The Pros and Cons of Buying a House and Land Package

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Purchasing a home and land package offers immense value for individuals looking to live in a certain type of community in Sydney, Australia. Perhaps you’re looking to live at an eco-village or a golf community. 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. Furthermore, the packages provide a range of designs you can customize upon selection. 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. Check out Champion Homes for your options.

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. The houses are built with the correct sun orientation and placement in mind.

When you enter into a contract with a homebuilder, you don’t have to enter into a separate contract with both a land developer and a builder. Essentialy, you’re cutting way down on administrative headaches right off the bat. In addition, the builder will wait until you are settled to conduct tests and surveys that will determine the costs. You don’t have to wait, as the builder can get started as soon as the land contract is ready. Although this isn’t necessarily applicable to all new home builds, it’s worth knowing about in advance. If you do have the option, it’s rather efficient for the lender to obtain finance both costs at the same time.

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. Aside from having to pay for the valued land’s stamp duty, you won’t be responsible for paying any additional fees upfront. Since the house hasn’t been built yet, you won’t have to pay for it. You are also entitled to claim several depreciable assets, which include the construction and fixtures’ expenses.

There are a few cons to home and land packages that you should know about ahead of time.Many of the estates are designed for small lot sizes, which is a great feature for those on a budget. Where it might be lacking in size, there are other amenities that might meet your needs.

If you’re looking to be at Sydney’s city center, the location might be a bit of a trek. It’s a good idea to think about how close you need to be to work before you settle on a location.

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 fine with some of the disadvantages, the advantages of a home and land package could certainly be worth the investment. Get in touch with Champion Homes now to get started.

For the benefits of building your own home, go to http://www.ehow.com/facts_4814125_benefits-building-own-home.html.

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