If you have been looking to buy your first home in Perth for a while now, finding the perfect property for the just right price can often feel like Mission Impossible. Fortunately, house and land packages are a great solution if you need a more affordable option to get your foot on the property ladder.
The term ‘house and land package’ describes a package deal that includes both a new home and the block on which it’s built. There are two basic types to choose from:
- Off the plan – select the block of land then choose from a number of home design options
- Turnkey – buy a pre-built house that is ready to move in to
Compared to other real estate options, such as buying an established property or purchasing a block of land, the main difference when choosing a house and land package is in the financing process.
This typically consists of two stages: a mortgage for the land and then a construction loan to build your home. A construction loan is taken out in stages, meaning you ‘draw down’ on a pre-agreed loan amount and only pay interest on the amount needed for each phase of the build. These two loans are usually bundled together, so it’s always a good idea to do some research and consider your options.
From bachelorette pads to spacious family homes
SOMO’s house and land packages are available throughout the Perth metropolitan area and range from 1 bedroom bachelor or bachelorette pads in Cockburn to 4 bedroom family homes in Banksia Grove.
We currently have over 180 house and land packages available, with prices ranging from $240 to $850 per week. Everything from 1×1 apartments in Perth’s CBD to centrally located 3×2 villas and townhouses and larger packages all over the Perth metro area.
SOMO has been able to achieve particularly attractive price points on house and land packages in Byford and Cockburn by having joint ventures with land developers’ 3-9 lots. Designing these homes all together results in a great deal for first-home buyers. These exclusive packages are updated daily by the SOMO team, so add us to your Favourites list!
Live for less than you may be paying in rent
Here are a few reasons why first-home buyers turn to SOMO’s house and land packages:
- The First Home Owner Grant – eligible first-home buyers may be able to receive a grant towards the purchase of a new home
- Potential savings on stamp duty – when investing in a new house and land package, you usually only pay stamp duty on the land, which can mean saving thousands of dollars
- Making it your own – you can choose the home you’d like to build and customise it to suit your needs
- Fewer maintenance costs – your new home comes with a warranty, your maintenance costs in the early years will likely be less than an established home
- Higher depreciation on deductions – given the high starting value of the building, fixtures and fittings, new properties generally get higher depreciation deductions than older ones
The peace of mind of a smooth construction and being able to move in quicker makes SOMO’s house and land packages an easy choice for many of Perth’s first home builders. Call us on 08 9202 9292 to find out more. C’mon you know you want to!