10 reasons why a prefab home is a perfect option for first home buyers

by Jeremy Richards

Buying your first home is likely to be one of the biggest purchase decisions you will ever make. Not only are there a raft of budget discussions to be had, a list of must-haves and definite requirements to draw up. But there's the even bigger decision between buying a traditional home versus building new, which is a decision that is not made lightly.

There are lots of resources out there to help new home buyers navigate their way through the minefield that is first home ownership. From mortgage calculators, to guides on getting a mortgage, or winding your way through the legal labyrinth of buying a home.

Thanks to Westpac bank building a prefab home is another appealing option which has just come to the table for first home buyers.

Previously it was impossible for first home buyers to get a mortgage for their home. This is something we go into more detail in this article, but the release of a special mortgage for prefab homes is great news. It means that first home buyers can now unlock the amazing potential of a prefab home!

But what makes a prefab home so great for first home buyers? Well, there are a number of reasons ranging from speed, cost, peace of mind and range of options. A first home buyer purchasing a prefab home can access an affordable new home without the stress of managing a home build as their first project.

1. Built in no more than 20 weeks

Because a prefab building is constructed inside a purpose-built factory there are no weather delays to hold-up the build. When other sites are being shut down due to bad weather our factory keeps on ticking over. Here at Genius Homes we can guarantee your new build can be constructed in only 20 weeks from signing your final design to onsite delivery.

If you are in urgent need of a home and 20 weeks is still too long for you to wait, then check out our range of fast prefab home options which guarantee that you can be in your new home within only 9 weeks, yes that's right ONLY 9 WEEKS. For more information about our fast homes click here.

2. No surprise costs

Delays in a build can come from a multitude of places. From builders being pulled onto another job, to a delayed delivery of materials. Rain, staff sickness and subcontractors not showing up can all result in a knock-on effect of slowdowns.

With Genius Homes, the build team are employed members of staff which means they have one project to focus on - yours. Because our factory isn't a site in the middle of a paddock, the delivery of materials is easy which means no surprise labour costs.

3. Customised options are available

Just because it's prefabricated doesn't mean all the home designs are locked into an off-the-shelf pre-planned box. Yes, like most build companies you can buy an existing design, but there is the ability to customise those designs into a brand new creation if you so wish. Gone are the days where prefabricated meant boxy, cold and a lacklustre design.

There are typically 3 levels of the home that hit the production line here at Genius Homes:

Standard - The floor plans haven't changed and all of the customisation has come from the range of standard colours and finishes. Maybe the kitchen appliances have been upgraded for an extra special touch.

Hybrid - These are mostly standard but have a few tweaks. An ensuite may have been added to the second bedroom or the length of the house extended by a metre. A door may have been added and a room reconfigured. There could be a few special colours thrown in, but mostly the standard range is enough!

Custom - These homes are rare and are almost a complete redesign. Few of these are built as they are usually highly specialised and are often better developed in conjunction with a specialist architect. Every so often one will come through the factory but not as frequently as the other two.

4. More affordable than traditional build homes

House prices are fairly high at the moment, and the cost of land can put many people off building a brand new home. What many people don't know is that the low cost of a new prefab home can actually enable a new home builder to have a house and land at the same price as an existing home.

5. Financing a prefab home

Thanks to Westpac bank it is now easier to build a prefab home. According to Westpac, in the past when a house is built, the mortgage is released in parts as the house goes up and there’s material to secure the loan against. With a prefab house, it’s in the builder’s factory until it’s almost done so until now, the builder had to take the risk that the owner could get finance once it was finished.

“Our new way of funding essentially means we have security before the house is delivered, which removes much of the uncertainty for buyers and builders partnering on a build,” says NZ Head of Home Ownership, Mark Dunmore

To learn more about the financing process for prefab homes you can read our latest blog "How Westpac is changing the prefab game for first home buyers"

6. You can use your KiwiSaver or a Home Build grant to purchase your home

Once you've been a member of KiwiSaver for 3 years, you may be able to withdraw some of your KiwiSaver funds to put towards the purchase of your first home. You may also be entitled to a KiwiSaver HomeStart grant to help with your new build home. For building or purchasing a new home, or for purchasing land to build a new home on, the grant is effectively doubled to $2,000 per year of membership in the scheme, up to a maximum of $10,000 for five years, for each member. You can learn more about the HomeStart grant by visiting their website.

To discuss these options or to see if you fit the criteria we suggest you talk to your lending provider.

7. High Spec appliances and also specialist design consultant.

When building a Genius Homes prefab home, you will have a design consultant to walk you through the standard and non-standard inclusions.

Discuss the standard inclusions in our range of kitchen appliances from Haier, or look at a few upgrade options by going with the Fisher & Paykel range instead. Our houses include items from the Plumbline range as standard, and can include almost anything you desire from the Plumbline line-up.

8. Factory tour including regular check-ups

Here at Genius Homes we offer factory tours where you can see the process each house goes through in it's journey from frame to a finished home.

A factory tour not only offers an interesting insight into the process of building a home in a factory, but also gives you the chance to be inspired by some of the homes being built. Look at the bathroom choices in one home and compare that to your own plans. Check out the differences between raked ceilings and ply panels to see which suits your dream home.

Whereas we cannot guarantee that the home you're thinking of buying will be on the line at the time, we can use your visit to finalise some details and get a good sense of your final specification.

When your home is being built you're welcome to come and see it as it progresses through the stages. While changes might not be possible, you will be able to have the unique experience of seeing your home come together.

9. Guarantee

Our buildings are engineer designed with a strong steel sub-frame and high-quality timber framing to ensure they exceed NZ building code requirements. With a 50-year steel frame structure warranty.

When you purchase a new home from Genius, our superior service doesn’t end once you have the keys in your hand - we provide you with a 24-month Maintenance Guarantee as extra peace of mind whilst you settle into your new home.

We are very confident of our superior designs and we ensure thorough quality inspections are made, as well as addressing any queries you may have. The Genius Quality Assurance team are available to assist you.

10. Ease and peace of mind

Here at Genius Homes, we offer full project management when it comes to building your new prefab home. This service makes it easier for you the customer. There is no need to deal with tradesmen, consents or councils. Our experienced council liaison team member manages all council approvals, earthquake, high wind zone and flood zonings that are necessary. The factory construction is a very service based build option, with the projects team constantly in contact to update you on the progress of the build.

Having a home delivered to your site means that you can choose the perfect location to live your new lifestyle. Factory building is all about delivering you your new home while making the process as simple and easy as possible!

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filed under prefab homes nz , first home buyer

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