What should I consider when deciding between buying new or an existing home?
When it comes to deciding between building a new home over buying an existing home there are many things to consider. As a new home builder we are often surprised by how many people are not aware just how affordable designing your own home can be.
To help you on your journey we put together a list of the benefits of each option. Many of these factors are dependent on you and your families needs so we recommend getting in contact with a builder to discuss your options so that you can make an informed decision.
Benefits of building
- You get to design the home that fits you and your families lifestyle
- Accommodation of your essential ‘must have’ features within your budget
- Built to the newest and often more rigid Building Code
- Enjoy a warmer, dryer and more energy efficient home with double glazed windows and better insulation
- No requirement to mess around with costly and time consuming renovations
- 10 year build guarantee less ongoing maintenance to worry about
- Fixed price build finance takes the uncertainty out of bidding on existing properties
- Higher chance of instant equity from the time you sign the contract to the moment you turn the key
- Reselling a new home is typically easier and more profitable
Benefits of buying existing
- See exactly what you are buying before you buy
- No delay waiting for your new home to be built
- Buy a run down property for cheaper in an equivalent area
- Add value to an existing property through smart renovations
- Established neighbourhood and local community
“Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do.” – Mark Twain
Where do I start my build journey?
Before you decide to build it might be wise to seek advise to understand all your options and make an informed decision.
Often the best place to start is with the builder of your choice. They have the experience to provide you with the best advise on sites you may already be looking at and provide pricing options on the house plan of your choice.
- Bank Manager/Mortgage Broker
Once you have selected your site and have pricing options from your builder now is a great time to get the ball rolling with your Bank Manager or Mortgage Broker. They can help you understand your financing options and what you can afford to borrow.
It is always advisable to have a lawyer oversee all contractual agreements before you sign on the dotted line. From your Section Contract to your Building Contract, a lawyer will know what to look out for so you can avoid any nasty surprises during the build process.
- Friends and Family
Your friends and family can often be a great source of advise for referrals and things to watch out for based on their own experiences. Don’t underestimate the value of having a second opinion from someone you trust throughout the build process.
“Be careful whose advice you buy, but, be patient with those who supply it. Advice is a form of nostalgia, dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it’s worth” – Baz Luhrmann
How do I choose the right home builder for me?
Deciding on the right builder for you and your family can feel like an overwhelming task. The market is saturated with new home builders, which makes it all the more important that you do your homework by asking the right questions of your prospective builder before making your final decision.
At Westmoreland Homes we encourage people to review their options thoroughly before selecting their builder and believe we are the best option for people looking for a trustworthy local builder.
To this end, we have prepared a list of questions we recommend you ask a prospective builder – We would be only to happy to answer these questions with you:
- Ask to see some of the older homes they have built and inspect how well they have lasted
- How long have they been building in the area you are thinking of building?
- What is their reputation in the local community?
- Do they have past clients who you can talk to?
- What is the background of the building team and how much experience do they have?
- Do they use reputable local contractors?
- Does your builder have experience dealing with local council requirements and resource consents?
- Is the owner of the business/franchise personally invested? Will you get to meet them as part of the build process?
- What is the background of the owner?
- Has the company/franchise had legal issues in the past or complaints for substandard work?
- Have you read the fine print on who is responsible for project cost overruns?
- Do you have to pay franchise fees?
- Does the builder add in marketing costs?
“I have not failed. I’ve just found 10,000 ways that won’t work.” Thomas A. Edison
Can I design my own home even if we start with an existing floor plan?
Choosing to build new is a fantastic opportunity to incorporate your own ideas into the floor plans. At Westmoreland Homes, we work closely with you to understand your ‘must have’ features and incorporate them into the design. Whether you choose from our extensive range of high-quality plans or start fresh with a clean sheet of paper our sales consultant can help bring your ideas to life. It is important to consider the budget implications of your wish list which is why we recommend putting together your list of requirements before contacting your builder so you know what items are most important to you.
At Westmoreland Homes we have helped our customers incorporate all sorts of features:
- Attic Stairs
- Electric Car Charger Station
- Exterior Lighting
- Wine Cellar
- Coat Bay
- Wider Hallways
- and more…
Get in contact with our friendly sales team and share your dream home ideas!
“A house is not a home unless it contains food and fire for the mind as well as the body” – Benjamin Franklin
How do I compare home builder quotes?
When looking for a company to build your new home, one of the most important factors to consider is the quoted price. It can be difficult to compare different builders and housing companies because there is no consistent standard for the format of a quote.
As a result how can you make an informed decision?
To help you in that process, we have listed the following items which are not necessarily a physical part of your new home but are still costs that are incurred along the way and have to be accounted for at some stage.
No two builders will quote exactly the same. Neither will they necessarily tell you what costs have been omitted or who is responsible for any cost overruns should they occur during the build process.
In some cases, the number or quality of some items e.g. lights, can vary significantly between quotes and create the impression of a cheaper overall cost at the expense of the long term value of your new home. It’s important that you compare all the differences in order to understand what you are or are not getting with each builder.
At Westmoreland Homes ALL Building Check List items are included up front and should be read in conjunction with the specification sheet of each building company you are considering.