The demand for new homes is rising, and people want affordable opportunities right now as the economy recovers and overall market sentiments move toward a positive outlook. As a result, more households and families are searching for the best deals available, comparing each listing they find and seeing which one would provide for them the best in the long term.
However, most aspiring homeowners have found themselves at the crossroads between house and land packages versus purchasing an existing property and investing for renovations, unsure whether the two are better financial investments. So, today we’ll be exploring both and deciding whether house and land packages are the future or if it’s better to stick with the traditional method of renovating an older home.
What Makes House And Land Packages So Appealing?
Everybody likes new things, and there’s a powerful essence that draws you into a home that you can call yourself the very first owner. In fact, we see the same principle apply to the demand for the latest gadgets to following the most recent blockbusters; it’s just wired into our nature to love new things. However, despite being new, there are also prominent benefits that make house and land packages outshine your typical dilapidated property that requires a bit of fixing.
- Prime Location And Social Opportunities: House and land packages are commonly found in prime locations that offer excellent social opportunities long term, and you’ll find no end to the number of modern amenities because housing development companies will always offer you the best to their ability. For example, Donnybrae offers house and land packages that feature cutting-edge urban design and at an affordable price that’s extremely competitive with other homes available on the market, all within a central location.
- Zero Hidden Expenses: Existing properties have a way of surprising you in ways that you wouldn’t like, and one such example is the hidden costs that come with the renovation and fixing the place up. However, house and land packages have zero hidden expenses, and you can trust that all you’ll have to pay for the meantime are the upfront costs, and you can move immediately.
- A Lot Less Stress Involved: We know how tiresome it can be to go through so many listings in one day, have only three match your criteria, but all of them fall flat when you actually visit. In contrast, house and land packages are clear with what they offer, and you can even add a few extra features that are available with the package, removing the risk of unwanted surprises. And with government lending support to first-time homebuyers, it makes it all the more appealing.
What About Existing Properties?
Of course, despite the appeal of house and land packages, that’s not to say existing properties have lost their flare. In fact, they still have plenty to offer, and with a good eye for real estate, it might even be more profitable in the long term. So, it’s not fair if we don’t give the competition a chance to show its advantages.
- Plenty Of Room For Appreciation: One of the best features of buying an existing property is the thrill of landing a house you can renovate and the room for property value appreciation. And because you can get older homes listed for sale at some of the best prices, you might even find a nice little nest egg to sit on just in case you’ll ever need some extra cash through refinancing options.
- Guaranteed Historical Market Data: House and land packages often don’t have much historical market data you can research unless they’re directly located in prime areas. In contrast, existing properties offer so much data that with a bit of hard work, you can immediately cut down and limit your choices to select neighborhoods that have proven to show the most growth or potential for growth.
- Resilient During Market Downturn: While the economy has rebound by a certain degree, there are still fears of a housing crisis, especially considering the cases of homelessness. And while all homes do tend to crash in value during bearish markets, existing properties are more resilient at holding their value during a market downturn.
Weigh The Opportunity Costs Of Both Choices
In conclusion, both choices offer very appealing benefits. While some have distinct advantages over others, it all boils down to weighing the opportunity costs relevant to your unique financial position. So, remember that both stand on equal footing and choose the option most advantageous to you.
