5 Things You Should Know About House and Land Packages
- 17 July 2017
Purchasing House and land packages has quickly become the more appealing option for many new homeowners. The ability to now easily design a personalized address has exceeded the choice of investing in existing properties.
Over recent years the hassle of the building process has been eradicated and buying house and land packages has proven to be just as easy.
For your convenience, we have summarized the five benefits of buying house and land packages. As a first-home buyer, these useful tips can help you be informed to ensure you make the best decision about your investment.
Five benefits of house and land packages
1. Have the freedom to choose your block & design
Enjoy the freedom to design the house that suits your lifestyle. Whether you’re an owner occupier or an investor, house and land packages allow you to customize your design to meets your needs.
Unlike purchasing an existing property, the process ensures you will not have to compromise on the design elements you are looking for.
2. New Designs, Less Maintenance!
Old properties have been built using outdated technology and concepts. By buying a new house and land package you know that your home will be built using with current industry knowledge and techniques. Consequently, new homes naturally have less repair and maintenance to worry about.
In a new home, you also have the reassurance and benefits of a builder's warranty.
3. Financing may be different
The investment for a house and land package can require different financing. It's important to consider this when making your real-estate decision.
Unless you’re buying the package with the house securely in place or construction near completion, financing for a package deal will take place in two parts:
1. Buying the land
2. Building costs for the house
These loans can be done separately, but are often bundled together into one investment. Be sure to talk to your finance provider ahead of time.
4. Depreciation benefits
New properties can typically be depreciated at a higher rate than older properties, as they have a greater initial value of building, fixtures and fittings.
This can be an attractive incentive for investors to get a ready-built package deal and be able to depreciate earlier than if you are building the house.
5. Great value
House and land packages generally include fixed prices with set inclusions, which in turn allow you to forecast the overall cost of your new home prior to commencing building.
Hiring a contractor to build the home yourself would not offer the same price stability! By purchasing a house and land package you can be sure that you won’t encounter any unforeseen costs that exceed your original budget.
Ready to Buy!
You're now ready to make an informed real-estate investment decision on packaged house and land deals.
These bundles can help you:
• Choose the perfect home design for you
• Deal with less upfront maintenance
• Finance the land and home in one
• Depreciation benefits
• Get great value at a fixed price
Start building your perfect dream home today — invest in a house and land package.