Having sacrificed your fair share of smashed avos over the past few years in an effort to pull together a deposit to buy your first home, if you’re getting close to having enough to purchase something, you’re most likely weighing up the pros and cons of buying an established property compared to building a new home with a house and land package
To make the decision-making process a little easier, here are a few reasons why choosing a house and land package could be the smarter option…
It makes financial sense
With the median house price exceeding $1.1 million in Sydney and $900,000 Melbourne, it’s safe to say it’s not easy to break into the property market in most of Australia’s major cities if you don’t have a heap of equity behind you. With most banks and lenders now requiring a 20 per cent deposit, the property market is simply out of reach for many first home buyers.
However, a house and land package could offer an easier and more affordable entry point into the property market. For example, you can still purchase a house and land package in a range of metropolitan areas across Melbourne for less than $400,000. Even more, because house and land packages are sold with a fixed price on a first-come-first-served basis, you won’t need to fight it out in a bidding war that’s near impossible to win, putting the control back in your hands.
You can get the first home you want
When buying an existing home, it’s near impossible to find a perfect house that’s within your budget where you don’t want to change anything. Because older homes weren’t designed for the lifestyles of todays’ families, it’s rare that you’ll find a home at an affordable price that genuinely ticks every single box. Instead, you’ll likely find yourself compromising on what you really want simply to get into the property market.
When you opt to build a new home, you really can have it all. You can select the exact location, block of land and home design you want, then customise the home to suit your personal tastes and style preferences through your choice of facades, fittings, fixtures and colour schemes.
Nothing needs to be done once you move in
When you buy an established property, you’ll most likely also need to have an additional lump sum of money set aside for a few renovations.
Most first time renovators grossly underestimate of the amount of time and money it will take to get the property up to scratch. While a home may look structurally sound and in relatively good condition, you never know what nasty surprises you might find once you start renovation works. Often by this time it’s too late to back out of your reno plans, leaving you with no other option than to push ahead even though you’ve exceeded your budget or simply live in a half-finished home.
In contrast, you won’t need to do a thing when you build a new home. Because you’ve chosen the home design and floor plan and every element of the home is brand new, there’s no need for any costly renovations, and any maintenance should only be minimal. Because house and land packages come with a fixed price, you’ll know exactly how much you’ll be up for from day one and won’t face the risk of potential budget blowouts.
Dennis Family Homes offer various house and land packages across Melbourne, regional Victoria and New South Wales starting from as little as $400,000. With an extensive range of contemporary house designs and land options to choose from, there’s a house and land package to suit every family. Find out more by visiting www.dennisfamily.com.au.
