Aug 24, 2021
The Benefits of Buying a House and Land Package
House prices in Australia are still rising in a hot property market with areas of undersupply, which leaves many people, especially first home buyers, concerned about their ability to afford to buy a house. Home values rose nationally by 1.9 per cent in June, according to Canstar (1) and the latest data by CoreLogic shows this takes annual growth to 13.5 per cent for the 2020/2021 financial year.
This means the average first home buyer can only afford about a third of all homes in Australia, but this is even lower in Melbourne, Sydney and Perth. For anyone finding it hard to get into the market, a good first step is a home and land package.
Is it Good to Buy a House and Land Package?
The good news is that house & land packages offer an affordable option for many people who haven’t been able to enter the property market. Packaged homes are reportedly more affordable on average than buying an established residence. Savings can be about 14 per cent which makes house and land packages a good alternative during this housing affordability crisis.
What Are the Main Benefits?
One of the main benefits of a house & land package is that you get to choose the best design and location that suits your new home. House and land packages are one of the quickest and easiest solutions to home buying, and having a conveniently designed house that suits your family’s needs.
Another benefit of house and land packages is that the costs are clear with the price usually set upfront for house and land packages which helps homebuyers with pre-approved finance.
The best thing about Aston Homes house and land packages is that you end up with not only an incredibly impressive new home, but one that comes with many additional items at no extra cost – typically not included by most builders. These include a concrete driveway, landscaping, and more. All you have to do is move in and add your personal approach to decor and furniture.
Why Choose House and Land Packages?
With a house and land package, you get a warranty because it’s new, so you’re covered in the unlikely event that there is a problem with your Aston home. Whether you’re an investor or owner-occupier, it’s a comforting feeling knowing your newly-built fixed price house will be covered by a 7 year structural guarantee and a 12 month maintenance period.
Also, as an investor, your home will be easier to let and maintenance outlays will be minor or non-existent. And you won’t have the possible hidden costs that come with renovating an established home. As for tax, investors can claim the maximum depreciation allowance since newly built properties depreciate faster than existing ones, so this is one of the most desirable and affordable options.
Is it Cheaper to Buy a House and Land Package?
Vacant land valued reasonably is a good start, and it depends on where you wish to build, but a house and land package, in general, is cheaper than buying an existing house. If you’re investing and on a tight budget, this means there’s potential for capital growth.
If you’ll be an owner-occupier of your brand new house, our detailed home pricing means you can keep track of your finances during the building process. Other financial benefits of buying both the house and block are many, including that you will have time to save and get your construction loan between signing the building contract, making the deposit and the building of your home.
If this is your first property purchase, you may be eligible for a First Home Owners Grant of $10,000 (2) if the home is valued up to $750,000. You will still need to pay stamp duty and may have to pay consultancy fees and additional fees your bank may need when you apply for a home loan.
Why Choose Aston Homes?
We are committed to helping all home buyers, no matter how well they know the process of building a new home, have a smooth and easy process from the moment the contract is signed to the moment your house keys are in your hand for the first time. We ensure that you are kept in the loop throughout the whole building process and are always made aware of what’s going on. After all, we want to make sure your home is perfect to live in for the long run
We build each and every dream home as if we were building them for a member of our family. We build homes across north and western Melbourne and we understand that building a new home is an important investment whether yours is an investment property or you are an owner-occupier.