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 you should be aware of before you purchase a home and land package.
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. 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 look at the benefits of buying this kind of package. It’s much simpler process than buying the land directly from the seller and customizing your own design. The houses are built with the correct sun orientation and placement in mind.
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. You have the option of waiting until you are settled before the builder conducts tests that will increase site costs. If you’d rather not wait, the builder can get started on creating the building contract as soon as the land contract is set up. This method isn’t always an option but is worth checking into ahead of time. If it does apply, then it’s a far more efficient method to receive both costs simultaneously.
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. Other than paying stamp duty on the land’s value, you won’t have to pay any additional fees upfront. This is due to the fact that house hasn’t been built yet. You can also claim depreciable assets, such as the construction and building cost.
There are a few disadvantages worth keeping in mind.If you’re on a serious budget, you can choose small lot sizes. Where it might be lacking in size, there are other amenities that might meet your needs.
The location isn’t always the closest to the center of Sydney. It’s important for you to assess the employment and public transportation options before you buy.
Home and land packages aren’t a good idea as a short-term investment.
Many of the best builders in Sydney devote themselves to home and land packages. If you’re fine with some of the disadvantages, the advantages of a home and land package could certainly be worth the investment.
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