For those struggling to find a home in Auckland, or anywhere else in New Zealand, building new has become an increasingly attractive option – mainly because you don’t need as large a deposit to build a new home as you do to buy a existing one. And of course you get a brand new home that will requires minimal maintenance in the short term.
With most lending institutions “owner-occupiers” a new build requires a 10 per cent deposit compared to a 20 per cent deposit to buy an existing home. Investors may require as little as 20 per cent deposit to purchase a new build, compared to a 40 per cent deposit under new loan-to-value requirements to buy an existing home.
Many buyers purchasing off Cavalier Homes plans over the past couple of years have been finding their home value has increased significantly by the time the build is completed, so that’s another positive incentive to purchasing a new build from Cavalier Homes.