In a hot property market with regions of undersupply, house prices in Australia continue to rise, causing many individuals, particularly first-time home buyers, to be anxious about their ability to afford a home. As reported by Canstar, the national average home value increased by 1.9 per cent in June, resulting in annual growth of 13.5 per cent for the 2020/2021 fiscal year, according to the most recent CoreLogic statistics available.
Therefore, the typical first home buyer can only afford roughly a third of all properties in Australia and house and land packages in Kellyville are the solution. The proportion is considerably lower in Melbourne, Sydney, and Perth than the national average. A house and land combination is an excellent initial step for anybody having difficulty breaking into the market.
Is Purchasing a House and Land Package a Good Investment?
Many individuals who have been unable to access the property market in Kellyville have found that home and land packages provide an inexpensive alternative to traditional purchasing methods. According to reports, purchasing a prefabricated house is more economical on average than purchasing an existing home. A typical savings of around 14% makes home and land packages a viable option during this period of high housing affordability in the United States.
What Are the Most Significant Advantages?
One of the primary advantages of purchasing a house and land package in Kellyville is that you have the freedom to choose the style and location that best matches your needs. House and land packages are one of the fastest and most straightforward methods of purchasing a home and constructing a home suited to meet your family’s requirements.
Another advantage of house and land packages is that the expenses are clearly defined. The price for house and land packages is often determined beforehand, which is beneficial for purchasers already accepted for financing.
Choosing a house and land package in Kellyville means getting a spectacular new home and a home with many more features at no additional cost – something usually not offered by other builders. A concrete driveway, landscaping, and other features are included. All you have to do now is move in and personalise the space with your design style and furnishings.
Why Should You Purchase a House and Land Package?
A new home in Kellyville means that it comes with a warranty, which ensures that you are protected in the rare event that anything goes wrong with your new home. Whether you’re an investor or a first-time homebuyer, knowing that your newly-built fixed-price property will be backed by a 7-year structural warranty as well as a 12-month maintenance term is a pleasant feeling.
Additionally, as an investor, your property will be simpler to rent out, and your maintenance expenses will be minimal or non-existent as a result. Furthermore, you would not be subjected to the potential hidden expenses of upgrading an existing property. Tax-wise, investors may claim the total depreciation allowance since newly constructed homes decline more quickly than existing properties, making this one of the most appealing and cheap solutions available to them.
Is it more cost-effective to purchase a house and land package?
If you can find an appropriately priced vacant property, it’s an excellent place to start. It depends on where you want to construct, but buying a home and land bundle is often less expensive than purchasing an existing house. If you’re investing on a limited budget, this indicates that there’s a chance for capital growth in your investment.
If you want to live in your brand new home as an owner-occupier, our precise home pricing will allow you to keep track of your money throughout the construction process. There are several other financial advantages to purchasing both the house and the land, including the fact that you will have more time to save and apply for a construction loan between signing the building contract, paying the deposit, and constructing your house.
It is possible that if this is your first home purchase, you will be eligible for a First House Owners Grant of up to $10,000 if the home is worth up to $750,000. You may be required to pay stamp duty, as well as consultant costs and any other expenses that your bank may need when you apply for a house