House and Land Package vs TurnKey

June 06 2021
By Abodable

There are so many things to consider when buying a new home. From the location you want to live in and nearby amenities to the size of the house and your daily commute. But one thing you may not have considered is whether you should buy a newly built home or go for a house and land package. We’re here to break down the pros and cons of each, to help make this decision easier for you. 

Buying a newly built home (turnkey)
Buying a home that has just been built can be a great, convenient option for a new home buyer. With incentives such as the first home buyer grant, and our Abodable rebate, buying a new home has become more affordable. 

Pros
Buying a new home that has already been built comes with loads of benefits. You can walk through and inspect the property before buying, so you know exactly what you’re getting and at a fixed price. There’ll be no need to do any work on the house as you will be buying it finished - move in and start your new life right away! If you’re buying as an investment property, you’ll be able to get tenants in right away who will be willing to pay higher rent for a newer property, and will love a low-maintenance new property.

Cons
There aren’t any major cons with buying a ready-built home. It really comes down to personal preference. If you have an idea in mind for your dream home, a completed home may not be the option for you. You may struggle to find a house that works for you and if you want to make any changes it can become costly. In some cases it can be more expensive to buy a turnkey home.

House & land
A house and land package is when the buyer secures a block of land and construction of the property in one process but two contracts. It’s a great option for people looking to save a bit of money and aren’t in a rush to move in right away. You get to work with the builder to design your dream home.

Pros
You get to decide what your house looks like! From the layout, to flooring, walls and fixtures, the choice is yours. Create a home you’ll love and that works for your family. Plus you can take advantage of modern technologies to help with your energy consumption and impact on the planet. House and land packages often cost less than a turnkey option, making it a more affordable option.

Cons
While getting to decide on your dream home has been listed as a pro, it can also be a con. Making these decisions can be stressful and time consuming, particularly when things don’t go to plan! There’s less certainty around move-in dates and when the house will be ready as there are often factors outside of your control that come into play. There’s also less certainty around the cost as this will vary depending on the features you choose. 

Which one is best for me?
Both options come with their pros and cons, so it’s really down to what your priorities are! If you want to save costs and don’t have urgency to move in, a house and land package is a great option. However, if you would rather avoid the stress of building a new home, move in sooner and are willing to pay a bit more to do so, a turnkey option is best for you. 

Buying with Abodable
There are so many benefits of buying with Abodable. When you buy a new home you will not only be eligible for the first home buyers grant, but you will also receive the Abodable rebate which goes straight back to you. Check out our current listings here.