The price of housing has been steadily increasing as the years go by. If you intended to buy a house worth $475000 in 2012, today you'll have to pay more than $600000 for it. Therefore, it's not advisable to wait for long before buying your land and house package, thinking that you'll get better deals.
There's no doubt that the decision to buy your dream house is a great undertaking. Other investments don't need much commitment and reflection, like finding a perfect house that fits your budget and suits your family. Purchasing a home shows your financial independence level and provides you with some sense of ownership and security.
Before buying a house, you need to contact a reputable house and land packages officer. This officer will help you to inspect different land packages and display homes before purchase.
Here are some benefits of buying a house and land package:
It Can Help You To Save
If you're an eligible first-time homebuyer, you can access government incentives, concessions, and grants that'll make acquiring the property easy. However, you can also save significantly on land and house packages stamp duties. Depending on the home you intend to buy, statistics show that you can save up to $10000 in stamp duties.
It Allows You To Customize Your Home Design
Building your home from scratch enables you to customize your house based on your style and preferences. All land and house packages have many home designs and floor plans that any aspiring homeowner can choose from. This way, you can customize your home to reflect your personality and style.
On the other hand, if you intend to build houses for rent, there are plans for these two. These designs make it possible to build a property that'll attract your target customers. If you intend to attract large families, it would be best to select designs with at least four bedrooms and many bathrooms.
Other elements that can make you market your home to prospective tenants include solar panels that lower energy consumption and utility bills, swimming pools, patios and decks for outdoor relaxation and entertainment, drought-resistant plants, durable finishes, and low maintenance landscaping. These qualities will attract tenants who may live longer on your property and give you a continuous stream of cash that you can use for other purposes.
It Allows You To Claim Investment Tax
Another advantage of purchasing a land and house package is that it enables you to claim a tax deduction and investment tax breaks for assets that depreciate. You can use the money acquired to cover construction expenses and do fittings and fixtures.
To know the amount of tax you need to claim yearly, you may have to hire a quantity surveyor who'll write for you a detailed report. You may also want to hire an experienced accountant to implement the depreciation schedule. Through the documents created by these two professionals, you'll find that you've saved a lot of money at the end of the year from your land and house package investment.
It Enables You To Acquire A High-Quality Property
Not all real estate investments are safe, but you can count on land and house packages. Most of these newly constructed homes come with a builder's warranty. If you have an extensive warranty, your fixtures, fittings, and building will be covered. This applies to all types of property, including duplexes.
Less Maintenance And Repair Costs
Buying an existing home may make you spend a lot on renovation and repair work. That's because the former tenants may have used the house appliances, making them wear and tear. The cost of doing maintenance may be quite expensive, depending on the state of the home you're buying. Worse still, if it's an old home, you may have to prepare to do maintenance throughout your stay in it.
Buying a land and house package can save you from this stress. Once you purchase your block of land, you'll be required to build a new home on it. You don't have to worry about the building quality because most countries have strict building standards that all contractors must adhere to. If your house is built according to these standards, there's no doubt that you'll take a longer period before starting to maintain it.
The initial cost of purchasing a land and house package may be more expensive than buying an existing residential home. However, the amount used in maintaining existing residential homes may turn out to be more costly than the amount you'd use to buy a land and house package.
It Gives You The Pride And Joy Of Ownership
As days move, most people set main life goals. One of the most important life goals on almost everyone's checklist is owning a comfortable home. When you achieve this goal, you'll gain a sense of pride and accomplishment. If you build your house when you're still single, you'll have a sense of independence that'll also boost your self-esteem.
On the other hand, if you build your house when you already have a family, you'll have a sense of security and stability. Coupled with this, you'll have set a legacy that your children will want to emulate when they grow older.
It Reduces Panic
Land is a valuable but limited resource. It may seem that developers are building more residential and commercial houses, but as they do this, they're reducing the amount of land that you can buy to build your own home. The thought of buying land expensively or not finding land to build your house in a good neighborhood can make you panic.
If you're this kind of person, you must consider investing in a land and house package. If your budget is tight, you can start by purchasing land first as you look for finances to build your dream house.
Conclusion
Investing in a land and house package is worth it because it has many advantages. It doesn't matter whether you plan to live in the home you intend to build or rent it out. This type of investment should be at the top of your major life's goals. You can select your preferred design from the wide range of designs on the internet and customize it to suit your style.
