A lot of homeowners who are planning to buy a new property underestimate the value of building a new house. Most of these would-be owners have limited decisions believing that they will encounter different problems if they build from scratch.
However, with careful planning and working with the right team, you may be able to skip these problems. Compared to renovating an old home, building a new one may actually bring you plenty of benefits along the way.
To help you with your plans, we have put together some of the best reasons why you should consider building a new home instead of buying one.
1. Budget blow-outs can be avoided
Planning a new build can be a daunting task. It doesn’t need to be this way, it can be challenging but should also be exciting and rewarding. Waller Projects has been in the business of residential construction for 20 years. We like to work with our clients from the beginning of the project, providing good quality planning advice, quantity surveying and excellent supervision of the project, with an emphasis on attention to detail ensures budgets and time-frames are adhered to. The end result is a high quality new home on time and on budget.
We are always ready to offer alternatives and value management at any stage of your project, to rationalise the design and specifications to suit circumstances.
We offer competitive pricing based on good supplier and subcontractor deals, and our lower overheads.
2. Get a design that meets your lifestyle
You don’t need to buy someone else’s dreams, design, colours, carpet, to try to fit your family into. You’ll get to personalise all the details of your home. Everything from layout, indoor and outdoor flow, room sizes, and interior design and other finishing touches are delivered just as you want them.
3. Make your purchase hassle-free
No more constant worrying about the progress of the construction, issues with the foundation, or problems with the delivery of materials. Waller Projects take care of it all, with a guaranteed budget and completion date. This takes away all the stress and uncertainty.
4. A smarter, modern home
Obviously, new homes are built to meet current building codes, are more energy efficient, and can incorporate up-to-date technology. A new house will require less maintenance, and thus less cost, over the first years of ownership. We provide peace-of-mind with a comprehensive 10-year Master Builders Guarantee.
5. Enjoy financial benefits
There are plenty of financial benefits when you opt to build your home from scratch. For example, you will be able to lower your loan-to-value ratio. Restrictions on loan-to-value ratios (LVRs) are temporary limits on banks to reduce the amount of low-deposit mortgage lending.
Loans to people building a new residence are exempt. The borrower must either commit to the purchase at an early stage of construction, or be buying the residence (within six months of completion) from the developer. The exemption applies for both owner-occupiers and residential property investors. The LVR rules do not prescribe the size of a deposit for new residences.
After 3 years of contributing to KiwiSaver, you may be entitled to a KiwiSaver HomeStart grant. The grants are administered by Housing New Zealand and will be paid to your solicitor. For building or purchasing a new home, or for purchasing land to build a new home on, the grant is, $2,000 per year of membership in the scheme, up to a maximum of $10,000 for five years for each member.
When buying a new home, it is crucial that you know all your options and the various financial possibilities available to you. The benefits listed above are just some of the reasons why you should consider building a new home than buying an older second-hand home.