Build­ing vs Buy­ing

Central Otago Mirror - - FRONT PAGE -

In some coun­tries around the world, the cost of ac­tu­ally build­ing your own home is pro­hib­i­tive enough to make buy­ing a pre­ex­ist­ing home by far the most sen­si­ble op­tion.

How­ever, here in New Zealand there’s a rea­son­able equi­lib­rium be­tween the rel­a­tive costs of buy­ing and build­ing, per­haps with build­ing slightly tak­ing the edge if you’re canny about sup­pli­ers and trades­men, which means that both are per­fectly vi­able op­tions even for the first time home­owner. So why would you choose one over the other? Well, like most things in to­day’s choice­abun­dant world it comes down to a mat­ter of taste in the end, but there are cer­tain pros and cons to each process and out­come that could tip the bal­ance for you ei­ther way as you con­sider that tricky ques­tion: to buy or to build?

If you buy, for ex­am­ple, you may find it eas­ier to se­cure the mort­gage that you want, as the range of mort­gage prod­ucts serv­ing this mar­ket is ex­po­nen­tially greater than for bor­row­ing to build.

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