House & Land Package vs Buy & Build: Which One is Right For You?

When looking to buy a home, one of the questions buyers face is whether to purchase an established property, or to buy land and build a home from scratch.

While both options offer significant financial and social benefits, ultimately the right one for you is based on your priorities as a home buyer.

First you need to determine what your needs or wants are, to be able to determine what’s classed as the ‘better’ option.

Consider it like buying a mode of transport. What’s better - a prius, a motorbike, a fancy two-door sports car, or a Range Rover? They all provide transportation, but which one caters specifically to your needs?

Here are some things you should know when considering both options.

Buying an established home is a quicker process than building a new house. Once the initial house hunting is done, buyers can often move in and start their new life in their new home in as little as 30 days.

New homes, on the other hand, require months to build and have the potential extra burden of delays and complications. Because of this, many buyers will need to continue renting another property while their new home is being built.

With that being said, having the ability to choose your own design, colours and finishing touches gives your new home a sense of your own style and preferences.

Generally, the parcel of land an established home sits on will generally be be bigger than what’s offered for new builds. Infact, land sizes used to be bigger than what current home and land packages offer. An established property often has a good-sized yard along with a good-sized house, something you generally have to pay through the nose for in a brand new build.

Buying the right house & land package can add instant value with the right makeover and they could find themselves up levelling to the property of their dreams much faster. Its easier to compare prices and investment results of similar properties when dealing with established house & land packages.

Purchasing an established home also offers buyers a good understanding of the design, style and price point for other houses in the area, allowing them to understand the home’s future financial value. Making it easier to make that initial purchase decision.

If you want help in finding the right house & land package for you - contact us  to have a chat.