The Benefits of Buying House and Land Packages
Property prices in Australia and worldwide have seen an incredible increase in the last few years, with some areas of Melbourne seeing over 20% growth in just one year! If you’re looking to enter the market and are concerned about the price increases, house and land packages may be a good option. House and land packages, also known as land assembly packages, allow buyers to buy a new home and a block of land at once and save money compared to buying each piece separately. Here are the benefits of buying a house and land packages that every first-time buyer should know.
1. It’s an Affordable Option
One of the benefits of buying a house and land package is that it is often more affordable than buying a home and land separately. When you buy a package, the land is usually in the price, saving you money. Additionally, many developers offer incentives for buyers, such as discounts or free upgrades, which can further reduce the cost. Developers provide quality homes at affordable prices with various features, from luxury amenities to necessities like plumbing fixtures.
For example, you can buy house and land packages from AUD 560k in Mambourin Australia. The typical house and land package will include all the essentials: a plot of land, construction costs, architect fees, landscaping fees, solar panels (where applicable), septic tank installation fees, and connection charges. That may be right up your alley if you’re looking for something simple without too many bells and whistles. You’ll also have access to specialized design services like landscape design to ensure your property has curb appeal from day one.
2. They are Easier to Finance
There are a few reasons for this. Firstly, because the land is already part of the price package, you won’t need to come up with as much money upfront. Secondly, lenders often see house and land packages as low-risk investments, which means you’re more likely to get financing approval.
Thirdly, the value of house and land packages tends to appreciate at a higher rate than stand-alone properties. Also, you’ll save on the house stamp duty when you purchase a house and land package. In other words, the equity will grow faster when it’s packaged together than if separate.
3. More Customizable
One benefit of buying a house and land package is that you often have more control over the customization of your home. That means the developer can help you pick everything from the layout to the finishes and fixtures to ensure it’s what you want. You may also add eco-friendly features in your home construction such as solar panels and a septic system. If you install a septic system in your property, make sure that a septic tank cleaning is done every three to five years to avoid any damages.
It also gives you peace of mind knowing that the builders know how to plan for any issues or obstacles in the future, such as changes in zoning laws or new infrastructure. Hence, people living in areas with strict building codes or zoning laws may benefit from having the builder take care of these details. In addition, a well-planned site will be less susceptible to environmental threats like flooding. With all of these benefits combined, buying a house and land packages may be one of the best ways to secure the home of your dreams.
4. It’s a Quicker Way to Get Into the Market
You’re essentially buying a turn-key home when you buy a house and land package. That means your developer can take up everything from the land to the home’s construction. That can be an excellent option for those who want to get into the housing market quickly, as it eliminates many of the steps involved in buying a home. It’s an excellent option for first-time homeowners looking to build equity.
However, you may have a limited choice of the builder with this type of purchase; typically, only one builder will offer these types of packages to control costs and keep quality consistent across their developments. However, make sure you research what the developer offers with this type of purchase. If they don’t provide any warranty or other post-purchase support, that might not be your best choice.
5. You Can Save on Stamp Duty
Stamp duty is a tax on legal documents and can be a significant expense when buying a property. However, if you purchase a house and land package, you may be able to save on stamp duty. When you buy land and a home together, you pay stamp duty on the price of the land only.
Otherwise, you would have to pay stamp duty on the cost of the land and also on your home’s value if you consider two separate purchases. You can use the savings on stamp duty on your home to make your down payment.
House and land packages are an excellent option for first-time buyers, investors, and busy modern families. The benefits are numerous, and it can make the entire process easier for you. Do your research and compare prices to get the best deal possible. Choosing a company with a good reputation, one you feel comfortable working with and who can meet your needs, is crucial to ensure you get the best value for your money.