Home and land packages provide great value for those who are looking for certain types of communities to call home in Sydney, Australia. If those options sound interesting to you, then you’ve come to the right place. There are several pros and cons when entering into a home and land package deal.
A home and land package consists of new properties sold as a single package. Furthermore, the packages provide a range of designs you can customize upon selection. These type of properties are often located in land estates. Property developers buy the land released by the government and build the infrastructure to establish a new community.
Let’s take a look at the benefits of buying a home and land package. The process of individually buying the land and building a home is far more complicated than pursuing the home and land package option. The houses are built with the correct sun orientation and placement in mind.
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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. Essentialy, you’re cutting way down on administrative headaches right off the bat. If you prefer, the builder will wait for the green light to conduct soil tests and surveys that will impact site costs. You don’t have to wait, as the builder 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 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. A reputable financial organization or lender should be able to work with you to reduce some of the associated fees. The only thing you will have to pay for upfront is stamp duty on the value of the land. This is because the house itself hasn’t been built. You are also entitled to claim several depreciable assets, which include the construction and fixtures’ expenses.
There are a few disadvantages that you should be prepared for in advance.Many of the estates are designed for small lot sizes, which is a great feature for those on a budget. 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. You should investigate the employment opportunities and access to work before you make your final decision.
Home and land packages aren’t a good idea as a short-term investment.
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.