Are you looking to purchase an investment home that you can rent out for profit? If you are looking at an older pre-existing build, you might want to reconsider. House and land packages allow investors to purchase new homes in growing suburbs and maximise their investment opportunities. There are numerous benefits to selecting a house and land package as opposed to an existing property.
Here are the top four reasons why you should choose a house and land package in Queensland rather than an existing house.
1. Tax Benefits
If you haven’t already considered the tax benefits that come along with a new home, we are happy to inform you that – because your investment is a newly constructed property – you are able to claim deductions on things like construction expenses and fixtures. You can also obtain a depreciation report from a local surveyor for your new home, this will help you to determine the amount that you can claim in depreciation each year.
2. Low Maintenance
A brand-new home is going to be much easier to maintain and upkeep than an older home. Especially considering everything will most likely still be under warranty and you won’t have to worry about the expensive maintenance and repair costs that come along with the upkeep of an older house. As a result, you can maximise your profits by reducing your expenses as well as the time you have to spend maintaining the property.
3. Customisable Design
If you are looking for something specific in an investment property, you may find it difficult to find it in an already existing home. In order to achieve exactly what you want and what you think potential tenants and future buyers are going to pay more to have, a house and land package gives you the opportunity to build it yourself. Not only do you avoid costly renovations trying to achieve the design you want in an existing home, but you also get to completely customise your new home from the ground up to suit your needs and wants exactly.
4. Stamp Duty Savings
When investors opt for new homes over existing build, they can enjoy huge savings on stamp duty fees. Specifically, when investors purchase new construction, the only stamp duty fees that they will incur is that for the land itself. For many Queensland buyers, this equates to an instant savings of anywhere from $5,000 to $10,000! This considerable savings is especially appealing to any first-time property investors. For anyone looking to avoid those hefty stamp duty fees, house and land packages should be a definite consideration.