An article by the Guardian shows that 79% of Australians consider owning a home an important life goal. Besides, 60% think of property ownership as the best way to build personal wealth.
If you’re considering investing in your first property, home and land packages in Victoria could be a great choice. These allow you to buy land and choose a home design to build on it.
While home and land packages have many perks, you should research to ensure you invest in the right property for your needs.
Here, we cover some key aspects to look for in the packages. We’ll also discuss the benefits of these Victoria property investment opportunities so you can understand why they are an excellent venture.
What to Look for in Home and Land Packages in Victoria
Australia has been experiencing a housing crisis, making the real estate development market lucrative. Many companies in the industry now offer home and land packages with varying features.
Knowing what to look for will help you invest in a home and neighborhood you’ll love. Let’s discuss some essential aspects to consider.
The Location
The location of land for sale in Victoria can significantly affect the value of the home you build. A good location will increase its value over time. On the other hand, a less ideal one could lead to fewer opportunities to sell or rent your home in the future.
If you’re a first-time buyer, here are some of the areas to consider in Victoria
- Melbourne suburbs
- Regional Victoria
- Coastal towns
Melbourn has many fast-growing suburbs with relatively affordable prices. These areas also have access to new schools, parks, and public transport. Invest there if you have a family or are a first-time buyer looking for a mix of convenience and suburban living.
Regional Victoria can also be a great choice if you don’t want to live in Melbourne. The property prices are lower, and most regional cities are growing quickly. You can get a larger piece of land and still access good amenities.
If you love the idea of living near the beach, consider home and land packages in any coastal town in Victoria. These areas offer a relaxed lifestyle with fresh air and numerous outdoor activities. You’ll also enjoy stunning views and an increasing property value.
It’s often tempting to buy a home in the area you consider the most attractive or peaceful. However, you should also consider other factors when selecting the location, and these include:
- Accessibility and commute times
- Community amenities
- Future growth and area development
- Crime rates and safety
- Resale and rental potential
Financing Options for Your Home and Land Package
Your finances will determine the home and land package you can afford in Victoria. They may also impact your ability to customize the property to your liking. Luckily, there are many options you can explore as a first-time home investor in Victoria. These are:
- First Home Owner Grant (FHOG)
- Low-deposit home loans
- Typical mortgages
FHOG makes it easier for a first-time buyer to afford new home builds. If you buy a property of up to $750,000, you can receive a $10,000 grant. The funds will reduce upfront expenses and make the purchase more affordable.
Saving a deposit for a home and land package can be challenging. However, it is easier with low-deposit home loans offered by the government. The scheme allows you to buy a home with as little as a 5% deposit, and the government covers the lender’s mortgage insurance.
You can still apply for a regular mortgage if you don’t qualify for government programs. Before choosing a home loan, compare interest rates and repayment terms to find the best deal for your budget.
Ensure you also discuss financing options with your agent to confirm if they accept what’s available to you.
A Reliable Builder for Victoria Home Packages
Real estate companies in Victoria partner with various builders when offering home and land packages. Choosing the right contractor is vital because it affects your home’s quality, design, and overall value.
Consider these aspects when selecting a builder:
- A strong reputation
- Experience building homes in Victoria
- Their portfolio
- Customization options
- Construction timeline
An ideal builder should have a strong track record in Victoria. Read their reviews and check their past projects to determine whether they meet your standards.
Some builders offer more flexibility than others, so if you want a personalized home, choose one that allows upgrades and changes. It’s also vital to ask how long the build will take because delays can increase costs, especially if you’re currently renting.
Land Size and Orientation
The size and orientation of land for sale in Victoria can affect your home’s value and comfort. If you choose a bigger block of land, you’ll have more space to expand and include features such as:
- An accessory dwelling unit
- Extra bedrooms
- A pet’s or kid’s play area
- A swimming pool
- Outdoor living space
North-facing homes in Australia get more sunlight throughout the day and stay warmer during the winter. If you love natural light and want to lower your heating costs, prioritize packages that allow you to build a north-facing home.
Corner lots often have more space than standard yards. The extra land offers more landscaping flexibility, which can be great for future upgrades. Consider lots between intersecting streets if you want a big yard and room for gardening.
The Process of Investing in House and Land Deals
When investing in a home and land package, you buy a piece of land and then work with a builder to design and construct a house.
Most real estate companies offering these packages have multiple options across the region. So, you can easily find land in your preferred neighborhood.
The experts will ask about your requirements and send you a list of packages that meet your needs. Once you review them and choose a specific one, you may finance the purchase and sign a contract.
You will then work with the builder to fine-tune the construction details and tailor the home. After finalizing the paperwork, the contractor will start the construction and update you on the progress. They will also get the necessary building permits and approvals to ensure your home is up to code.
The Benefits of Home and Land Packages
If you’ve been thinking of investing in a home and land package for a while, you may wonder why it’s better than traditional options. Why should you buy land and wait for the contractor to build your home instead of investing in ready property?
Let’s cover the benefits of these packages to help you understand why they’re a worthy investment.
More Freedom for Home Customization
Finding a perfect home for your needs can be stressful despite the diverse options available in Victoria. You can get a property with the desired yard size and number of bedrooms but dislike the layout. If you invest in such a property, you will likely have to compromise or spend more on renovations.
House and land packages in Victoria give you more room to personalize your home. As a first-time home buyer, you can ensure your first investment matches your lifestyle and has all the necessary features.
Some aspects you will be able to customize with a home and land package include:
- The layout and floor plan
- Bedrooms and bathrooms
- Kitchen design
- Storage space
Smart Long-Term Investment
Modern property designs sell faster because they often have smart home features that appeal to buyers. They also have better resale value because buyers won’t have to worry about significant renovations when they move in.
If you’re an investor looking to resell after a while or become a landlord, you can make better returns by choosing a home and land package. Once you include trendy home features, you will easily find buyers and get competitive offers to recover your investment.
Energy Efficient Homes
Newly built homes include more energy-efficient designs compared to older ones. Once you buy a land and home package, the builder will use advanced insulation materials to ensure your house maintains the ideal temperature.
These can help reduce your heating and cooling needs, lowering utility bills. You can also choose to install solar panels and cut electricity costs further while enjoying government rebates.
While modifying an older home and adding smart thermostats or a better HVAC system is possible, you’ll incur significant expenses. You may even have to alter the home design to accommodate the changes.
Buying a home and land package is the best way to ensure you have an energy-efficient home from the start. You can liaise with your builder to identify various ways to make it eco-friendly without going beyond the budget.
Fewer Repairs
One of the most frustrating things about buying an older home is dealing with unexpected repairs. Even if a house looks perfect on the outside, it might have hidden issues related to the following:
- Foundation damage
- Poor or old plumbing
- Damaged or outdated electrical wiring
- Mold infestation
- Roof damage
With a home and land package, you won’t have to deal with significant repairs since everything will be new. You’ll have peace of mind knowing you’re in a secure structure that won’t cost you more money in a few years.
Tips to Use When Investing in Home and Land Packages
Purchasing your first land and home can be exciting, so you may forget to take precautions. Understanding the process will help you get the most out of your investment.
Use these tips to have a better experience as a first-time buyer:
Research the Market
Before you make any decisions, it’s important to research and understand the property market. Doing so will help you choose the right location in Victoria and ensure you get a good deal.
Here are some aspects you should look into:
- Property prices in different areas
- Rental demand in specific suburbs
- Future growth potential
Every neighborhood in Victoria has unique pricing based on what it offers. Reviewing the property prices and market trends enables you to gauge if a company is offering a good deal.
Check how much homes cost in different parts of Victoria. Then, compare the price of the land and home package with nearby properties with similar features and sizes. These steps can help you choose land within your budget without compromising other aspects.
Areas near schools and major transport routes are often in higher demand for renters. If you want to become a landlord, a home with proximity to such will help you fetch a high rental rate.
As you shop for home and land packages, look for popular areas to boost your future rental or home sale income. Prioritize neighborhoods where many people are moving to or new businesses are opening.
Some areas in Victoria might be cheaper now, but if they’re growing, they could become more expensive. Find land and house packages in regions where there are underway plans to construct the following:
- Shopping centers
- Parks
- Schools
These often have a high growth potential because more people will want to live there after the developments.
Monitor the Construction Process
Once your home construction starts, you need to monitor the progress to ensure everything goes as planned. Visit regularly to confirm the builder is on schedule and compliant with building codes.
If you can’t visit often, ask for progress updates. The builder can send you detailed reports and even attach photos or videos.
Other tips to help you track the progress are:
- Ask questions when you have any concern
- Get an independent inspection
- Discuss potential extra costs beforehand
Tracking the progress of your homebuilding project can give you peace of mind. It also helps ensure your home and land package turns out just as you imagined.
Get Exclusive Home and Land Packages at NY Properties
Knowing what to look for in home and land packages can simplify your first-time buying process. Identify lucrative locations based on your needs, budget, and future financial plans.
Then, explore your financing options and select a reliable builder. You should also understand the real estate market in Victoria to ensure you get your money’s worth.
NY Properties offers premium, exclusive home and land packages in Australia. We deliver tailored solutions and are committed to providing quality services with professionalism. Contact us for house and land packages in Victoria.
