Purchasing a home and land package offers immense value for individuals looking to live in a certain type of community in Sydney, Australia. Does living in eco-village of golf community sound enticing? There are some pros and cons you should be aware of before you purchase a home and land package.
A home and land package is when properties are developed and sold as a single package deal. The package also offers a range of designs that you can select and customize. These type of properties are often located in land estates. Developers purchase the land that is released by the government, and build the infrastructure required to create a new housing community.
First, we’ll start with the benefits of purchasing this type of package. The process itself is much easier than individually buying the land and selecting a suitable design. Also, the house plans are created for optimal sunlight and placement of other daily needs.
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Entering into a contract with a homebuilder is a much smoother process than entering a separate contract with a builder and a land developer. First and foremost, you’ll have less administrative headaches when pursuing this option. If you prefer, the builder will wait for the green light to conduct soil tests and surveys that will impact site 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 it does apply, then it’s a far more efficient method to receive both costs simultaneously.
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Either option will allow you to save a significant amount of money. By choosing a reputable lender, you should be eligible to have some of the fees waived. The only thing you will have to pay for upfront is stamp duty on the value of the land. Since the house hasn’t been built yet, you won’t have to pay for it. You can also claim depreciable assets, such as the construction and building cost.
There are a few cons to home and land packages that you should know about ahead of time.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. You should investigate the employment opportunities and access to work before you make your final decision.
If you’re looking to make a profit in the short-term, a home and land package could prove to be a disappointment.
Many of the best builders in Sydney devote 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.