Trying to get your foot in the door of the Port Macquarie real estate market? Unsure if you should purchase an existing dwelling or take the plunge and plan a home from the ground up? Whether it’s your first home, next home or an investment property, you’ve most likely encountered the term ‘house and land package’.
House and land packages
From time to time the Sovereign Hills Display Village builders offer house and land packages, both within the Sovereign Hills community and throughout the Hastings’ various residential developments.
In many cases, the house and land packages available are ‘concepts only’. This means the builder has taken a specific block of land and paired it with a house design that suits the block.
The home has not been physically built yet, so the builder is presenting you with the total price of the house and land package, and outlining the package’s inclusions.
TIP: Knowing the complete cost is particularly helpful if you are seeking finance. This will allow you to present a final figure to your lender, and it will give you a target to work towards if you’re saving for a deposit.
What’s included?
The level of finish may differ from builder to builder so it’s important to request an itemised list of inclusions.
When conducting your research, don’t be afraid to ask questions especially if you can’t see items you want or need listed in the package.
There are also the less obvious site requirements that come with building a new home. Does the inclusions list specify:
These factors, along with the soil classification and slab type, must be considered when building a new home as the outcome can impact your overall build cost.
TIP: Before signing a new home contract make sure you’re fully informed and there are no hidden costs to surprise you down the track.
The benefits
House and land packages enable you to compare the cost of buying an existing home with that of building a new home.
In the case of a ‘concept’ house and land package you have the benefit of added flexibility. Many builders will allow you to customise the home to suit your needs.
‘Completed’ homes offer purchasers a finished new home, without the planning, ready to move into.
They can also be more convenient if you are out of area and unable to visit the site during the construction process.
TIP: Make sure to check with the builder about the transfer duty (previously called stamp duty) requirements when buying completed house and land packages.
Transfer duty requirements
First-time purchasers buying a vacant block pay zero duty on land valued up to $350,000. They also receive concessions for vacant land valued between $350,000 and $450,000.
At Sovereign Hills, unless the builder has already purchased and settled upon the block in question, you will be presented with two separate contracts from the following:
If you’re not a first home buyer, the NSW Government offers more information about the transfer duty requirements when buying either a new home or an existing home at: www.revenue.nsw.gov.au/grants-schemes
More information
Learn more about house and land packages available in the Sovereign Hills master planned community by visiting our Land Sales Centre. You can also speak with the friendly builders located in the Sovereign Hills Display Village, open daily between 10am and 4pm.
Prospective buyers should seek independent financial advice before purchasing a house and land package. Current as at July 2023.
