Last updated on November 20th, 2020 at 10:39 am
Both buying a house and opting for a house and land package have pros and cons.
Although house and land packages are not entirely a new concept, they have grown in popularity among home buyers across different market sectors in the past few years.
Statistics show that 35% of new home buyers prefer to build from scratch while 72% are attracted by the possibility of personalising a design.
Factors that should be taken into account when deciding whether buying a house or opting for a house and land package include:
With these factors in mind, below are some of the pros and cons of house and land packages vs. buying a house.
House and land packages are generally more affordable than buying a house.
There are government grants available as well as savings on stamp duties that can affect the affordability of the purchase significantly.
However, there are risks that the cost of a new build can go over budget and that financing the project may therefore not cover the entire cost of the build.
Most house and land package deals offer locations that are more affordable for buyers on the outskirts of existing cities or suburbs.
Once again, this offers savings on the purchase as well as the benefit of choosing a location that is ideal.
The ability to choose an architectural design is limited however it can be beneficial to avoid the common mistakes that often come with building a home from scratch.
However, buyers do have options and can often select certain features to tailor their home to their own requirements.
It is also important to be aware that the end product may not be exactly the same as the show house or architectural plans that have been provided.
Quality of material and other features may differ also.
It is important to understand that building a house from scratch takes time and that there may be multiple delays along the line. Read here how to find the best house and land packages in Canberra.
With house and land packages, there may be further delays in starting the build after the package has been purchased.
Looking for house and land packages? Check out Achieve Homes house and land packages to explore your options.
There is often very little wriggle room when it comes to negotiating the price for an existing home.
The price is also largely determined by market conditions in a certain location. There are very few incentives or discounts for buying an existing house.
Although buyers have the option to select an existing house that meets their style and other criteria, unless they are willing to renovate, they are buying the house as is.
Perhaps the greatest benefit of buying a house as opposed to building one is that the buyer can take immediate occupation and won’t have to wait for the project to be completed.
What you see is what you get when you buy a house. If inferior building materials were used, it could cause problems down the line.
The quality of the house is however largely dependent on what a buyer is willing to pay.
The benefits a house and land package outweigh those of buying a house but the choice is greatly affected by personal preference and individual requirements at the end of the day.
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