Build update: Our designers have just about completed the working drawings so we are close to submitting for council approval. Based on a similar house we are hoping for council confirmation in 3 months and commencing the build in January.
We are next up for a ‘shopping trip’ with our designers where the list will include: appliances, tiles, tapware, lighting and basins/sinks. I’m feeling this is where building a small house will have it’s advantages as the number of these items we need will be reduced and that will save a few decisions.
On having a small house, had a discussion with someone whose opinion was you would be mad to build anything smaller than a 3 bedroom 2bathroom – we are certaintly a lot smaller then that – a point of his was that this 3bedroom appeals to the buyers so from a resale perspective this will allow greater capital growth. It’s a valid point and if this was a house we were looking at having for 5 or so years i have little doubt it would look the same. However we view it as a long-term home going forward and building what we need now. Initials planning has been done that would allow us to add to it to create the 3 bedroom, 2bathroom house so it is an option but as pointed out the cost of building that in the future will increase so that is a risk we run. Building that now does not make a lot of sense personally as we simply would not use those extra rooms and I’d rather not be paying a mortgage or what we are not using.
Mike Columbus is a founder of sortmymortgage.co.nz and director of New Zealand Home Loans Christchurch Central. Mike can be contacted on 03 335 3527 or 021 369908. This advice is of a general nature only and before acting on it please read my disclaimer which can be obtained by emailing me at mike.columbus@nzhomeloans.co.nz