Are new apartments better for first home buyers?
Brand new apartments and townhouses are a great option for first home buyers for countless reasons.
Let’s take a closer look at exactly why these kinds of properties are so well suited to first-timers.
When you’re trying to get your foot on the first rung of the property ladder, affordability is often top of your mind. You might not have a large deposit or a high income with which to secure a loan and make mortgage repayments, so you’ll need to find something budget-friendly.
New townhouses and apartments are usually very affordable, particularly here in Christchurch. In fact, it’s possible to find a brand new apartment for under $400,000 – a 20 per cent deposit for such a home would only be $80,000.
If you’re buying with a partner or family member and you’ve both been contributing to KiwiSaver for a few years you could even be eligible for a $20,000 government grant to help make it even easier to get your deposit together.
2. Low ongoing costs
New buildings, particularly apartments and townhouses, usually involve far lower ongoing costs than older properties. That’s because:
- Heating and cooling costs may be lower because of high-quality design, insulation and double-glazing.
- Less repairs and maintenance are required because the materials are more modern and in brand new condition.
- Brand new homes are sometimes cheaper to insure.
These lower costs make it easier to own your first home, leaving more money for mortgage repayments and fun stuff like trips overseas and smashed avo brunches.
3. High build quality and liveability
If you buy a brand new townhouse or apartment from a reputable developer, you can be confident that it’ll be built and designed to a high standard, using quality materials. This ensures your home is comfortable and liveable: full of natural light, warm in winter and cool in summer.
Sound good to you? Check out the new townhouses and apartments that Williams Corp is building near you and get in touch to find out more.
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