New Build vs Existing Home
When buying a home, one of the first big decisions you’ll face is whether to go with a new build or an existing property. Each option has its pros and cons, from design flexibility and modern features to character, location, and cost.
Knowing the main differences between new homes and existing ones can help you make a smarter, more confident decision based on your lifestyle, budget, and long-term goals. In this blog, we’ll break down the main considerations to help you decide which path to homeownership is right for you.
Pros of Buying a New Build
A significant financial benefit of buying a house and land package in New Zealand is knowing that you are invested in an all-inclusive cost package, commonly known fixed price package. There are no additional costs, such as you would expect for maintenance costs on an older home or existing home. A new build comes with a 10 year Master Builders Guarantee, so for the next 10 years, any structural issues are taken care of, and your new home complies with all new building codes and healthy homes standards.
There are also other factors to consider, buying an existing home, you may want to re-paint to change colours, so there is an additional cost whereas purchasing a new built home, you choose your colours up front, and that also extends to tiles, kitchen style and bathroom…no additional cost! The benefits of a newly built home offers peace of mind.
You may also want to consider future-proofing your home as a smart home. The rise of smart home technology has transformed how we interact with our living spaces. This means connecting appliances and devices such as security, heating, TV, lighting, etc to the internet whereby you can monitor and manage your home via the internet.
With the ability to control appliances remotely, homeowners can enhance convenience and energy efficiency. These technologies not only help in managing energy consumption but also contribute to reducing environmental impact and improving security. It’s fascinating to see how innovation continues to shape our homes for the better!
Cons of Buying a New Build
Buying a new home has several potential downsides. Construction delays are common, leading to unforeseen expenses such as extended rental and increase in materials or mortgage repayments and stress. Budget overruns can also occur if you’re involved in the build process and don’t have a fixed-price contract. Furthermore, new builds might be in less desirable locations or lack established amenities.
If you don’t have a fixed-price contract with your builder, costs can escalate unexpectedly. New builds are often located further out from town, and may lack established amenities like shops or schools.
Getting the layout and plan right can sometimes be stressful if you do not have the right consultation with your builder.
Pros of Buying an Existing Home
More certainty, simpler. Buying an existing house means you have certainty about the price and settlement/move in date. Less decisions need to be made and much less of your time will be taken up making them. You won’t start paying a mortgage until the day you take ownership of the property. Banks would also be more favourable on lending because valuation for an existing home in an established area is more certain.
Cons of Buying an Existing Home
Buying an existing home can present several downsides. Purchasers should consider outdated design and features that may require costly renovations to meet modern standards and potentially would not have the modern amenities or layout preferences you desire. Additionally, older homes often come with higher maintenance costs due to wear and tear such as roofing, HVAC, electrical, and plumbing that need replacement or repair. Finally, there might be hidden issues or problems that are not immediately apparent during a purchase, adding further expense and potential headaches.
Contact us for Your Next New Build House
Ultimately, the choice between a new build and an existing home comes down to what matters most to you. Do you prefer modern convenience, customisation, and low maintenance? Or do you like charm, established neighbourhoods, and possibly lower upfront costs? Both paths offer great opportunities, and there’s no one-size-fits-all answer.
By weighing up your priorities, budget, and lifestyle needs, you’ll be better equipped to make a decision that feels right for your future. Whichever path you choose, the most important thing is finding a place that truly feels like home.
If you are considering building a new home or would like to discuss and collect more information on the process, feel free to get in touch with us.