Purchasing a home and land package offers immense value for individuals looking to live in a certain type of community in Sydney, Australia. If those options sound interesting to you, then you’ve come to the right place. There are some pros and cons to purchasing a home and land package, however.
A home and land package consists of new properties sold as a single package. After you select a home and land package, you are then able to customize it to your liking. The properties are often located and developed in what is known as land estates. Developers purchase the land that is released by the government, and build the infrastructure required to create a new housing community.
Let’s take a look at the benefits of buying a home and land package. The process itself is much easier than individually buying the land and selecting a suitable design. The houses are built with the correct sun orientation and placement in mind.
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Entering into a separate land contract and building contract isn’t necessary when you use a home builder. Essentialy, you’re cutting way down on administrative headaches right off the bat. In addition, the builder will wait until you are settled to conduct tests and surveys that will determine the costs. If you don’t want to wait, then you can get started as soon as the land contract is ready. Although this isn’t necessarily applicable to all new home builds, it’s worth knowing about in advance. If you do have the option, it’s rather efficient for the lender to obtain finance both costs at the same time.
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Either option will allow you to save a significant amount of money. Most credible lenders or financial organizations will be able to reduce some of the associated fees. Aside from having to pay for the valued land’s stamp duty, you won’t be responsible for paying any additional fees upfront. This is due to the fact that house hasn’t been built yet. You are also entitled to claim several depreciable assets, which include the construction and fixtures’ expenses.
There are a few disadvantages worth keeping in mind.Most new estates are available in small lot sizes, so it’s ideal if you’re on a budget. Although the small size might not be ideal, you should consider the added amenities.
If you’re looking to be close to all that Sydney has to offer, it’s not likely you will be. It’s a good idea to think about how close you need to be to work before you settle on a location.
If you’re looking to make a short-term investment, then this might not be the best approach either.
Some of the best builders in Sydney dedicate themselves to home and land packages. Even with some of the disadvantages, it’s worth pursuing if you are at a point in your life when you can afford to deal with some of the inconveniences.