When the time comes, how do you know whether you should rebuild your home from scratch, or move to a new area? And if you relocate, do you buy vacant land off-the-plan in an inner-city suburb or purchase a house and land package in a new estate?
We spoke to David Bourke from Clarendon Homes, and he shared his advice on how to make the right decision.
If your home is feeling dated or small but you truly love your area — the neighbours, the local cafés and parks — that’s when you should seriously consider knocking down your home and rebuilding.
The great thing about rebuilding is you know the lay of your land so you can make the best and most economical design decisions. You’ll also save time and (potentially) money as you can avoid the rigmarole of sussing out a new suburb to move to, you won’t have to pay real estate agent fees, and you won’t have to deal with incoming inspections from people looking to buy your home.
Buying vacant land off-the-plan
Vacant land in inner-city suburbs is becoming increasingly scarce. However, if you do manage to find the perfect space, all that’s left to do is customise your new home design.
The only problem is, the closer to the city you are the more expensive the land lot, so you’ll have less money in the budget for upgrades and inclusions when it comes to designing your home. You will, however, be located in an area with established infrastructure, amenities and services so you won’t have to wait to get to know your new neighbourhood prior to final construction.
Image: Oran Park Town in Oran Park, NSW
Buying a house and land package
House and land packages are one of the easiest and most cost-effective ways to buy a home, particularly if it’s a first home purchase.
“Traditionally, most first home buyers are limited on what they can spend, and they don’t have a current asset to leverage off when it comes to the size of their budget, therefore price is imperative,” Burke says. “House and land packages are a perfect choice for first home buyers as they offer a fixed price product which means there are no financial surprises that will appear in the building process.”
“There is no requirement to pay stamp duty on the house component of the build,” he explains. “You only have to pay stamp duty on the land, which saves funds and gives you room to potentially choose a larger home or better upgrades on your fittings and fixtures.”
Additionally, new masterplanned communities are only getting better and better as developers and architects try to outdo one another in terms of key services and amenities, and stunning home designs.
The developments which have come to market in recent years are usually centred around walkable communities, with plenty of pocket parks and playgrounds on-site, as well as connections to either major arterial roads or public transport (either planned or established). Purchasing a house and land packages means you benefit from the ultimate convenience when the masterplan has been completely constructed.
Hero image: Balmoral Rise in Kellyville, NSW