House and land packages are new properties sold off the plan, with a range of customisable home designs to choose from. These properties are usually situated in land estates, where property developers purchase land released by the government and set up infrastructure and facilities to create a new community. Not sure if this approach is right for you? Here are the three reasons why it could be the perfect fit.
You’re in charge
House and land packages simplify the process of buying land yourself and having free rein to build on it, but they do offer you the option to customise your home. With 72% of home buyers claiming they would like to personalise their space and structure, this gives you the flexibility to do exactly that. Home buyers now have enormous flexibility to choose their perfect block of land, match it to their ideal design and select their preferred builder. The buyers are in total control of every step.
Another great benefit of buying a new house and land package is the reduced stamp duty since you’ll only be paying stamp duty on the land value. If you were to buy an established home you would pay stamp duty for the total value of the property, house included. Most house and land package deals also offer locations that are more affordable for buyers on the outskirts of existing cities or suburbs: a house and land package generally provides better value than an existing house in the same area. On average it costs about 14% less than a move in ready property. This can save you thousands of dollars. Another expense you won’t need to worry about is renovating and repairs; your new property is in perfect condition.
It’s easy to understand the appeal of a new home. The finished product is neat, attractive and holds plenty of curb appeal for potential tenants. Since it’s a new build, the house looks modern and is designed to suit today’s market, unlike older houses that may need renovating to suit the current property demands. You’ll also be able to claim plenty of depreciation from the tax man since it’s a new build.
Still not sure if a house and land package is for you? Get it touch today and we can walk you through the pros and cons.