If living in a golf community or eco-friendly village in Sydney appeals to you, it’s worth considering home and land packages. 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.
If you’re not sure what a house and land package is, it’s properties that are developed and sold as a single plan. After you select a home and land package, you are then able to customize it to your liking. These types of properties are typically located in what is referred to 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. It’s much simpler process than buying the land directly from the seller and customizing your own design. Also, you don’t have to worry about building a house that is designed for appropriate sunlight and other necessities that will impact your living conditions.
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Entering into a separate land contract and building contract isn’t necessary when you use a home builder. You’re taking care of two administrative headaches at once. 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 approach doesn’t always apply for all new builds, it is something worth finding out about upfront. If it does apply, then it’s a far more efficient method to receive both costs simultaneously.
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Either method will allow you to save thousands of dollars. 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. Since the house hasn’t been built yet, you won’t have to pay for it. You are also entitled to claim several depreciable assets, which include the construction and fixtures’ expenses.
There are a few cons to home and land packages that you should know about ahead of time.If you’re on a serious budget, you can choose small lot sizes. This isn’t ideal if you want something bigger, although the added inclusions might make up for the lack in size.
The location isn’t always the closest to the center of Sydney. 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 profit in the short-term, a home and land package could prove to be a disappointment.
Some of the best builders in Sydney dedicate themselves to home and land packages. If you’re in a situation where you can afford to deal with some of the cons, a home, and land package is a great option to consider.