Following all of the changes to lending rules at the end of the last year, the property market has changed somewhat. With it getting slightly harder to get pre-approved and rising interest rates, many people have had to change their ideas around exactly what they want in a home and where it’s located.
We are seeing a lot more people coming through the doors who are looking at properties slightly out of Christchurch. With many areas around Canterbury expanding and new infrastructure being put in place, many are choosing to live further out of town where they have more choice in property. Many of these districts are offering quality new builds and more choices in the style and size of living. This opens up much more choice for many, especially those struggling to get on to the property market in the city.
New builds are also relatively affordable compared to existing houses. This also allows the buyer to get exactly what they want in a home, and allows them to future proof the property, rather than the idea of a “first home”.
New builds also allow for slightly more lenient lending rules, including options for under 20% deposit lending. First home buyers who choose to build also have access to larger grants through the First Home Grant (subject to meeting the First Home Grant criteria).
If you are leaning towards a new build, give our Christchurch mortgage advisors a call today. We can help you weigh up the pros and cons of a new build vs an existing home, and help you get on the property ladder quicker. Contact us here.