With the growing number housing estates popping up all over the nation, it is no wonder that home and land packages have grown in popularity in recent years. Purchasing a home and land package is a cost-efficient and convenient solution for all when it comes to securing a quality plot of land and building the home of your dreams on it. If you’re new to the home owning game, you may have a number of questions with regard to home and land packages. If this is the case, then you’ve come to the right place. In this article, we provide you with a quick guide to home and land packages, so grab a cuppa and keep on reading to find out more!
What Are The Packages Available To Me?
One of the first questions you probably have about home and land packages is exactly what kind of packages are available, where they are available and how you can go about making your choice on which one suits your needs the best. There are two main packages available to consumers – the first one is where you purchase your land and then work with builders to build a home according to your specific preferences.
The second kind of home and land package on offer is one that comes with a home that is already built on the land you are purchasing. This option will provide you a home that is ready to move in to, with fully fitted kitchens, bathrooms, floorings and so on. Depending on your individual needs such as the timeframe in which you are looking to move in, either can be an option for you to consider. The benefits of building a home from scratch on your newly acquired land is that you can have a custom built house, from the type of flooring used to the layout of the home. However, the downside is that building a home from scratch takes time, so don’t plan on moving in any time soon. In contrast, a home and land package that comes with a pre-built house will offer you the option of moving in immediately, but may not be as customized as you’d like. Whatever the case, there is a myriad of home and land packages in Sydney to choose from, so take your time before jumping the gun.
Consider The Location
When purchasing a home and land package, it is essential that you take location into consideration. How neatly situated are you to public transport, amenities such as supermarkets and retail stores, schools and hospitals? It is important that you consider the infrastructure in the area because often times, home and land packages are offered in developing areas which may not have easy access to trains, buses, and other amenities. If you are someone who works in the city or has children that need to go to school, it is imperative that you choose an area that is well developed enough to meet your family’s needs. Always weigh out the pros and cons of choosing a certain neighborhood, and consider if your lifestyle will be affected by your choice of location.
What Are The Costs?
When it comes to purchasing a home and land package, you’ll need to be ready to put down a 10% land loan deposit, on top of a 5% deposit on the construction loan. It is also important that you discuss with your builders up front, what the costs are and have this in writing for future reference. You may incur additional costs if you want to choose different furnishings or want to make changes to the blueprint of your home. It is always advised to stay comfortably within your budget and to familiarise yourself with potential hidden costs. Any reputable developer will be able to school you through this. Do take note that for readily built properties that are ready to be lived in, you may only need a 5% deposit.
What Finances Are Needed?
Since we are on the topic of finances, you may be wondering exactly what finances are needed when purchasing a home and land package. Simply put, you will need proof of your previous few payslips, your savings history, and your most recent tax return. All of this is necessary in order to take out a loan for your house and land package, and you will also need to seek approval from your local council when it comes to building plans. If you are a first home owner, you may also be eligible for a first home owner grant (FHOG), so do all your research before you make your final decisions. You just may save yourself thousands!
Consider The Timeline
The perfect home and land package is one that suits your timeline. When exactly do you plan on moving in? Is there a certain date you are looking at? In order to know if a certain package is right for you, you will need to enquire on time estimates from your developer. They will be able to provide you with all the information you need when it comes to when you can expect the building of your home to be completed by. If you are looking to move in immediately, we highly suggest considering a turnkey home package, where everything is ready for you almost immediately. Depending on your individual needs, the kind of home and land package you will need to purchase will differ.
We hope that this guide to home and land packages has given you some useful insight into everything you need to know about purchasing land and building your dream home.