Pros and cons of buying house and land packages

When you’re looking to build your dream home, sometimes it seems like the ‘to do’ list will never end. Setting a budget, choosing a block of land, designing your home (and all the decisions that go with it), securing finance…there’s so much to do!

Buying house and land packages offers a convenient and cost-effective solution that can cut through a lot of the stress of building a custom home. Buying a house and land package can save you time and money by bundling together several of the processes involved. Plus if you choose a custom builder, you’ll get all the benefits of building a home customised to your needs and taste.

If you’re not having any luck finding that perfect block of land, or you just want to speed up the building process so you can move in sooner and get on with the business of living, you might want to consider buying a house and land bundle.

Benefits of house and land packages

Perhaps the biggest and most obvious advantage of buying a house and land package is that it simplifies the process of building your new custom home. Instead of searching for a block of land on your own and then scouting around for the right builder, with a house and land package you tick both boxes at once and in many cases, you’ll have one point of contact through the whole process.

You’ll still have two contracts – the land contract and the construction contract – but because they are both with the same vendor the process is streamlined. The council approval process will also be much easier to navigate, and in many cases will already be in place.

There are big savings to be made on house and land packages. As long as construction has not yet commenced on your new home, you will only pay stamp duty on the land component of the purchase. Plus, first home buyers can benefit from the First Home Owner Grant – $20,000 on new homes built in Victoria or $10,000 for new homes in New South Wales, valued up to $750,000.

For investors, tenants love new, energy efficient homes and you may be able to claim full depreciation on the investment. Finance-wise, the mortgage on the land and the construction loan are typically bundled together, and repayments are set against construction milestones so you only pay the full amount once the house is complete.

Another great advantage of house and land packages is that because the builder is already familiar with the block of land you are buying, they know what custom home designs will suit it best.

If the block is an unusual shape or is situated on a slope, your custom home builder will be ready with suggested designs that make the most of the size and aspect of the land. This will help you narrow down the range of possibilities and get straight to the exciting process of customising your home.

Finally, by moving into a house and land estate you will be part of a new and emerging community. Many master-planned estates include new facilities like parks, medical centres and shopping areas. You and your new neighbours will get to watch the community grow and develop around you.

House and land packages: things to consider

While there are a lot of benefits to buying a house and land package, it’s not for everyone. Here are some things to consider before you sign on the dotted line for a package deal.

Location is probably the biggest consideration. Because developers need a large tract of land in order to build an estate, house and land packages are typically available on the outskirts of town. In metropolitan areas this can make it hard to access public transport and employment opportunities thanks to the travel time involved in getting to the city.

Fortunately, it’s less of an issue in rural areas. Our house and land packages in Yarrawonga and Thurgoona are only a short drive to the town centres, so you won’t be missing out on anything the region has to offer.

Access to amenities is another thing to think about. Will your new home be close to schools, parks and healthcare facilities? Can you easily reach major roads and get to all the recreational facilities you love like golf clubs, sports facilities and shopping centres? Make sure the location of your new home gives you access to everything you need.

One last thing to be wary of is to make sure you’re absolutely clear on what is and isn’t included in the construction of your new custom home. Lots of people get tripped up when buying a house and land package because they think everything is included in the contract price, when in fact things like driveways, fences, and even additional power points may not be part of the deal.

Make sure you get a comprehensive list of inclusions so there are no expensive surprises for you down the line. At Lekeal we include everything in the quote up front, so you know your new home will suit your budget as well as your lifestyle.

A true turnkey solution

House and land packages offer a great solution to some of the most frustrating and time-consuming aspects of building a new home.

Lekeal has some fantastic house and land packages available at beautiful estates in Yarrawonga and Albury. From the bustling Murray Park Estate in Thurgoona with everything close to hand to the Grange Estate in Yarrawonga surrounded by established trees and native wildlife, we have packages to suit local families needing an upgrade and ‘tree-changers’ alike.

Give us a call if you’d like to discuss your options or if you have any questions about house and land packages in Albury (Thurgoona) and Yarrawonga. We’d love to hear from you and help you get started on your dream home!

Sign up for our monthly newsletter to get all the latest Lekeal news, specials and design tips.

Thank You For Subscribing!