain character that can’t be replicated in cheaper new builds, they also often lack insulation and weathertight joinery, which will cost homeowners more in the long run. Conversely, new homes are made to the building code, and thus require less in terms of maintenance expenses during the first couple years of home ownership. In addition to this, features such as double-glazing or underfloor heating are easier to install as the house is being constructed. Attaining a loan for a new build has also never been easier, with the loan-to-value restrictions that
limit bank lending to low-deposit borrowers excluding new homes, which is also an important factor for first-time property owners – who often have less cash available to spend upfront – to consider. All in all, the decision as to whether to buy or build is a nuanced process. Despite new builds still costing less, the margin between the two is significantly lesser due to higher commodity prices. What it comes down to, is personal preference and what you’re willing to compromise.
MegaForm ICF
Philip Blair is the director & designer of MegaForm ICF, with over 35 years of experience in the construction industry.
MegaForm ICF use the next generation of insulated ICF systems (Insulate Construction Formwork). The large 1200 x 400 MegaForm block has 65mm fire retardant polystyrene blocks available in a wide variety of sizes for residential, apartments and commercial buildings.
The blocks lock together with both vertical and horizontal reinforced steel running through the centre of the blocks. Once the right wall height is constructed, concrete is poured in providing a solid reinforced concrete wall. The concrete & steel provides the structural integrity, high acoustic and fire ratings while the polystyrene provides a consistent R4 insulation throughout your home.
Studies have found that ICF walls preformed better than cavity walls even when continuous insulation is used. As the building industry continues to search for more energy efficient building materials it should be noted that MegaForm ICF walls demonstrate a strong historical track record.
Studies have found that with R 2. Insulation in a timber frame cavity wall, the wall would only deliver a construction r value of R 1.44 (due to the effects of thermal bridging). Even when continuous insulation is used on a cavity wall, it is still unable to achieve a comparable performance to an ICF wall.
MegaForm ICF is quickly becoming the most innovate building product that offers homeowners high performance, energy efficient and affordable quality homes with architectural advantages. We are proud to be New Zealand owned, designed, and manufactured.
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