First home buyer? Here are 5 great reasons to build your first home
Sep 29, 2016
Building a home is a great way to get yourself onto the property ladder. Here are 5 great reasons why you should consider building your first home as opposed to buying an established home.
First home buyer grants
If you’re a first home buyer, there are fantastic government incentives on offer to assist you with building a new home. In Queensland, first home buyers are entitled to a $20,000 grant, and in New South Wales there’s a $10,000 grant; think of these government grants as “savings” off the price of your new home and factor them into your overall budget. For more information on these incentives go to NSW Office of State Revenue or QLD Great Start Grant.
Stamp duty savings
When you build a new home, the government stamp duty only applies to value of your block of land and does not take in to account the value of the home. On the other hand, for established homes, the stamp duty is calculated on the total value of the property. This means that by choosing to build your first home, you could literally save thousands of dollars on stamp duty!
Home and land packages
A fixed price home and land package can be a great way to buy your first home; the builder has already matched a home plan with a suitable block of land, and the package consists of “move-in ready” inclusions so all you need to do is turn the key to your door on completion of the build. There’s also no need to worry about developer requirements like covenants and any requirements for the block of land like retaining walls and landscaping as these are generally included in the package price. Coral Homes even offers fixed price home and land packages with nothing to pay up front!
New land releases are often available in master planned communities in strong growth regions where the land developer has carefully considered important things like proximity to work, schools, shopping, lifestyle and other infrastructure. As such, building your first home in one of these communities can mean a wise longer term investment.
A first home that’s “more you”
When you build a new home you can generally modify the builder’s standard plans according to your own specific needs. If the standard plan is not quite what you’re after, you can change things like the size, configuration and position of areas in the home – perfecting the house plan before construction commences is whole lot easier and less costly than renovating an existing home! Furthermore, you get to choose all the colours for your new home so it exactly represents your own tastes and style. Move into a new home that’s “more you” from the outset, without the hassle and cost of renovating.
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