Depending on your financial situation, purchasing a home is a huge commitment that could be difficult and expensive. For first-time homebuyers or those looking to invest in their dream home without spending a fortune, a house and land combination can be a good decision. Customers can utilise it to purchase homes and land for a predetermined cost. House and land packages – Hotondo Homes offer many of the benefits of bespoke building while removing the majority of the labour-intensive steps. The following are just a few of the many benefits of buying a house and land package:
- Cost-Effective: The cost of purchasing a home and land package may be less than the cost of purchasing an existing home. When you build your own home, you must pay a small fee or an upfront payment on the property, unlike when you buy an existing home. Additionally, because traditional settlements frequently have higher interest rates when purchasing real estate, they may take a long time to complete. But by purchasing a home and land package that has a set price and no unforeseen extra costs, you can save money.
- Convenient: The process of purchasing a home could be made simpler by purchasing a house and land bundle. You deal with the developer alone rather than with different parties at each stage of acquisition and building. The majority of project developers have a dedicated person and contractor who will assist you with paperwork and supervise the building process. Even though you still have to approve the design, choose your furnishings, and deal with your bank regarding financing, buying a home and land package will probably make the construction process much simpler.
- Easier Financing: Since you don’t need to get a mortgage to acquire a portion of the land and then restructure it when you’re ready to build, getting financing is frequently easier as well. Since pre-designed homes are frequently included in house and land packages, you’ll know exactly how much money you’ll need to borrow or raise before you start, which is what finance institutions prefer.
- Investor benefits: A house and land combination comes with a warranty in case there are any issues because it is new. It will be simpler to rent and probably require little to no maintenance costs. Depreciation is a deduction you can make to offset the cost of general ageing and wear and tear on the furnishings and fixtures you purchased for your rental. Instead of separately depreciating assets that are less than $5,000, you can combine them. The rental’s land and buildings cannot be written off as depreciation.
When you purchase a house and land combination, many benefits come along with it. From being more cost-effective to easier financing, there are many reasons why this option might be the best for you. If you are looking for an investment property, a house and land combination also comes with the perk of depreciation. When taking all of these factors into account, it is easy to see why a house and land combination might be the best option for you.