The age-old question for many first-time home buyers is whether you should buy or build. But is it cheaper to buy your first home than to build your first home? There are many factors that contribute to this answer, such as the location, future renovations, customisation and non-negotiables. These are all impacted by the choice to buy or build. Here at Mortgage Masters in Auckland, we are not only the leading commercial property mortgage broker, we are also the leading investment property mortgage broker. We are happy to tell first home buyers and first home builders what to consider when indecisive about buying or building your first home.
The Perks of Buying Your First Home
When you choose to buy your first home, there are of course almost always going to be pros as well as cons. Buying means much, much less decision making. Many prefer to build to purely for the customisation options. For those wanting their dream home, building may be the way to go. The more changes you make to a design, however, means more cash that you’re spending. Another advantage is that if you find an existing home that’s move-in ready, you’re not waiting around for weeks or months for the builder to complete construction. If you’re relocating for work, school or a partner, being able to set up house right away can be more convenient than living in a hotel until your new home is finished. Buying a freshly renovated or modern home also means saving on renovation and customisation costs but buying an older home may mean that your costs run up more than you expected, due to maintenance costs. This also depends on the location of where you buy, as buying in the city or metro areas of Auckland would be cheaper than building, but building may be cheaper in rural areas.
The Perks of Building Your First Home
The most significant perk of being a first home builder rather than buyer is the customisation options. You can truly create the exact home that you want if you build! However, customisation may rack up a hefty bill, depending on what you want. Choosing a model home and building on a lifestyle property for example, could be a much cheaper option than buying an old home inner city. If you have the space and the time, building is definitely a better option. If you’re in a rush or your priorities are dependent on location, location, location, then buying may be a cheaper option for you.
Contact a Leading Investment Property Mortgage Broker in NZ
Talk through everything you want, everything you need and everything you expect with a qualified mortgage broker today and receive advice that is trustworthy, reliable and true. Contact Mortgage Masters today and arrange your free consultation.