Many first home buyers mistakenly believe their first property must be a tired, old home. That’s not true! As a first home buyer, you’re just as capable of moving into a new build as anyone. You just need to know where to look! Thanks to the skyrocketing demand for affordable houses Auckland wide, home builders have been developing innovative ways to create brand new, efficient, and quality homes to help more Kiwis take their first steps onto the property ladder.
New homes are more attainable than you think
Many first home buyers begin their journey up the property ladder with two common misconceptions:
- They assume they can only afford older, more worn out homes.
- They believe the only way to add value to affordable property investment is through renovation.
Fortunately, you don’t need to be so hard on yourself. Budget-friendly new builds in Auckland are within reach, with Homestar ratings in promising neighbourhoods priced comparably to older homes in similar markets. You shouldn’t rule out a new build based on budget alone.
What’s more, homes that need extensive renovations don’t always add enough value to the house to recover the costs of the renovations. Community drawbacks like the quality of nearby schools or the availability of local transport could also make it harder to add value as well.
Ultimately, buying a new build is less risky than a fixer-upper. You can be confident your home will still be in great shape 10 to 20 years from now, should you decide to continue up the property ladder. Additionally, new builds are more likely to be in newer neighbourhoods, with more modern infrastructure and a higher level of accessibility.
These community factors will keep property values on the rise while you’re living there, making it easier to make your first home a profitable investment. In fact, some first home buyers find that their new build increased in value just between signing and moving in, thanks to the high excitement and demand surrounding these up-and-coming areas.
With a new build, you can start saving again
Not only are older houses not significantly cheaper than many new builds on the market in Auckland today, but their renovation costs and lower energy efficiency can make them more expensive in exchange for a lower quality of living. With a new build, the price you agree to pay upfront will amount to a higher proportion of the overall expense. You’ll pay lower energy bills and move into a home already in great shape, which means that any savings left over after your mortgage payment can go in the jar for your next home!
A solution for your first home challenges
Solution Street is dedicated to helping first home buyers start their property journey off right. We encourage Kiwis to expect more from their first home, offering brand new freehold homes in some of Auckland’s most promising communities. What’s more, we help Kiwis utilise the tools available to them, such as the KiwiSaver First Home Grant, to afford the home they deserve. View our Solution Street properties today or contact us to learn more!