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.
If you would like to find out what you can afford, visit our calculator and one of our specialists will get back to you with more information.
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. Add: A one-off payment of up to $10,000 for eligible applications could be paid out by the WA State Government.
6. Investors benefit
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.
7. Stamp duty exception and concessions for first-home buyers
According to the WA State Government, first home buyers don’t pay stamp duty up to the dutiable value of $430,000. If the dutiable value is between $430,000 and $530,000, first homeowners pay a discounted rate of $19.19 for every $100, or part of $100, by which it exceeds $430,000.
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 Perth and South West WA?
When purchasing a home and land package, you may need to take out two loans in order to finance a traditional house and land package. 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, and the mortgage is paid in increments. When fiancing a fixed-price turnkey home, buyers take out one loan and usually are required to pay 20% deposit. The reminder of the price is required in full at the end of the construction when the house is handed over to the buyer.
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. For example, if a duitable value is between $360,001 and $725,000, a general rate of duty is payable. In this example, it is $11,115 + $4.75 per $100 or part thereof above $360,000 as specified by the WA State Government. 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. According to the WA State Government, no stamp duty is paid for the first homeowner if the dutiable value does not exceed $430,000. The First Home Owner Grant of up to $10,000 payment from the West Australian State Government is also available for first home buyers.
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.
To learn more about investing in new-built properties in WA, check out our comprehensive guide for property investors.
Are House and Land packages worth it?
House and Land packages are a popular option in Australia for people who want to build a new home. These packages involve purchasing a block of land and selecting a home design that suits your lifestyle. There are many advantages of purchasing a House and Land package, for example, they can offer a simplified, streamlined process for building a new home. You can choose from a range of home design plans, and customise it with different inclusions to find a design that suits your needs and budget. Additionally, many House and Land packages come with fixed-price contracts, which can provide certainty around the total cost of the build project. To learn the range of benefits and to fully understand potential drawbacks read our house and land package guide.