Melbourne remains one of the leading liveable cities in the world. Based on the 2019 Global Liveability Index from The Economist Intelligence Unit (EIU), Victoria’s capital ranked second in the most liveable places worldwide. The city has almost spotless scores for various factors like stability, education, culture and environment, health care, and infrastructure. These factors make plenty of people consider investing in house and land packages melbourne has to offer.
Purchasing house and land packages started to become a popular choice among Australians who plan to invest in the booming property market. But there are more reasons why it is better to invest in this type of property than ready-to-buy options.
Here are some of the most compelling reasons why you must put your money on house and land packages in melbourne to get the most out of your investment.
Reason #1: Customisable To Meet Your Requirements
Most of the time, people will tell you that you must shell out a significant amount of money to get newly constructed homes. But it is not the case if you choose to get one of the house and land packages melbourne has.
Typically, house and land packages allow you to have the option to design your property based on your needs. If you invest in a real estate property that is customised based on your requirements, you will be able to reduce the amount that you have to spend on areas on the property that you will not use in the long run.
Reason #2: Huge Savings On Stamp Duty Costs
Another essential advantage of investing in house and land packages is it allows you to focus on the land. Thus, the stamp duty that you must pay is based on the land’s value and not on the house that you plan to build after purchasing the area. Because of this, you will have a significant amount of savings as compared with the cost of stamp duty for pre-existing properties.
There are multiple stages in the house’s timeline when you put your money in a house and land package. When you construct your structure, the build phase may take somewhere between six months to one year, depending on the property you want to build. During those stages, you must only pay the interest on the loan amount that you will use.
Reason #3: More Appealing To The Renters
Most prospective tenants get easily attracted to brand-new homes with a contemporary floor plan and modern features. When presented with a choice between an old property or a newer one with the same price range, the renters will generally pick the latter.
House and land packages will allow you to attract more renters for years. It will also let you get the attention of high-quality renters who are willing to spend a slightly high price for stylish and updated homes with extra amenities.
Reason #4: Avoid Hidden Maintenance Costs
Since house and land packages let you build a new house, it means you no longer have to pay high maintenance costs compared to owning an existing or old property. The unexpected maintenance costs for the old structures may be very expensive.
Aside from the staggering maintenance rates, unexpected repairs and maintenance requirements may lead you to lose your current tenants. Thus, you will also lose rental revenues in the long run.
These are some of the most enticing reasons why it is better to invest in Melbourne’s house and land packages than pre-existing properties. It will allow you to have more chances of getting the most out of your investment so you can earn the most money from the city’s thriving property market.
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