It’s one of the biggest choices you’ll face when you’re considering buying property: is it better to buy an established home or a house and land package? While this depends on your circumstances and goals, building new can benefit you in a number of ways. Here are seven serious advantages to building new when it comes to taxes, choices and grants.
1. You can take advantage of the Queensland First Home Buyers Grant.
If you’re about to buy your first home then you’ll want to maximise any savings you can. These days the Queensland First Home Owners’ Grant is worth $15,000, and it applies only to newly built homes rather than existing ones. You could also be eligible for the Australian Government’s First Home Loan Deposit Scheme to help you get into your own place sooner.
2. You can choose your ideal location and block.
You might see the perfect house on a real estate listing, but what if the location isn’t right? Your address and location can affect a myriad of lifestyle aspects, from road noise, to natural light, to having neighbours who are easy to get along with. By choosing from house and land packages in Mackay, you can select your ideal suburb and block orientation and build a beautiful home to suit.
3. You could save thousands in transfer duty.
Great news – by buying land for sale in Mackay and building on it rather than buying established home and land, you can potentially save thousands in transfer duty, otherwise known as stamp duty. If it’s your first home, even better – you could save up to $7,175 with the first home vacant land concession when you choose from house and land packages.
4. You can build with your builder of choice.
Not all builders are the same, and it can be difficult to know who built an established home. When you build new you can carry out your research, choose who builds your home and be involved in the building process so you can be sure that no corners are being cut. At Plantation Palms, for example, you can work with any builder or choose from ideal house and land packages in Mackay by reputable builders such as Gemini Homes and Hotondo Homes.
5. Everything is brand new.
This is a clear plus to building a home! New home designs tend to be more energy efficient and everything is built straight and fresh, ready for you to move in. You won’t have to worry about maintenance from any previous owners, and you’ll also have the confidence of a builder’s warranty. In Queensland this provides cover for more than six years for structural work, and from 6 to 12 months for any defective non-structural work. Peace of mind can be priceless.
6. You’ll have the option of customising your home to suit your style.
Naturally you’ll want your new property purchase to feel like your own, and when building with a house and land package you could have a myriad of options to customise your home design. Want taller ceilings, stone benchtops or different taps in the bathrooms? You can work with your builder to perfect the design for your own family and lifestyle.
7. Building a new investment property could maximise your tax deductions.
If you’re planning to make the most of the Mackay property market by buying a second home and renting it out, then there is a distinct advantage to building new. You’ll be able to obtain a depreciation schedule from a quantity surveyor and maximise your tax deductions for your new investment property. On a new investment property you could claim 40 full years of deductions including construction costs, maintenance and rental advertising. Older properties, on the other hand, entitle you to fewer years of deductions or occasionally none at all.