When you buy house and land packages, you have to think about its real cost way beyond what is on the price tag. Maintenance, future renovations, and moving costs seem to be top of mind for most people in Perth. What they are forgetting is how much they will be spending on utilities such as electricity, water, and gas in the long run. One way to save up on money now is to make sure that your new house will be sustainable and environmentally friendly. Here are some sustainability essentials you should be looking out for.
Thinking of building a home here in Perth but haven’t saved enough yet to qualify for a mortgage? The good news is that with Western Australia’s First Home Buyers Grant (FHOG), you can start building your home sooner than you think. Currently capped at $10,000, the FHOG can go a long way towards helping you pay for a home loan deposit, which is generally set at 5% of the total home loan. Note that only one grant is available per contract regardless of how many individuals own the property.
When you are in the process of determining where to buy or build the home of your dreams, you’ll need to factor in the location first and foremost. After all, location significantly contributes to your lifestyle and overall satisfaction for many years to come.
You’ll find that most leading developers allow you to choose lots in and around major metropolitan areas such as Perth. Many of the suburbs around Western Australia’s capital city are considered ideal locations for first home buyers in search of house and land packages. The following places come to mind when talking about favourable residential areas.
If you ever decide to purchase an established home, the entire amount of the loan will be drawn to pay for the property as soon as the contract is signed. You simply have to make monthly repayments until the loan is fully paid off.
If you opt to build a property, however, as in the case of house and land packages, this kind of setup is considered less than ideal. Amongst other things, you will have to pay for the loan on the finished property even though it is still under construction. To avoid having to pay a high interest rate, you might want to obtain a construction loan.
Many first-time homeowners find the prospect of building their homes from scratch more appealing than buying pre-owned properties for one simple reason: They get a deeper sense of ownership. If you’re currently exploring the Perth property market, you’ve probably already come across house and land packages.
For first-time homeowners, house and land packages make ideal purchases because these remove the need for arduous searches and intricate paperwork that usually characterise the path to home ownership. For instance, builders such as BuzzHomes offer a comprehensive range of services, from financing and design down to the actual construction and turning over of keys. Additionally, such firms build in well-managed, convenient, and peaceful communities.
Foreign investors are snapping up residential properties in Western Australia. According to the NAB’s survey last March, these investors accounted for about 15.6 per cent of new home sales across the country and spend within $500,000 to $1 million on average. One in five people who purchase in WA (mostly in the inner city areas) aim to redevelop the property.
Apart from these investors, there are, of course, Aussies who buy homes in Perth, that they themselves will occupy. Whether you’re migrating to Perth, transferring from a nearby rental place, or moving out of your parent’s home, you need to pick your suburb smartly and find a suitable home that suits your lifestyle. Here are a few tips for first-time buyers of house and land packages in Perth.