With New Zealand's property market being as expensive and hard to predict as it is, it's no wonder that people are constantly asking themselves whether they should renovate, buy or build. There is no easy answer, as each option has its own set of pros and cons. It ultimately comes down to what your specific needs and circumstances are. To help you make the best decision for you, we've broken down each option below.

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Renovating

If you're happy with the general location and layout of your home but feel like it could do with a refresh, then renovating may be the best option for you. Renovating can be a great way to add value to your home without having to go through the hassle (and expense) of buying or building anew. Plus, it can be a fun project to take on! However, it's important to remember that not all renovations are created equal. Some will add more value than others, so it's important to do your research before committing to anything. For example, a new kitchen or bathroom will usually add more value than repainting the walls or installing new carpet. And of course, there's always the risk that things don't go according to plan and you end up spending more money than you intended to. So make sure you factor in a buffer when budgeting for your renovation project!

Buying

If you're looking for a change of scenery or want to upgrade to a bigger place, then buying might be the right option for you. Buying gives you the opportunity to move into a home that better suits your needs without having to go through the hassle (and expense) of building from scratch. Plus, if you play your cards right, you may even end up making a profit down the line when you sell! However, there are some risks to consider when buying too. First of all, there's no guarantee that your property will appreciate in value over time–in fact, in some cases it may even decrease in value! Secondly, buying usually requires taking out a mortgage which means you'll be committed to making repayments for years (or even decades) to come. And finally, there's always the possibility that something goes wrong and you end up losing money on the deal. So make sure you do your homework before signing on the dotted line!

Building

If you're looking for something completely different or simply want full control over every aspect of your new home, then building might be the right option for you. Building gives you complete freedom to design and build exactly what you want – no more settling for someone else's taste! Plus, if done right, building can actually save you money in the long run as custom-built homes are usually more energy-efficient than mass-produced ones. However, building is not without its risks either. First of all, it can be very expensive–you may even end up spending more than if you had bought an existing home! Secondly, there's always the possibility that something goes wrong and your final product is not quite what you wanted or expected. So make sure you do your research, or speak with a professional in the industry before taking on such a large project!

There is no easy answer when it comes to deciding whether to renovate, buy or build–it all depends on your specific needs and circumstances. However, we hope that this article has helped give you some food for thought! Whichever option you choose in the end, make sure you do your research or speak with a professional first so that you can be confident that you're making the best decision.

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Want to hear more?

I founded Modal Architecture in 2021. We are a local architectural design firm specialising in high-performance, sustainable, and lifestyle homes around New Zealand. If you want to find out more - get in touch discuss this article or your upcoming project.