The real estate market is teeming with options that can help you to find the ideal means by which you can purchase your dream home. Whether you choose to buy an existing home, a turnkey property, or purchase land on which to build your own home, there are numerous choices available.
However, if you are looking for a custom-built home for your family, a popular option to consider is to purchase a house and land package.
But what exactly is a house and land package? And how does it work?
A house and land package involves purchasing land from a developer and then selecting a builder for the construction of your home on that land. The package deal means that both the price of the land and the construction are considered in the overall cost. This ensures that you are informed of the entire cost of the build early on in the process.
It also means that although there are two separate contracts for the land and construction, as well as two different types of loans involved, they come bundled together in a single process.
If you believe this is the right option for you, it is still imperative to explore it further. As with anything concerning real estate, and potentially your future home, it is essential that the necessary research is carried out beforehand. For that purpose, here are some important questions to consider when buying a house and land package:
1. Does it fit into my budget? Is it financially feasible?
House and land packages make economic sense for a number of reasons:
· The price of the build is known upfront leaving you less likely to be unpleasantly surprised down the road.
· These packages are monetarily beneficial as you gain a brand-new, custom-built, modern home as opposed to purchasing an existing home or a house which is newly built but without the design elements you prefer.
· The construction loan is drawn down. This means that the builder is paid at the end of each construction stage. In this way, you will be paying interest only on the amount lent at that stage.
· First-time home owners maybe eligible for a First Home Owner Grant.
· You are required to pay the stamp duty only on the land value.
All these factors make home and land packages an extremely attractive option for prospective buyers.
2. What is excluded from the package?
Even though house and land packages are viewed as all-inclusive, it is imperative to read the fine print and find out what is included and perhaps more importantly, what is not.
Many builders view crucial features such as fencing, driveways, and carpeting as extras that are generally not included in the package which could mean additional expenses for you.
So, allowing room in your budget for unforeseen expenses is always a good idea.
Another option is to opt for turn key house and land packages. These homes come fully equipped and fitted ready for occupation.
3. What amenities are included?
The locality of the land purchased brings with it important considerations regarding the amenities available.
Most home and land packages involve buying into housing estates. These estates are established by property developers after purchasing land released by the government. The property developers then build the requisite infrastructure and utilities. These housing estates may range from small sub-divisions to master-planned communities and established suburbs. As such, the amenities available vary from estate to estate.
Therefore, an essential aspect of research involves finding out about the neighbourhood, access to public transport, proximity to schools, shopping centres, and parks.
As most well-planned communities include such features, it is likely these would be accessible to the new home owners immediately. But some estates may have planned for such amenities to be added at a later date. For that reason, you should find out the expected date for completion or find a suitable location which includes all the conveniences.
4. How flexible are the home designs?
Most developers and home builders offer potential home owners a choice of standard or customisable home designs. The home buyers can select between blocks of land of different dimensions, with multiple floorplans and façade options.
Depending on the flexibility of your budget, the interior design of the house can be tailored to meet your requirements.
Standard designs may include certain fittings and fixtures, but many interior aspects and elements can be personalised as per your budget.
5. How credible is the builder?
For a project as important as building your home, it is crucial that you research the credibility and experience of the builder to whom this task is entrusted.
Some inquiries that can be made are:
· Do they have a valid licence? What credentials do they possess?
· What is the quality of their previous projects?
· Are they reliable with regard to the timeline for completion?
· What feedback do other clients give?
These answers may give you a sense of the quality that you can expect upon completion of your home.
It is important to understand at the outset that building a home is no easy feat. From the location, utilities, amenities, construction, design, and legal requirements, there are many things to consider.
That is why home and land packages are appealing options as they create a shortcut through the process which leaves you with a clear idea of the budget and timeline well in advance.
Nevertheless, to maximise the effectiveness of this package, thorough research and a detailed plan are required to ensure that your home is delivered to you precisely how it was envisioned.
If you are looking to purchase your dream home via a home and land package, look no further than the amazing options available to you at Deanside Central. Our team of expert developers, builders, and designers will guide you effortlessly through each step of the process, ensuring that all your needs and expectations are not only met, but surpassed!