Hello World! Welcome Friends! Many Australian property investors are now turning to the buying of house and land packages. A house and land package means that the buyer procures a piece of land and the building of a house at the same time. However, this is done by two different contractors. For those planning to own their own brand new house, a house and land package could be one of their options. Buying a new house for yourself offers you the opportunity to choose the kind of design and features you want.
When you own your own home, you can add features and customize your home to your specifications. From the type of decor to electronics in the home to TV packages you want, the choice is yours. Click here for information on TV installation.
This article discusses a few things you need to know about house and land packages.
What is the Difference Between Buying a House and Land Package and Buying a House?
There is a difference between buying a house and buying a house and land package. A house and land package financing involves two steps. There is the buying of the land then the buying of the house. In addition, you get two separate loans, one for each. However, the two loans are combined together.
For you to buy a piece of land, you follow the normal process of getting a regular mortgage. Buying land is considered a standard real estate transaction. After securing the mortgage loan, you can now go ahead and look for a construction loan. The construction loan is paid at each different stage of the construction.
What Grants Can You Get as a New Home Owner?
If you are a first time home owner, you may get grants to buy and construct your new home from your state. You may also get tax or stamp duty concessions. Go ahead and check with your state’s website for more details.
Where Can You Find House and Land Package?
Typically, house and land packages are purposely offered to attract a specific category of prospective buyers. Most of these packages are found in retirement villages, golfing estates, or eco-villages.
When you search in popular listing websites, you are likely to find a variety of house and land package offered in your country. Alternatively, you can approach/contact developers in your area to inquire about the availability of these packages.
What Should an Investor Consider When Buying a House and Land Package?
- As an investor, it is crucial to consider the demand for rental properties in the area you want to buy the package. Buying a house and land package in a remote suburb area may not be the right choice for an investor. Such an area may not attract many people to rent a house there. It would, therefore, mean that the investor might not quickly get a return of their investment.
- Consider the location of the land that you want to buy. Buy land in a place that has at least a selling point like a scenic park.
- An area where most residents are owner-occupiers might be the best place to buy a house and land package. Such an area may be quite neat since most owner-occupiers keep their houses in good condition.
- Do not be quick to select a house and land package. Ensure you pay attention to all the details to safeguard your interests. Compare the price you are buying the package with that of other houses in the area.
- How big is your space? The size of your space is very key as far as future rental returns are concerned. If the area mostly has families, limited garden space would be very unattractive to parents who prefer an outdoor space for their children to play. As a result, you will have limited renters.
- Ensure that you get clear information on what the package constitutes. Apart from the build, some developers will also do fencing, garage, driveways, clothesline, and even landscaping. All these will be included in the listed price, and so you will not need to incur additional expenses. On the other hand, some developers may not provide any of those incentives. As such, you will need to dig deeper into your pocket.
Once you have settled on a property, now comes the daunting task of organizing a move. It is wise to take your time in choosing a moving company to work with. Checking with house removals in Banbury can give you peace of mind knowing you have chosen a quality company.
Therefore, make your budget wisely and go for the package that is most favorable for you. Nonetheless, set aside some funds so that in the case of miscellaneous costs, they can be used.
In conclusion, if you desire to live in your own house, or are an investor, consider house and land packages.
Click the links below for any posts you have missed:
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Toodles,
Great things to know about land and house. Thank you very much for sharing! Enjoyed reading.