How to Budget for a House and Land Package in Perth
Dreaming of ditching rent payments for good and dancing through the front door of your very own home? We get it, and we’re here to help make that a reality! House and land packages in Perth are exploding in popularity for a good reason – they let you build a personalised home packed with little luxuries for an affordable price.
In this article, we’ll map out everything you need to know about how to budget for a house and land package to end up with the keys to a home that’s 100% you. Shall we get started?
How much should you budget for a house and land package in Perth?
Most house and land packages in Perth start from around $500,000+. However, this cost can vary quite a bit based on:
Land Size – Bigger blocks mean higher prices.
House Size – More bedrooms, bathrooms, and living space racks up the rate per m2.
Location – Land in premium suburbs or near amenities costs more. Packages on the city fringe are cheaper.
Inclusions – Want triple-glazed windows and Miele appliances? Luxury finishes blow out budgets fast.
What is included in house and land package costs?
It’s not just a plot plus bricks and mortar! Let’s unpack what your dollars actually buy with one of these build and land combo deals.
First up – the dirt. This covers what you’ll pay for the plot itself to park your new pad on. Price varies depending on acreage and location.
Base Home Price
Next – the house. This means all physical construction, both materials and labour. We’re talking floors, walls, ceilings and everything needed to whip up a liveable structure from the ground up. Standard inclusions like kitchen appliances, floor coverings, bathroom fittings and light fixtures are bundled in too.
On top of the physical build costs, your package includes all the required council approvals, applications and paperwork so that your home sails through planning. Connecting essential services like power, water and sewerage also falls under this budget bracket.
What additional costs do I need to budget for?
Your shiny new home on its own plot of land sounds like the full package. But we’re here to tell you: don’t sink all your funds into just the base home! There are still a few out-of-pocket expenses you’ll need to budget extra for on top of what you pay for your Perth house and land package. These costs include:
Stamp Duty & Mortgage Costs
You’ll still need to pay all the buying costs like stamp duty and mortgage fees on your house and land package. But first home buyer stamp duty concessions can save you some moolah here!
Upgrades & Add-Ons
Things like splashback tile upgrades in the kitchen, stone benchtops, integrated appliances or extra landscaping can add tens of thousands to your final spend. Set a budget cap for luxe add-ons and style selections.
Driveway & Fencing
Don’t forget minor items that make a big visual impact – like window treatments, letterboxes, clothes lines and outdoor additions like pathways or paved driveways. These little details add up!
Furniture & Whitegoods
You’ll also need to BYO furniture and whitegoods or spend extra to add them in. Don’t forget initial utility connections either. But look on the bright side – you’ve got a blank canvas!
Last but not least – don’t forget to budget for moving day! Buying boxes and bubble wrap, hiring a moving truck or a trailer, and cleaning the home you’re vacating are all expenses you should be prepared for. It’s estimated that the average cost of moving home in Perth is as much as $3,500 if you’re moving locally, or as high as $8,000 if you’re moving from interstate.
Tips for getting a quality Perth house and land package within budget
Here are some tips that will help ensure you get the best value out of your new Perth house and land package:
- Prioritise your needs before wants to allocate funds wisely
- Scrutinise standard inclusions before paying more for upgrades
- Get quotes from multiple developers to compare value
- Take advantage of first-home buyer savings opportunities
- Work with an experienced broker for the best loan package
With careful planning using the above steps, you can create an accurate budget to build your dream home affordably.
Government Assistance for House and Land Packages
If you’re purchasing your first home, there are plenty of Australian and WA Government initiatives that can help you reduce your deposit requirements and duties payable, getting you into your dream home sooner! Here are some grants worth looking into that can give your budget a boost:
Keystart Home Loans
The WA Government provides Keystart home loans to eligible buyers unable to obtain finance through commercial banks. Benefits include only needing a 2% deposit, reduced repayments during construction phases, and no lenders mortgage insurance.
First Home Loan Deposit Scheme
The Australian Government offers the First Home Loan Deposit Scheme allowing first home buyers to purchase with just a 5% deposit. It bridges the gap from the standard 20% deposit most lenders expect.
Family Home Guarantee
The Family Home Guarantee enables eligible single parents with dependents to buy or construct a home with as little as a 2% deposit. This supplement’s the buyers own contribution.
First Home Owner Grant
In WA, the State Government provides a one-off $10,000 First Home Owner Grant to first timers purchasing or building a new property. This includes house and land packages.
Stamp Duty Concessions
Qualifying first home buyers in WA may also receive stamp duty concessions on homes valued below $530,000 and land below $400,000, making transactions more affordable.
Getting Started with Your Dream House and Land Package
If the idea of building your dream home from the ground up appeals, the first step is arming yourself with knowledge. Do thorough research on the full costs, loan options and incentives available so you can budget realistically.
Next, chat to a mortgage broker experienced specifically in construction lending. They can map out a funding plan matched to payment milestones, getting your cashflow construction-ready.
With numbers and financing in place, start scouting house and land packages in areas you’d love to live. Prioritise must-have features like room count and layout first before getting distracted by fancy add-ons. Run budget costs on design extras as you go to keep spend on track.
Shortlist a few developers with packages suiting needs, pricing and timelines that work for you. Dig into inclusions, speak to past clients and never hesitate to ask questions.
Finally, when you’ve found “the one” – it’s time to take the plunge! Secure your perfect block with a deposit, sign the build contract and let the construction countdown commence! Before you know it, you’ll be toasting your new home from the comfort of your dream space.
Discover House and Land Packages Perth
At Residential Attitudes, we believe homes should reflect the attitude of those living in them. After all, why settle for cookie-cutter when personality and preference deserve a place in every new home?
We build on quality with a lifetime structural warranty* and add an extra layer of colour plus compassion in the journey. Because saving for your own home takes hard work and sacrifice – the outcome should reward that dedication.
Want to learn more about our house and land packages helping Perth residents live their attitude? Get in touch today! We’re ready to start bringing your unique vision to life with flexible design possibilities, construction methods catering every budget and unwavering commitment to personalised service from start to finish.
With the right guidance, even the sky’s no limit – so why settle for anything less?
* All advice in this article is general in nature. Please speak to a financial advisor to make decision that take into account your individual goals and situation.