Design and Construction
GRD provides a specialised property service from concept planning to completion. We offer an extensive range of building designs and locations across the Sydney metropolitan area - providing access to a diverse land base including independently sourced private listings as well as the major residential development projects throughout the burgeoning north-west and south-west growth precincts.
In addition, our strategic partnerships with architects and design professionals, enables our clients to create a uniquely personal statement in the customisation of their projects. Key planning and design strategies are complemented by our creative marketing and sales programmes and our sharp focus on product selection and pricing structures delivers optimum outcomes for our clients.
The Benefits of Building
So why is it better to buy and build than to purchase a newly completed home?
It is true that everybody’s personal circumstances are unique and our individual home-buying motives will vary based on availability, urgency, desire and personal choice. Various State Governments around Australia continue to stimulate the construction industry with financial incentives such as NEW HOME GRANTS and STAMP DUTY exemptions designed to encourage more people to build new homes as opposed to buying established properties.
Here are several insights as to why we believe it is most beneficial for you to buy land and build as two separate contracts:
1. The price you’ll pay for a completed home (‘spec’ home) will most often be more expensive than one you undertake to construct yourself (contract home). The main reason for this is that you will have to pay the purchase costs and subsequent holding costs incurred by the builder or developer in the completion of the property (i.e. stamp duty, interest & profit on sales). These costs are levied at a much higher rate than you would incur as an owner/occupier. Add in an extra 5%-10% for “opportunity” costs and it could mean paying more than 10%-15% extra for the same property!
2. The government incentives relating to stamp duty are much greater (better utilised) if you buy a block of land independently of the home construction (split contract). This is because stamp duty is calculated on the contract price of the transaction – if the transaction is on the land sale only @ say $450,000, then the stamp duty payable will be significantly less than if the stamp duty was calculated on a $750,000 complete purchase price – this will save you thou$and$!
3. Finally, there is obviously more design flexibility and customisation inherent in a contract package than if the home was already designed and under construction. This type of structure that includes a Contract of Sale for land coupled with a separate Building Contract for the construction of the home will necessitate the required lending facility that provides for a construction loan. Your lending institution or mortgage broker will certainly be able to assist OR you can talk to GRD about its funding options offered by our FIRSTCHOICE Mortgage products.
Remember, it's YOUR home, your own personal space and it should be special. GRD promises to deliver you the most inclusive home package in the market today – so get it right the first time!