A house and land package can be a great way for first-time home builders to break into the property market, offering very tempting pricing on homes at a time when property is at its most expensive in history.
But the price isn’t the only drawcard: a house land package offers so much more. Here are numerous other ways home and land packages can be so beneficial to you, especially if you’re looking to purchase your very first home.
Clear, Up-front Pricing
If you’re in the search for your first home and have already been through the process of pre-approval for a home loan, a house and land package allows you to keep to your budget with up-front, clear pricing. If you don’t add anything to your home once the building process has started (for example, upgrading kitchen benchtops), the final price for your home and land package should be more or less set in stone.
Allows You To Save Thousands
House and land packages allow you to save thousands in fees such as stamp duty. Depending on the state in which you live, building a home won’t incur any stamp duty at all, especially if you’re a first home buyer. For example, if you build a new home in NSW that costs less than $650,000 (including the price of the land), you will forgo having to pay stamp duty. Additionally, you can save $40,000 by combining the government’s First Home Owner Grant of $15,000 with the newly introduced HomeBuilder grant.
Are you interested in finding out more about Queensland home owner’s grants? Check them all out here.
Because of the areas in which package houses are built, you also won’t be paying exceedingly expensive pricing for land. While you may be a little way from the centre of a big city, many areas where new house are being built are a part of a plan to bring value to your home in the long term.
Simple, And Saves You Time
Having your new home designed by an architect is not only a very expensive ordeal, but it can take time to decide on the layout, colours and finishes of a home. With many pre-made designs on offer, a house and land package can be much quicker to get built – and you can still customise any aspect of the house you like, so long as you have the budget.
Additionally, the building process is streamlined and simplified. For example, the builder can wait for you to settle the land, then conduct surveys and soil tests to determine site costs and finalise your contract – or, they can fix site costs, allowing your home to be built as soon as the contract has been finalised. This means that finance can be obtained for both the house and the land it will be built on at the same time.
Construction is also set out in stages, allowing for intermittent inspections to take place, so that you can make sure your home is being built to the highest standards.
Newer Houses Attract Better Tenants
If you plan on building a house to rent out to tenants, newly built homes tend to attract better tenants than older, shabbier properties. Tenants that want modern conveniences and are drawn to new homes also tend to stay at the property longer, ensuring you ongoing income. There’s even a possibility that you can charge a slightly higher than average rent, so you can see quicker returns on your investment.
As you can see, there are many benefits to house and land packages. At Domaine Homes, we build beautiful new homes in great locations – check out more about us, as well as our home and land packages, here.