If living in a golf community or eco-friendly village in Sydney appeals to you, it’s worth considering home and land packages. 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. Property developers buy the land released by the government and build the infrastructure to establish a new community.
First, we’ll start with the benefits of purchasing this type of package. The process of individually buying the land and building a home is far more complicated than pursuing the home and land package option. Also, the house plans are created for optimal sunlight and placement of other daily needs.
Entering into a separate land contract and building contract isn’t necessary when you use a home builder. 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 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.
Either method will allow you to save thousands of dollars. A reputable financial organization or lender should be able to work with you 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. 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 disadvantages that you should be prepared for in advance.Most new estates are available in small lot sizes, so it’s ideal if you’re on a budget. 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.
If you’re looking to make a short-term investment, then this might not be the best approach either.
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.
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