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It can be tricky to know which would suit you if you have thought of having your own home. You have different homes to choose from, from condominiums to bungalows or even townhouses.
Among the vast choices, there is no doubt that a house and land package in Australia would be your best bet. It suits a wide variety of people from different ages, backgrounds, or social statuses.
In this article, you will find some of the advantages to buying house and land packages that might help you understand whether or not this is for you.
Buying Process Of A House And Land Package
Before buying a house and land package, it’s best to know its two types: the standard and the turnkey package.
The first type is a standard package, which consists of the land where you can construct a house later. The second is the turnkey package, consisting of land and an already-built home. The possible included home features are driveways, fitted-out kitchens, flooring, lighting, and a few more, depending on the agreement.
Now, let’s begin with the general process of buying a house and land package in Australia. Here are four manageable steps you can follow:
- Find a reliable legal broker to whom you can consult about purchasing house and land packages, completing requirements, applying for loans and grants, and recommending trustworthy companies.
- Search for builders that have a good reputation. Be sure not to focus only on one company; make a list of those whom you deem as reliable. After creating a good list, compare and see which offers the best and most practical assistance.
- After choosing the builder, it’s time to check out properties. Don’t forget to consider what design, style, or specific features you prefer to be in your home. Also, keep in mind your budget when choosing a property.
- Now, it’s time to get a loan and grants to aid you in carrying the cost of buying a house and land package. You can take advantage of various grants offered by the government, such as the New Home Grant or First Home Owner Grant.
- Finally, construction can start, but this will take several months, and only after it is complete can you do the final payment settlement.
Benefits And Drawbacks Of A House And Land Package
A house and land package is an attractive deal. To further cement this claim and make it more believable, the following are some of the advantages to buying house and land packages that’ll surely change your simple views on it:
- It allows you to have a smooth home loan authorisation process.
- Reliable companies offer transparent pricing, which can help you know whether it fits your budget. Knowing where you will spend your payment saves you from unexpected charges.
- A home and land package cost is reasonable. And with the help of existing grants, you can alleviate the burden on your pocket.
- You can get tax incentives and subsidies.
- A property broker can assist you in making the most out of deals, inform you about updated trends, and recommend trustworthy experts.
- A house and land package needs less maintenance than buying old homes. Older homes require more things to be fixed, while the package often comes with a warranty.
- You can readily move in, and there’s no need for extravagant and tiring renovations or repairs.
- It is possible to increase its property value. You can do this through a simple process of purchasing a house, renovating it, and selling it for a higher cost. Hence, for some business-minded people, it will be a good investment.
- A brand-new house is far more attractive to renters than an older property with the exact rent costs.
- Depending on the agreement with the builder and developer, it is possible to customise and personalise your home.
Since there are advantages, there are also certain disadvantages accompanying it. A few that you should know are listed below:
- More of the existing house and land packages aren’t in a good location, so you’ll have to take your time to comb through various deals to find a suitable one.
- It is a considerable risk for those thinking of doing business out of these packages since they’ll never know if the worth of the land will increase or not in the future.
- Many of the house and land packages available are smaller, which can be disadvantageous unless you are okay with whatever size your home is.
- It’ll take a considerable time before you can move in, so you’ll have to endure a few more months staying at your current home or renting a place.
Additional Reminders
Make sure to keep this in mind when looking for and before choosing a house and land package:
- A home is an investment, so choose a reliable and trustworthy builder or developer company.
- Know if you have enough money and what kind of loan and grant you’ll need.
- Understand where your payment goes. As much as possible, know all the fees included in the house and land package.
- Consider if the property’s location would benefit you in the long run. Is it near the shopping centres, hospitals, or schools? Is there a close public transport?
Conclusion
Similar to any purchase, a house and land package has pros and cons. Depending on how you see it and your current situation, you may see buying a house and land package in Australia as a significant investment or unappealing.
Yet, if you examine it closely, it’ll be hard to deny that its offered convenience, excellent investment value, cost-effectiveness, and practicality can attract first-home buyers, families, and business-minded people.