Domestic Decisions – The Benefits of Home and Land Packages
Domestic Decisions – The Benefits of Home and Land Packages
There are a few big decisions that you will make during your life. What to study after school is one, as is your career path. Getting married and having kids is another big decision. And next to a new car, buying a home is likely the biggest financial decision that you will make in life. So it is worth to go into this decision as informed as possible. One option that more and more regular people are choosing is buying home and land packages. There are some advantages to this path to homeownership over purchasing established homes. So let’s learn some more about domestic decisions and discover the benefits of home and land packages.
What is a House and Land Package?
House and land packages are when you buy a lot of land with a project home on the land. Often, these packages are purchased “off the plan”. This means that the land already exists, but the home is yet to be built. You pay a deposit to the development company or estate agent managing the sale, then your loan is drawn down when the house is built and you can move in.
The other way it works is that the house is already built, but is brand new and hasn’t been lived in yet. Either way, you get the benefits of a brand new home. More on this below…
The Benefits of Brand New
When buying an established home, you will often have to make improvements to it to either make it livable or to feel comfortable in it. After all, you want to feel like it belongs to you and that you can feel at home at the end of a long day. It is a very common story for people to move into an established home and completely redo the whole home, room by room.
When you buy a home and land package you are guaranteed a brand new dwelling, with no improvements needed. Everything, from the flooring to the fittings, is new and won’t need any work. This means that you will often save money on maintenance and repairs for a few years because it takes a while for the house to need any upkeep.
Take Advantage of Government Incentives
Did you know that your state government may be able to give you a grant worth thousands of dollars if you buy or build a brand new home? This is a decent amount to knock off your mortgage, especially if things are a bit tight around the hip pocket.
Cheaper than Established Homes
Often, home and land packages are offered for sale in growth areas outside the inner-city suburbs. This means that they can be significantly cheaper than an established home in another suburb. These growth areas often include all the amenities of other suburbs, including childcare, shops, playgrounds and libraries. So there’s no reason to snub these areas when everything is there and you will save hundreds of thousands of dollars on a brand new home.
A Brief Conclusion
Buying a home and land package has many advantages. You get the benefits of a brand new home while saving on upkeep for years. You may be eligible for a first home owners grant if it is your first home. House and land packages are often available in growth areas for much cheaper than established homes in other suburbs. So, these are some reasons why you should consider a house and land package for you to live in.
