Essential Guide When Buying a House and Land Package for Your Family

29 April 2021

Many people across Australia are currently investing in house and land packages. This process enables the buyer to purchase a plot or some acreage of land and the right to build a house at the same time, but with two separate contractors. One great advantage of house and land packages is that each buyer can decide on the design and features of their future home.

There are two major steps to buying a house and land package. First, you purchase the land, and when you purchase the house. You obtain two different loans, one for each step of the process, although these two loans are combined.

To purchase the land, you must obtain a normal mortgage, and then you apply for a construction loan. This loan is scheduled for payment during each subsequent phase of the home construction. If this is your first home purchase, you may qualify for grants issued by your state of residence for buying and building your new house. You may also qualify for tax or stamp duty concessions.

Often, house and land packages are provided to attract a specific category of prospective purchasers. Many of these packages are offered for golfing estates, eco-communities or retirement villages. If you search on website listings for these real estate packages, you will most likely locate a variety of house and land packages. You may also want to contact property developers in your locale to ask about opportunities for obtaining a package.

Essential Guide for Buying a House and Land Package for Your Family

Helpful tips and guidance for purchasing a house and land package for your family include the following points:

• Investors Should Consider Potential ROI. If you are considering buying a house and land package as a property investor, first examine your potential return on this investment. If the land is located in a rural or remote location, this package may not be a good investment choice for you.

It might be difficult to find renters for your house in this area. Buying a package in a location where the majority of homeowners live in their properties can be a good idea. These neighbourhoods are usually well maintained, and renters find them attractive places to look for housing.

• Buyers Should Consider All Aspects of the Deal. Refrain from making a fast buying decision for this property and home building deal. Consider the size of the land and the overall home building, lawn and garden space. Envision how your future potential renters will view this property and the new house when completed.

• Buyers Must Fully Understand the Package. It is essential that you, as a buyer, fully understand all aspects of your house and land package. Determine whether the developer will include a garage, a driveway and landscaping in the overall building of your house. Also, ensure that you budget well and save some extra funding for any additional costs that may occur.

When you contact our experts at Olympia Homes in Alexandria NSW, they will provide you with excellent advice and information concerning available house and land packages. Our licensed building professionals will assist you with selecting a package for building in the perfect location for gaining a beautiful new home environment with optimal renting potential for the highest levels of ROI.

 

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