When it comes to buying a property in New Zealand, you have two main options: buying an existing property or buying a newbuild. Both options have their advantages and disadvantages, and the right choice for you will depend on your individual circumstances and preferences. In this article, we’ll compare the pros and cons of each option to help you decide which is better for you.

Cost

One of the biggest advantages of buying an newbuild property is that it’s often more affordable than buying a existing. Buying an off the plan property means the completion of the build is often months away, this often reflects in the purchase price compared to an existing home. Sometimes older properties may have lower purchase prices, however they may require more upfront investment for renovations or upgrades. Newbuilds can also offer long-term savings in terms of energy efficiency and maintenance costs, this is because everything in the property is brand new.

Location

Existing properties are often located in established neighbourhoods, while newbuilds may be in up-and-coming areas or newly developed suburbs. This factor ultimately comes down to what is important for you in terms of location and your lifestyle. Newbuild developments are often located in areas that are amenity rich, such as good school zoning or public transport routes to give buyers the most value and convenience out of their purchase.

Property Features

Existing properties often have unique and charming features such as high ceilings, hardwood floors, and character details. However, newbuilds can offer modern amenities and newer appliances and building materials that are lower maintenance and made to last.

Maintenance

Newbuilds are often designed with low-maintenance features and energy-efficient appliances, reducing the need for costly repairs and upgrades. One of the main factors of a new build is that they’re designed to be lower maintenance than existing homes, saving you time and money in the long run. Older properties may require more maintenance and repairs, which can be expensive and time consuming.

Resale Value

Newbuilds often have higher resale values due to their modern features and energy efficiency. Some older properties may have historic or sentimental value, which can increase their resale value in certain areas. With existing homes, it’s quite common for the property to require “touch-ups” before it will be in resale condition, such as painting or minor renovations, which will help with the property’s value but in turn can be costly for you as the owner to undertake.

In conclusion, deciding between buying an existing property or a newbuild ultimately depends on your individual circumstances and priorities. It’s important to weigh the pros and cons of each option and consult with a professional real estate agent to help you make an informed decision. If you want to have a chat with an agent who has extensive knowledge of newbuild properties and the benefits you can get out of them, contact the SM Property team today. For more tips and tricks on home buying or investing in property, make sure to visit our Instagram page.