Buying your first home can be a daunting task, and there are many vital questions you should ask yourself to ensure you make a good investment. You need to determine if you want to buy new or old; if you’re going to rent it out or live there; or if you want to make a small return quickly or for the long-term. Another key choice is whether to buy one of Sydney’s house & land packages or an established property. Certainly, there are many advantages to choosing the former that shouldn’t be overlooked.
1 – More Choices
Most, if not all, NSW house builders have packages to suit all types of investors. You can get a tailored one to meet your requirements for the timeframe, size, budget, and location. It can be as easy as picking a suitable neighbourhood then having the design customised. Just be sure to consider factors such as public transport, amenities, and infrastructure when selecting a block.
2 – Better Returns
As a future landlord, you will want to attract quality long-term tenants to your property. New homes via Sydney’s house & land packages have the advantage in this aspect. Not only do they offer modern conveniences but they also provide a personal space that people will want to stay in for years. Moreover, nobody will question you if you charge premium rent so you get higher returns.
3 – Depreciation Benefits
Generally, you can claim higher tax deductions for depreciable assets in a new property. These include fixtures, fittings, and even the actual construction cost. Situations may vary but there is also a chance for you to make claims on interest payments, property management, and others. It is advised that you consult with your accountant on affordable first home buyer packages to know more.
4 – Stamp Duty Savings
Buying an established property means paying stamp duty on both the land and the house. This is not the case with first home buyer home and land packages as you only need to pay stamp duty on the value of the land component. You can save thousands of dollars in the process and you can use this money on other stuff like landscaping.
5 – Maintenance Efficiency
With a new home, you won’t need to worry about the dreaded pitfalls of maintenance. The fittings, fixtures, and building are covered with the builder’s guarantee for the first few years of occupation. Eden Brae homes, for instance, offers their Buildsure™ Guarantee which covers everything from the initial design consultation to the structural warranty period so you have lower running costs and upkeep.
There you have the benefits of purchasing one of Sydney’s house & land packages as an investment. From choosing a flexible package to getting cost savings to attracting better tenants, you have much to gain when you pick a package instead of an established home. Be sure to work with only an experienced and reliable company for your needs though. In this way, you can rest assured that the property you get will be of high quality.