There are many different types of property purchases that we usually see in the market and online sites. For those who are planning to buy a new home, house and land packages are a great option. It is usually more affordable rather than buying an old-existing house.
What is a House and Land package?
The house and land package is also called a package deal, according to the property developer. The property developer acquires land after being released by the government.
The developer will then lay down infrastructures like roads, water, and utilities. They will build homes and sell them as a complete house and land deal. A lot of new developers offering different package deals throughout Australia. Most of the Australian families used to buy their homes this way because they find it the easiest way and the fastest way to buy a new home for their families.
The different types of House and Land Packages.
The following packages are the two different types of house and land packages that offer different ways.
Off the plan package. Vacant land that needs to build a new house with selecting builders and home design. This package is sold before constructing a home. In this case, the new property will be sold at a lower price. If the land is brought first, and before building a new home, there will be two different contracts involved.
The first contract is for the land mortgage, and the second one is the construction loan for house building.
Buying off-plan property incurs more risk than buying a completely built property. There are also several issues involved after the property is built. Finished property may not meet the buyer’s expectations because of material defects. Hence, it is essential to think of the plan and ask for a professional builder.
Turnkey package. It is also called as a turn the key to the new home without anything to do. The property developer buys the property and then builds a fully renovated house before selling. Turkey packages already have gates, flooring, landscape, kitchen, driveways, home decor, and more. This package will save you in finding the best builder to build your own home. With the turnkey package, the two contracts are bundled together. In this package, the property is ready to move in without worrying about building a house.
What costs are involved in house and land packages?
Usually, the buyer is required to leave a 10% land loan deposit for the construction loan in the home building. For the completely built home turnkey properties, you will only need a 5% deposit.
If you want to know more about the best choices regarding house and land packages with the latest collection of Homes, you can visit amazing house package sites like BMA House and Land Packages and find your dream house.
The Benefits of House and Land packages
Choosing to buy for a house and land package has numerous benefits, especially for new homeowners, because it can come with certain government incentives. House and land packages include saving yourself a lot of time when you choose to move into a home that is finished.
Fixed price. This is the most enticing benefit of purchasing a house and land package unless some added options make changes. There might be some changes depending on the extra cost from additional inclusions. The price will be clearly stated about all the costs. You will only have to pay stamp duty for the land value since the house is not yet built.
Simple Process. Buying a house and land package has a simpler process because the plan for a new home is already designed. The developer will offer a package that will require you to choose the package that is suitable for your needs.
Amazing Designs. House and land packages provide some options to customize your home. Developers that offer the house and land packages will choose the best house design for every block. They will collect all the home designs and make a shortlist of those that could work on your land. These developers will let you choose what kind of designs you would like to have for your family’s needs.
No maintenance. Since the house and land package is new, they still have a warranty that will cover the expenses for unexpected repairs. Also, the best benefit that a buyer can get out of a new home is that it has a very low maintenance cost and no major repair expenses. Nowadays, new builders use higher quality materials and better construction techniques. Ideally, new homes are better than the existing house, which needs more maintenance that will cost a lot of expenses.
Buying the right property is as important as choosing the right home. In line with this, house and land packages are becoming more popular because buyers will already know the combined cost of their home and land. These packages will represent a great value of time and money.