House and Land Packages
A house and land package can come in two varieties. One option - a ‘turnkey’ solution - typically offers a newly built home on a particular lot of land, whereas the other option provides you with the flexibility to buy the vacant land first, then build a home from a set range of builders and designs.
The benefit of a house and land package is that it gives you the opportunity to personalise your home to your taste. As you’ll be purchasing both the house and land from the same vendor, the process can be more streamlined than purchasing land separately than engaging a builder to start construction.
Another main benefit that makes house and land packages an affordable option is the savings you can get on stamp duty. When buying a house and land package, as long as construction has not started on your new home, the stamp duty calculated will only be on the value of the vacant land you buy. You can calculate how much your stamp duty could be using our calculator here.
While a house and land package can be an exciting and affordable choice, there are some drawbacks and hidden costs to watch out for. When looking at display homes for inspiration, it's important to remember that some features, such as landscaping, can come at an extra cost. To avoid any hidden costs in your house and land package, you can ask your builder for a detailed breakdown in the price you’re being quoted.
If you’re looking to invest in property, a house and land package can be a suitable option with many benefits for investors. One of the main benefits is that a new home will generally have fewer maintenance issues and tenant requests than an existing home. However, if an issue was to arise then it may be covered as most new homes will come with a warranty period.