Building vs Buying
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.