There are many benefits to buying a house and land package. But like purchasing any other property, it is an important decision that requires a lot of consideration. You need to do ample research and ask the right questions to go through the buying process with minimal complications.
Here are some questions that you may consider asking.
What finance will I need?
Buying a house and land package is not entirely the same as buying an established home. In this process, you will be buying a plot of land in a new development area, then you must find a builder to construct the house. You may need different loans for the construction and the land purchase. You would also need to pay a 10% deposit and stamp duty on the land.
Where am I buying?
Where you are buying and building your house and land package should be one of the first things that you decide upon. One way to narrow it down is by starting by state, then narrowing down by suburb and then choosing a master-planned community to buy in. Finally, you could then choose the block of land where you prefer to have your house built.
Think carefully about what you need about the location. For example, you may want to be close to work or schools, and there should be marketplaces and restaurants nearby. Check what amenities and conveniences are at hand to make sure you get all that you need.
Can I choose the builder and home design?
In a master-planned community, there is usually a number of builders who offer a range of house design options. When choosing among these builders, the goal is to find the provider that completes their projects on time, has high-quality workmanship, and with a good overall reputation among their clients.
You may also check if the builder has home indemnity insurance to protect you in case anything untoward happens to the builder. Each builder may offer a range of house designs to choose from, where you may be able to customise your home to suit your needs and your budget.
How long will it take before I can move in?
You would need to know what the build time is going to be so you can plan when you are going to move in and when you will need to arrange finance. Construction time may vary depending on the design you prefer, but most house and land packages are built relatively quickly.
Will there be incentives?
Some states offer incentives when you buy a house and land package in their area. For those buying their first property, you might be eligible for a first home owner grant. Some builders and developers may also offer specials, like free home upgrades, and there can be stamp duty concessions available as well.
To make the best possible decision purchasing a house and land package, make sure to find out everything that you can about the area and builder or developer. Also consider checking the builder’s past work and display homes, and consulting with their previous customers. Choose a house and land package that is close to core amenities, so you would surely have everything you need close by.
