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Blog Post
The advantages of buying a house and land package
- By Lindenwise Marketing
- •
- 30 Aug, 2018
Over the last 10 years, we have seen a population growth of more than 750,000 in the Greater Sydney region and in the same period, the number of detached houses dropped by more than 15,000.
Although vacant land is becoming harder and harder to find, a house and land package is still a desirable and affordable option for buyers looking to enter the property market.
Below are just some of the benefits of buying this kind of property.
You can select a design that suits you
For a number of owner occupiers and investors, buying a house and land package means the buyer has the freedom to select a design that will suit their needs, on a sizeable block of land.
In its simplest terms, a house and land package is a purchase that includes land with a pre-designed new house built on it.
Many purchasers will buy their land from agents and developers then have to search around for another builder for the right home. This means the purchasing process can take a long time and cost the buyer a lot of money.
It will cost less than a custom build
Linden Wise, the exclusive sales agent of The Hills Estate at Box Hill Sydney, aims to simplify this process by offering prospective buyers a fixed-price, turnkey house and land package in partnership with local builder, Transpire Constructions.
Together, the team of sales agents, architects and builders, are offering a competitive product for Sydney’s northwest.
“A house and land package generally provides better value than an existing house in the same area, as it will likely cost less than a custom build and you are buying a brand new home with modern fittings and fixtures,” says Adam Jian, Director at Linden Wise.
Your home will be ready to live in
You can also choose to move into your home with minimum inclusions or have the entire place ready to live in once completed.
“Turnkey means that when you cross the threshold of your new home, all inclusions such as a cooktop and oven in the kitchen, taps and toilets in your bathrooms and tubs, the water heater, driveway and fences are all in place,” says Michael Cronk, General Manager of Transpire Constructions.
You could be eligible for grants or deductions
When it comes to purchasing a house and land package, some buyers may be able to benefit from First Home Owner Grant and stamp duty concessions.
In New South Wales, you’ll only pay stamp duty on the land portion. Eligible first home owners buying a vacant block of residential land will pay no stamp duty on vacant land valued up to $350,000, and will receive concessions on stamp duty for vacant land valued between $350,000 and $450,000.
The government also provides a $10,000 First Home Owners Grant for building a new home that is up to $750,000 combined land and building value. Investors may also be able to claim a tax deduction as newly built properties depreciate at a faster rate than old dwellings.
Given the NSW Government’s commitment to improving housing affordability across the state, buying a house and land package is a great way for First Home Buyers to enter the property market, or for investors to purchase in rapidly growing regions.
Link: https://www.realestate.com.au/advice/the-advantages-of-buying-a-house-and-land-package/?rsf=ps:faceb...
Link: https://www.realestate.com.au/advice/the-advantages-of-buying-a-house-and-land-package/?rsf=ps:faceb...
All renders supplied by Transpire Constructions.