The ongoing lack of housing supply in New Zealand has tempted many prospective homeowners into buying off the plan as a means of accessing the property market. But with higher inflation, a sharp rise in building costs, and unscrupulous developers delaying – or even cancelling – construction contracts, home buyers are being warned to proceed with caution. In this article, we’ll highlight what to look out for when buying a new build.

There are many reasons why home buyers choose to build new instead of buying an existing property. For some, being able to tailor-make a home that exactly fits requirements, built to specific design and layout preferences is important. While for others, a low maintenance home with the latest innovations in home ventilation, heating and eco-friendly features is a must. Whatever your reasons for building new, it’s important you’re clear on how construction finance will impact your lending ability.

Choosing to build a new home can be an effective option for first home buyers who want to get a foot onto the property ladder. Because it can be daunting trying to navigate the new build process for the first time, it’s helpful to have a heads up about what to expect. Like how long it should take, what to think about in terms of design, and how to find a builder. To help you get started, here are 5 things to consider when building a new home.

With a fixed price contract before construction starts, lower loan-to-value ratios and deposit conditions, and a home built to high standards, it’s not surprising that buying off the plan is so attractive, especially for first home buyers. If you are considering building your own home or buying into a brand-new development, here are some things to consider when financing the construction of your new build.