With more and more real estate opportunities sprouting across the nation, house and land packages are increasingly becoming the go-to option for first home investments. Whether you’re a young family, single, or a first-time investor who is keen to build your portfolio, there’s a reason why house and land packages are being snatched up.
What are house and land packages?
House and land packages consist of the physical land and the newly built house residing on top, both of which are sold in one transaction to buyers with two separate contracts. This way you can see how much each package costs on its own. The home is built on newly acquired land in a bid to provide housing solutions that are high quality and aesthetically pleasing – and in many cases, much more affordable than an established house.
The perfect home design
When it comes to house and land packages, you can select the land for your home based on what you want, as well as settle on a finished home design that meets your needs. You can even modify certain parts of the design. This means you can work with your builder to have a home built to suit your requirements.
Tax benefits and stamp duty
A house and land package offers tax benefits. Stamp duty will only be applied to the land if there’s no house on top. Hence, you won’t have to pay for the stamp duty of the land and house in one. This will allow you to save more money and provide you with more income to supplement any design considerations you may have for the home.
Furthermore, the Federal Government recently released the new HomeBuilder Grant. This is an uncapped, time-limited scheme where eligible individuals can receive $25,000 to build a new home or renovate an existing home. The contract must be signed between 4 June and 31 December 2020, and you must intend to be an owner-occupier. To access the new HomeBuilder Grant, you must meet a list of criteria, such as:
- You are a natural person, and not a company or trust
- You are aged 18 years or older
- You are an Australian citizen
- The property you wish to buy must not be used as an investment property
- Meet the income cap of $125,000 per annum for an individual or $200,000 per annum for a couple (based on 2019-19 tax returns or later)
House and land packages are also known to be very low maintenance. Older homes often need a lot of love, including regular paint jobs and in some cases, renovations if the foundations of the house are crumbling.
As these homes are newly built, they’ll be decked with brand new fixtures and fittings, giving you less to worry about and minimising upkeep. You’ll have more opportunities to enjoy your new home with your family.
When it comes to house and land packages that make for great investments, Hotondo Homes has a whole range of stunning homes for you and your family to enjoy. We’ll help you find the perfect one that fits within your budget and doesn’t compromise on quality.
To find out more, visit the Hotondo Homes website today.