You may have noticed hoardings or heard from a friend about house and land packages at entirely reasonable costs. These arrangements are generally presented by developers who purchase up huge acres of land, add the required infrastructure, like streets and utilities, and afterwards, sell individual parts to the market as either a furnished house and land package or empty land for purchasers to expand on.
House and land packages can offer a good deal, and thus, many Australians opt for this option. But before going ahead, one must go through proper research about these packages and their values.
Types of a house and land package:
These packages typically come in two types, which are as follows:
- Turnkey package: One can purchase a house without doing any requirement of construction. In this type of packages, home builders have furnished the houses with kitchen, driveway, doorway, floor coverings, landscape and so on.
- Standard packages: In this, you need to design your home; however, utilities around the land will be available.
Advantages of purchasing a house and land package:
- House and land is a famous choice for first home purchasers. For them, purchasing a house and land package can accompany all the utilities they need.
- These packages are available in fixed pricing, and even they are backed with the financial loan agreement.
- One can purchase a house and land package in a very simple process because the plan has already been designed.
- The homes in these packages are available in amazing designs as new home builders put their creativity to make them unique.
Things to consider while purchasing a house and land package:
Additional costs:
As a purchaser, it is crucial to research the additional costs associated with the package. For that, first, confirm whether or not the package is inclusive of all costs. Well, it’s common to settle for a home that doesn’t have fencing, landscaping, proper flooring or driveways. However, before locking the deal, you must consider whether or not you’ve to invest in any of these things.Are you locked into specific builders or designs?
Know the designer and what they've conveyed previously. Drive through their different domains and see what they look and believe and what type of quality homes they offer. Exploring your builder will ensure their quality. Sometimes, the quality and finance of the builder may differ. Attempting to learn about their finances can be difficult as a buyer. However, look at their work and get a better understanding.To what extent can modifications be made to designs?
Alongside the advantages, there can be disadvantages to purchasing a finished house and land package. If you need to make huge upgrades like adding a patio pool, it may be costly to make these significant changes in a finished dwelling.
You may also have restricted freedoms to modify your home as per your preference. Minor issues, like changing the inside paint, are generally simple to figure out. So, before purchasing, you must know to what extent modifications can be made. In case you wish to go with your design, ask the builder about the same.What type of subdivision are you buying into?
A finished house also comes up with some restrictions. For example, there might be a lack of subdivision that you wish in your design or the surrounding area is not developed with your preferences.
However, a lot of developers highlight empty lands available to be purchased. You might even learn that an in-fill site is available in a more settled suburb. Considering these factors, purchasing land first with the end goal of the building later gives the chance to develop a home that precisely mirrors your preferences, inclinations and way of life.
Purchasing land first and building later gives more opportunity to invest. However, in any case, you cannot build on it straight away along with your modifications. By this, we mean, if you wish to add a pool in your surroundings, you need permission.
Hopefully, these above-mentioned points are enough to understand the house and land packages and what to look for when you are purchasing for yourself. Remember, these packages are a great deal to build a property in the township and your budget.
