Undoubtedly, the last few years have come with challenges for the New Zealand building industry. Labour supply due to lockdown restrictions has been tight, and, more recently, materials from overseas have been slow to arrive. These challenges have meant longer lead times for building projects and developments. Fortunately, with COVID seeming behind us, the borders open and material supply almost back to normal, builders like David Reid Homes have started to get on top of their workload, and the time it would take to build your new home is reducing.
Market variables such as inflation, interest rates, and house prices will always fluctuate. It is mostly true that the perfect opportunity to buy into a market will never happen; therefore, investing in a new home, no matter the market condition, is a good thing to protect and grow wealth.
Although the New Zealand housing market continues to soften, it will undoubtedly bounce back at some point in the future. In July this year, the government eased rules on bank lending, and there will be more easing in the coming months. In addition, the open borders will likely see New Zealand return to net positive migration of the pre-covid years, which will mean stronger demand for housing stocks. Economists expect the housing market to recover within 18 months as inflation management measures are lessened and borrowing costs decrease. A building project started today would likely see the housing market in growth (or close to growth) by the time it was completed.
This leads to the question, why would you take the time to build a new home instead of renovating an existing one or buying something already built, which you might get at a slight discount?
Martin Wiltshire of David Reid Homes thinks there are strong benefits to building new if you have the ability to do so. "The technology we use to build modern-day houses is vastly different from that used in the 20th century. The advances I have seen in the last 20 years have been around building new houses that focus more on the quality of living; homes that use space better in their layouts, are warmer and dryer, healthier, and cost less to maintain. The options for how a new home looks are much different today from the rigid options of the past. I see new homes we design and build all the time, and the first time I see them, they take a little bit of my breath away; that is the difference between buying an old house and building new."
As well as being stylish and innovative, houses built by David Reid Homes come with a 10-year Master Build Guarantee, which means less risk than buying something that was built years ago.
David Reid Homes has experts around the country who can meet with you in person to assist you in getting started on your new build project. There is no time like the present to start your journey with David Reid Homes.
Why now is an excellent time to build new with David Reid Homes
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