No doubt the process of buying your first home let alone building it is a daunting thought for most. Established sellers often favor buyers who have hard cash at the ready and no conditions to buy. This combined with a short settlement can make buying an existing home that fulfills your needs a challenging task.
If this sounds like you – buying an already created Home & Land Package may be just what you need. A “package” means the home has not actually been built yet, however the plans to the house are already created in tandem to the land it sits on. What this means is that considerations you would usually need to make for yourself when building a home have already been made for you – if you are new to building, this can save you a headache.
For example, when building a home you need to consider footing costs, allotment slopes & grading, benching, retaining and more. The beauty of a Home & Land package is that the developer and the builder have already calculated what it will cost to build a particular home design on the advertised allotment and agreed it meets encumbrance requirements.
It is important to be aware of what is being advertised in a package and take note of what is included but also what extras also may be missing such as; air conditioning, termite treatment, storm-water allowance and landscaping.
When buying a home and land package, you will still require two loans and the contracts for both the builder and the developer will still be separate. Many lenders will bundle these together for you to keep both your and their life simple.
For more information on Home & Land packages – speak to one of our Land Consultants on (08) 8132 1115