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SHOULD I BUILD FROM GROUND UP OR BUY EXISTING ?

What decision would you choose: A new built house or an existing house?

This is a decision you may be faced with, when you want to buy your first or another home.

Obviously, the choice is yours, but many factors come into play.

Firstly, if you decide to build your new home, you have to have somewhere to live in the meantime that is not going to cost you an arm and a leg for rent.

Plus, are you going to design it yourself or select a plan from a reputable home building company? If you decide to go your way Architects will be another expense you need to allow for.

The upside is, of course, you get a new home with all the features you are looking for built-in.

Should you buy existing?

Could be that you are looking for a specific location and no land is available to build on so you may be tempted to buy existing that is as near as possible to fit your bucket list.

Existing homes have a lot to offer. Firstly, you can see the homes around you and can decide if this is the type of area you would be happy to live in.

By being patient, you may get the chance to view property close to a school or church your children or you attend.

Does the property you are interested in fit the bill as far as space is concerned or do you need to add on a room or two. If so, is the section big enough to take the extra addition?

Taking into account the cost of the property and the cost of the alterations is this still a viable proposition.

Costs include;

  • the purchase of property,
  • solicitors’ costs,
  • architect cost,
  • council fees,
  • materials,
  • labour,
  • site work,

and the list goes on.

Make a budget

Your budget may not stretch to those expenses and may finish up far more than building yourself.

We mentioned rent costs before, but you would also have storage costs to pay. Plus a new home needs new curtains, and carpets another expense and don’t forget the paths and driveways and landscaping.

All in all finding a home that is 70% of what you want would be a winning outcome, and even if it costs a bit more than you wanted to invest, you will save in the long run with no other costs to move in other than removal costs, solicitors costs and the cost of the home itself.

So, if all is weighed up, can you stand the chaos of adding rooms, while living in an existing property. Living with relatives or renting while building or would you prefer to just keep looking and possibly spending just a bit more making a compromise on an existing property close to your needs.

For any real estate questions about this article just write to anne@topnotchagents.co.nz and I will answer as soon as possible. If you are intending to sell your property now please phone us on 0800 355 655  www.topnotchagents.co.nz