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The Pros and Cons of Buying a House and Land Package 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. The package also offers a range of designs that you can select and customize. The properties are often located and developed in what is known as land estates. Property developers buy the land released by the government and build the infrastructure to establish a new community. Let’s take a look at the benefits of buying a home and land package. The process itself is much easier than individually buying the land and selecting a suitable design. Also, the house plans are created for optimal sunlight and placement of other daily needs.
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Entering into a contract with a homebuilder is a much smoother process than entering a separate contract with a builder and a land developer. Essentialy, you’re cutting way down on administrative headaches right off the bat. If you prefer, the builder will wait for the green light to conduct soil tests and surveys that will impact site costs. If you don’t want to wait, then you can get started as soon as the land contract is ready. Although this approach doesn’t always apply for all new builds, it is something worth finding out about upfront. If you do have the option, it’s rather efficient for the lender to obtain finance both costs at the same time.
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Either method will allow you to save thousands of dollars. By choosing a reputable lender, you should be eligible to have some of the fees waived. 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. Last but not least, you can claim depreciable assets, which include the building’s fixtures and construction cost. There are a few cons to home and land packages that you should know about ahead of time.If you’re on a serious budget, you can choose small lot sizes. Although the small size might not be ideal, you should consider the added amenities. If you’re looking to be at Sydney’s city center, the location might be a bit of a trek. It’s important for you to assess the employment and public transportation options before you buy. If you’re looking to make a profit in the short-term, a home and land package could prove to be a disappointment. Some of the best home project builders in Sydney dedicate their efforts to offering a fabulous home and land package. If you’re in a situation where you can afford to deal with some of the cons, a home, and land package is a great option to consider.