A house and land package, sometimes also known as a real estate and land package, is when you purchase a house and land in just one transaction rather than buying separate properties on both property and land. The main advantage is that it saves time. Usually, you can buy land more cheaply and easily. However, it also takes longer to go through the traditional legal process of purchasing a house and land and settling the legal way. For example, if you buy a house intending to turn it into an apartment, you need to build the building to meet all local building codes, which will take a while.
House and land packages come with many advantages. The main advantage is the apparent reduction in cost for the purchase price and any property valuation by the seller and the buyers. However, there are also many other advantages such as the maintenance costs, the rate at which the tenants pay for the lease, the tax breaks the buyer can get, and the stamp duty savings.
The house and land packages also provide the convenience of getting financing as quickly as possible. Typically, it takes around three months to get the mortgage secured and approved, which is often far quicker than the process of obtaining a traditional loan from a bank. A house and land package also provides you with the opportunity to secure additional costs and discounts on all the components that make up your dream home. When planning your dream home, you don’t want to overlook any extra costs or potential discounts.
It is not just first-time buyers who can benefit from the house-and-land-packages-Adelaide. Even existing homeowners who have decided to sell could benefit from this option. They can offer their land for sale to the public at far less than what they might expect and, therefore, potentially increase the value of their home. If you are planning to sell your house, and land package may allow you to get more for your property.
When you decide to buy house and land packages, you need extra space in your new home. For example, you may have built a large garden and need somewhere to put it. Or you may have a garage that needs to be covered. Land packages allow you to build space for whatever it is that you need to be covered. In the case of a garden or garage, it gives you the chance to add something new to your property without having to knock down walls or fences.
As mentioned earlier, house-and-land-packages-Adelaide is an affordable way of buying a new home. It is in contrast to purchasing a property through a bank or building society, where the initial purchase price includes the cost of stamp duty. With a house and land first, you only pay a fixed rate of stamp duty, and you don’t have to pay anything else. Then, after the purchase, you can use the money towards whatever you want to use it for. It is not the case with bank bought properties.
The main reason people opt for house and land packages is that it allows them to build independently. It is a significant advantage over purchasing a bank-owned property. When purchasing a bank-owned property, you will be under the control of your bank, which can delay the process of the building if you require any help. There is also the chance that the builder will go ahead and neglect to build it, which will leave you with no money to live on. Your only option at that point would be to go back to the bank and request that they sell the house to them. However, this can take years to happen, and as you are paying stamp duty for a decade, it is unlikely that you will have extra money lying around.
House and land packages mean you can build your dream home in a much more efficient and cost-effective manner. You pay a flat fee that you keep for the duration of the contract. There is also no stamp duty or other additional maintenance costs to contend with. In addition to this, there are no set monthly fees. Your builder will handle all these details for you. You will benefit from the peace of mind which comes from being able to budget and plan your finances.