The benefits of choosing a House and Land Package
Building a home can be a rewarding, yet also stressful process. With a house and land package, we can help take out common home-building stresses out of the equation.
By making the building and buying process more efficient and effective, you can enjoy watching your home come to life.
1. Save money, budget-friendly for every lifestyle
A house and land package proves a great way to save money. This is because new owners will only have to pay stamp duty on the land’s value.
Additionally, the costs associated with a house and land package are clear. This helps individuals to create and adhere to a budget.
2. Choose the house design that suits your lifestyle
House and land packages offer individuals the option to customise the home. This means that design inclusions can encompass everything from a second-storey to Hamptons style finishes.
By being involved in the design process, you can carefully choose a house that not only meets all your needs, but your wants too. Ensuring that the home you choose is highly functional and stylish.
3. Save time in building
When it comes to building and designing a house from the ground up, the timeframe to build will vary depending on the home you choose to build. With a house and land package, you can easily choose from our range of design options and then begin the building process much quicker.
4. Simplified, easy process
When it comes to designing the right home for a block of land, there are a lot of factors to consider. Particularly in terms of orientation and positioning on the block. With a house and land package, this process is simplified as the house plan has been designed to suit the block.
5. Financial aid for first home-buyers
In Australian states and territories there is a scheme called the First Home Owners Grant. Under this government initiative, eligible first home buyers are treated to a number of concessions when buying a new property or parcel of land.
As a brand new build, investors stand to benefit across a number of key facets when purchasing a house and land package. Firstly, a new home means there is a level of warranty should there be any problems.
Secondly, new homes are more attractive to potential renters and therefore command a higher rent.
Finally, as new properties depreciate faster than other dwellings, investors can claim the maximum depreciation allowance when it’s time to file a tax return.
How do our House and Land Packages work?
Plunkett Homes have a wide range of house designs that have been developed with the WA lifestyle in mind.
This essentially means that specific style tastes can be catered to, such as Federation and Hamptons or Mid-Century and Contemporary.
It also means that our home designs can complement your lifestyle. Whether that lifestyle dictates the need for a single-storey home or a two-storey home. As no two parcels of land are exactly the same, narrow lots and also farmhouse style builds are also catered for.
This works to ensure that whether you’re looking for a family home in Metro Perth, a multigenerational home in regional WA or a home to aid your desire for a sea change, Plunkett Homes can help.
House and Land Packages for Investors
A house and land package is not only great for families, but also for investors. Eligible investors could receive both the First Home Buyers Grant and a stamp duty concession.
With Plunkett Homes able to service locations across both metro and regional WA, investors can choose an address where rental demand is high and supply is low. Resulting in a capital growth opportunity for investors.
House & Land package FAQs
How to finance buying land and building a house in WA?
When purchasing a home and land package, you may need to take out two loans in order to finance this endeavour. The first is a mortgage on the land where payment begins once settlement is reached.
The second is what’s known as a construction loan in order to build the house. Under a construction loan, the lending institution will pay the builder when certain construction milestones are reached.
Do you pay stamp duty on house and land packages in WA?
When purchasing a house and land package in WA, individuals may be required to pay stamp duty. In the majority of cases, individuals will only need to pay stamp duty calculated on the land’s value.
It’s worth noting however that some individuals may be eligible for a stamp duty concession if the land value is between $301,000 and $400,000.
How much deposit do I need for a house and land package?
When it comes to financing the purchase of a house and land package, individuals will need to provide a deposit. Typically, the land loan deposit is 10 percent and the deposit for the construction loan is an additional 5 percent.
Are house and land packages a good investment in WA?
House and land packages are a smart investment decision. Renters are more often than not looking for new homes. For investors, this means that there is high demand and low supply, which can in fact increase rental prices.
Additionally, as the property is new, there will be little to no maintenance which makes the investment relatively stress free. It’s also worth noting that over the last decade, the WA property market has remained stable, this gives investors confidence in their investment.