Owning your home is the dream. A dream made even more special when it is a home you have designed around how you live. From floorplans to floorings, paint to tapware, ovens to light fittings… the choice is yours to make and design.
Buyers are often encouraged to purchase new-build homes as they move congestion out of already built-up areas, and also promote economic growth – providing construction jobs and traffic to local businesses.
Purchasing a house and land packages offers a lot of freedom, and there are a number of other advantages to consider when committing to a new-build home.
Lower Deposits
Buyers are often only required to have 10% land loan deposit and a 5% deposit for the construction loan, and just a 5% deposit for turnkey packages. Some banks also offer lower fees for new build homes, so it’s best to shop around or work with a mortgage broker to get the best deal.
Bigger Savings
There are a number of savings when purchasing a house and land package. The first is less stamp duty as stamp duty only applies to the value of the land not including the house that will come later.
Homes in new developments are often more affordable than similar properties in nearby established suburbs, and can potentially catch up in market value over time.
There are also a number of first home buyer grants offered by state governments, with higher entitlements for new homes compared to existing homes. Some states also cover the cost of stamp duty on the land for first home buyers, meaning even more savings.
Less Maintenance
A new home does not come with the hidden surprises awaiting new owners of older homes such as structural issues, roof damage, and wear and tear over the decades. New homes also come with warranties and structural guarantees, leaving buyers covered for any major problems.
Planned Amenities
While many newer estates and developments are not as connected to services such as public transport, they often boast a full range of facilities in the master design such as green space, shopping complexes, schools, daycares and more.
Over time, buyers will enjoy access to lakes, walkways, open space, cafes, local business and public transport – all within walking distance.
