Is it time for you to start house hunting and settle into your first home? Our team at SOMO know how tough it can be to make the initial steps towards finding the perfect house and land package to suit your needs. That’s why we’re here to help. We have been working with first home buyers for years and it’s what we love to do! So, let’s walk through it together and help you identify some of the things to consider when finding your first home.
House and land packages
Understanding how a house and land package works is an essential step on the road to your first home. The term ‘house and land package’ is a package deal that includes a block of land and the new home built on top of it. This can come in two forms – ‘off the plan’ and ‘turnkey’. When you choose ‘off the plan’, you decide on a block of land in your desired location, and then you choose your home design from a variety of plans. If this isn’t for you, you can choose the ‘turnkey’ package, where you buy a pre-built house ready for an instant move-in. Going through your options and selecting which one works best for you is one of the most important steps in the process.
Know your location
It is crucial to do some research into the suburbs you’re considering seeing what sort of amenities it offers and which ones are attractive to your circumstances. We always suggest to our first home buyers to buy a home with many promising assets for both now and the future, in the case you ever want to move. By thinking this way, the potential resale value is factored in for when you decide to sell, and the house will hold its value based on the location. It is also essential to know what amenities you want to have close by. Things like proximity to the beach or CBD, shopping centres, and what public transport is nearby, are all factors that will ultimately impact on the way you live. On our website, head to the ‘suburb profiles’ section for a more in-depth look into our favourite Perth suburbs.
As a first homeowner, you are eligible for Government Grants to aid you in the process of paying for your first home. In WA, first homeowners qualify for the WA First Home Buyers Grant of $10,000, plus stamp duty concessions. So, if you are purchasing or building a new home be sure to check that you fit the criteria. Just remember, two people buying a house together are only eligible for one grant and funding is not available for the purchase of renovations to a pre-existing or established home.
Earlier this year, the State and Federal Governments also announced a home builder scheme for those looking to buy or build a new property valued up to $750,000. Homebuyers could receive up to $45,000 assistance with this package – $20,000 from the McGowan Government and $25,000 from the Morrison Government. Both packages were put in place to help stimulate the economy after the global COVID-10 pandemic so now is the perfect time to take the plunge! Unlike the first homebuyers grant, these two opportunities will only be available until December 31, 2020 and means as a first homeowner, you could be eligible for all three grants if you fit the criteria. Imagine the additions and upgrades you could afford to add on to your new home design!
If, after reading all this you can feel the itch to get started on your new home development, give one of our Property Advisors a call on (08) 9202 9292 today for more information. Let’s get you moving into a space of your own!