So you've finally got a deposit saved up and enough of an income to support a mortgage payment on top of your regular expenses. The bank has pre-approved a home loan budget and it's time to start looking around for a good deal on a house or section. There are plenty of different variables to consider from location to future sale potential, but the one decision that's toughest to make is often whether you should buy or build.
You might already own property or this could be your first foray into the New Zealand real estate market, either way a new purchase can be stressful and nerve wracking. The main centres have seen dramatic fluctuations in price over the past ten years, falling from their peak in 2008 and slowly climbing their way up since. Making the wrong move in any property market can set you back years, but with more and more capital needed for major cities Auckland, Wellington and Christchurch, you need to be more careful than ever.
Many people share a dream of one day building a home to suit their own specifications, but deciding whether the time is right or not takes careful consideration. Take a look over some of these pros and cons of building versus buying, and get the home that's right for you right now.
Consider the Extra Cost
After you have a home loan pre-approved by your bank and you know what your budget is, discuss your wants and desires with your architect before you buy a section. Ask them what they think of each location and whether it's suitable so that you can be sure you're prepared to take on the cost of a build. Remember to leave some wiggle room for the almost-inevitable additional expenses that are bound to crop up.
If you can't afford to build without stretching over your budget, save and wait until you can or choose to buy a home instead
Future Plans
Sometimes people get so wrapped up in the idea of having their house plans come to life that they forget about the goals they have for the future. You don't want to pour all of your ideas out into the perfect home design only to have to sell a few years later. If you're starting a family or considering a move in a few years time, it might be best to buy instead. When you've got a family and you're looking for a place to settle down and live your life, the time is right to build a house in New Zealand.
Building your own home is rewarding, exciting and a fantastic goal to finally achieve. Don't end up a property owner with another failed building project; plan carefully and make sure it's the right time for you. Make your home your castle and see that your real estate goals are realised when the time is ฝากขายทาวน์เฮ้าส์ right.
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