Top benefits offered by the house and land packages

The first home buyers are finding it increasingly difficult to afford a new home as prices continue to rise across Australia, particularly in Sydney as well as Melbourne metropolitan markets. To address this issue, the government is offering transfer duty exemptions to the first home buyers who are paying up to $430,000. In case you are dreaming of investing in a real estate property, you can have a look at any house & land package that stands as a viable alternative to existing apartments and homes. It proffers a host of advantages, which can save you time and money.

Also, it goes without saying that building your new home in place of settling in a pre-existing one is in itself an overwhelming task for both, you and your family.

Savings on stamp duty

On a typical house & land package amounting to $450,000, it can help you save stamp duty expenses of $8,000. This is definitely a big reason why these packages are gaining popularity. You are able to save on costs just because in a package, you are liable to pay stamp duty for the land only, as the home is not yet built. Whereas when you are buying a land and then constructing a house on it, you are required to pay stamp duty on both the components, thereby causing a manifold increase in your expenses.

Modern homes to lure the tenants

Regardless of whether you are building the home to stay with your family or to rent it out, you will definitely want an attractive location with modern conveniences and an easy communication with the rest the city. This will aid in drawing long-term tenants to your property, and you can acquire premium rent from your tenants by providing them brand new homes in a well-connected location loaded with all the basic amenities.

Selecting your land block and home designs

When you are purchasing a house & land package, you can choose the block of land that you feel ideal for your needs and preferences. While building on it, you can also select one of the most coveted house designs to make your home stand apart from others in the locality. Depending upon your budget and goals, you may also design your home as per the latest trends in the real estate market and rent out a part of your home when needed.

Benefits of tax exemptions and depreciation

Besides saving on stamp duty in house packages, new homes also offer depreciation benefits. The costs incurred in depreciable assets such as construction expenses as well as the cost of fixtures and fittings can be claimed back. A new home investment amounting to about $250,000, having $30,000 worth of fittings, can lead to tax deductions totaling to $16,000 annually along with the curtailed interest rates and rental management.

More and more people are opting for these packages because of the advantages. Alternatively, if you are willing to change the design and appearance of your existing home, you can opt for a complete knock down and rebuild in place of renovating it, as the knock down rebuild costs are relatively cheaper compared with the benefits of having a new home in the same location.

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