Sydney, the largest city of New South Wales or NSW, has the biggest population in Australia. In June 2019, its population was estimated at 5,312,163. Sydney’s 12,367.7 sq. km area is made up of 658 suburbs and 40 local government areas. Because of its large population, it is natural to find it difficult to get affordable housing. Monthly rents in Sydney can go as high as $2200, and that’s not good for people who are earning just the average monthly income of $9250.
Because of the high rent prices, people are starting to think it’s better to get House and Land packages in Sydney. There are many advantages to getting your own house compared to renting a house. With house finance rebounding in the 2nd Quarter of 2020, we can expect the market to bounce back and open new doors for prospective homeowners. There are many advantages to getting house and land packages that many people suspected, but never really took seriously.
You Will Own the House
Of course, with house and land packages, the house will be owned by you. Unlike renting, the house where you will spend many happy moments will eventually be yours, if you pay the mortgage religiously.
You Can Choose the Design That Fits You Best
Turnkey Packages are what it sounds like; you just turn the key and move in. Many companies will offer you different designs, and you can choose the design that best suits your needs or budget. However, since it involves choosing an existing house design, there is not a lot of freedom when it comes to customization. Choosing the designs that your developer gives you is the most you can do, as customization goes.
As we mention this information, there are still advantages to this type of package. Unlike a traditional house and land package, whose loan amount is released separately, the money is released together for turnkey packages, because there are usually no extra charges from the developer.
Traditional house and land packages in Sydney gives you more leeway when it comes to choosing your house design. You can even have your design made, one that fits you perfectly. Plus, you have the option of choosing the land that you will be building your house in.
You Can Get a First Home Owner Grant and a Tax Cut
In New South Wales, First Home Owner Grants are usually $10,000 for people who are buying or building a new home, provided that the house is valued at less than $600,000 or the combined value of the land and house is no more than $750,000. This rate does not apply if you want to buy an existing house.
There is also something called the First Home Buyers Assistance Scheme. It allows eligible first-time homebuyers to get an exemption; this is also called a stamp duty concession. Properties with a value of less than $650,000 can qualify for an exemption. Even properties valued above can qualify for stamp duty that is reduced.
Getting house and land packages in Sydney is not as clear cut as it sounds. There are still many things to consider. What is very important is for everyone to find the perfect home for their lifestyle. There is no greater feeling than relaxing in a house and planting a garden on a piece of land that you own. Happiness is a funny thing. You never know how it can truly be achieved; you can only try your best.
Author Julian Carter
Julian Carter is a farmer of words in the field of creativity. She is an experienced independent content writer with a demonstrated history of working in the writing and editing industry. She is a multi-niche content chef who loves cooking new things.