In this edition of In the Know, our Conveyancing solicitor Emily Thorn sits down with Adam Woods from McGrath Mudgee Region to discuss house and land packages, and how they can offer an affordable entry point to the Mudgee property market for First Home Buyers.
Adam and his team are the marketing agents for Caerleon Mudgee, Mudgee’s largest and fastest-growing master-planned community.
With the Mudgee market booming, Adam admits that there are some challenges for first home buyers in entering the market, with vacant land often 12-18 months away from being registered and ready to build on.
A house and land package, by comparison, is often offered closer to completion of the subdivision, with shorter wait times and lower upfront costs to buyers. There are also government grants and stamp duty exemptions available, which you should discuss with your conveyancer or solicitor.
“Buying a package is much easier than buying land and lining up a build.”
Adam gives a number of reasons:
Time: the builder or developer is build-ready, with little to no delay in waiting for a place in their build schedule.
Budget: the package is fixed-price, with no hidden costs.
Planning: The builder or developer has been through this process hundreds, if not thousands, of times before, and their knowledge goes into planning a home that is practical and enjoyable to live in. They are also experienced in the entire process, from concept and design to obtaining approval, and all of this is done for you.
Buying power: House and land packages will be delivering multiple projects and have economies in scale that you as a first-time builder would not have access to.
So, the question for first home buyers is: should you wait to buy a vacant block, or buy a package? Adam says that it can be a practical decision to choose a package to get your foot in the door.
“There are a large variety of off-the-plan options coming online all of the time, so buyers can achieve both the look they want and the surety of a House and Land Package.”
He also mentions that registering your interest with a sales team can give you an advantage of being notified early of packages before they hit the open market and even soon enough for buyers to have some level of customisation in their build.
It’s all about trying to make the decision to enter the property market an easy one for first-home buyers.
“It is your first home, not your last, and you are best to get into what makes the most financial sense.”
You can check out McGrath’s current listings here:
Emily Thorn is a Property Lawyer at Sally Callander Law. She prides herself on delivering trusted advice and building long-term relationships that help her community continue to grow and thrive. Contact Emily today on (02) 6395 9780 to book an appointment.