Melbourne’s real estate industry is worth checking out when looking for investment opportunities. You’ll find homes, apartments, and various types of properties in the city’s prime locations. Anyone who wants a wise property investment, however, must look into other practical options before making a move.
House and land packages, for example, are often overlooked by investors and buyers. The truth is these packages can be practically wiser and financially rewarding than investing in an old property. Here are some reasons land and house packages in Melbourne are worth considering.
It’s easier to choose a neighbourhood
Most real estate companies specialise to certain group of customers. Some offer packages for young professionals who want to live near the metro, while others provide for families who prefer quieter neighbourhood. This translates to better convenience on choosing a community where your new property will be built. It’s easier to find a neighbourhood that suits the lifestyle of your target tenants.
You may claim tax deductions
You don’t simply attract tenants when you have a newly built house. You may likewise get benefits on matters involving tax. When you go for this option, you may file for tax deductions for the property’s depreciable assets. This includes expenses on the fixtures, furnishings, as well as the cost of construction. Know that such deductions, however, may only apply to certain tax situations. To learn more about it, seek help from a certified accountant.
You only pay stamp for the land
You have to pay stamp duty on both the land and the house — this is always the case when purchasing an already established property. If you buy a land and house package, however, you will have to pay stamp duty only for the plot of land. This is primarily because the structure is yet to be constructed. In addition, purchasing an old property could mean extra hidden expense on repairs and restoration, adding up to the cost of acquiring a property to invest in.
Learn more about your options on land and house packages. Start by looking for master planned communities near you.