What Is a House and Land Package?
There’s no question that buying a property, especially for the first time, is a huge commitment. With property prices rising across Australia, one of the most affordable and accessible ways to get on the property ladder is by purchasing a house and land package.
So, what exactly is a house and land package, and what are the considerations for purchasing a package? Let’s break it down.
How Does a House and Land Package Work?
A house and land package is a type of property arrangement that includes a newly built house and the block of land as part of the same deal.
Particularly for a new land release area, building a new home typically involves buyers paying separately for the cost of the land and the construction of the home. Where a house and land package combines the two.
Reasons To Choose a House and Land Package
Here are some reasons why opting for a house and land package may be the best way to buy your first or next property.
More Cost Effective
When purchasing a house and land package, buyers only need to pay stamp duty on the value of the land. In comparison, when you buy an existing house, stamp duty will be payable on both the value of the house and the land. Considering that stamp duty costs can amount to thousands of dollars (averaging $12,425 in QLD), the potential savings in choosing a house and land package are substantial. Even compared to a new home build, a house and land package can provide more value for money as the costs associated with hiring an architect and a team of builders are not required.
Faster Build Time
A house and land package eliminates the need to search for a plot of land, with a house on the land that suits your taste, budget, and style. With a house and land package, buyers are given the option of choosing from pre-designed homes that have already been customised for the land and fitted with modern bathroom and kitchen amenities for a quick move-in!
As the build has already been designed to suit the block of land, construction can begin sooner than a typical custom home build. Of course, the trade-off is that buyers won’t have much room in terms of customisation for the building design. That being said, most developers offer premium-designed homes by award-winning builders to ensure high quality building designs that won’t disappoint.
Easy Financing
A house and land package offers upfront costs for buyers. This means that buyers won’t have to worry about hidden costs along the way for things like unexpected material shortages or construction delays.
There are also lenders who offer simplified financing options for house and land packages — with all costs streamlined into a single loan, buyers can also save on the cost of interest.
Learn More with Maidment
At Maidment, we offer a wide range of house and land packages in Townsville that feature stunning home designs by some of the region’s most renowned builders. Explore our house and land packages online at our master-planned communities in Harris Crossing, or get in touch with us to learn more about our house and land package offerings.
