What Is a Home and Land Package?
A home and land package typically involves working with a respected home building contractor who combines the land and New Homes Construction purchase into a single price. Typically, you work with a builder who can offer a range of home and land and different options. Working with them, you can select a home and, sometimes, also certain special features. The appeal of the package comes in its enhanced convenience and, occasionally, even a lower price than some alternatives.
How Will House and Land Packages Offer More Convenience?
Buying land and building a home, or fixing up an existing home to meet your needs, are both complex endeavours. Each involves working with multiple entities and keeping track of a lot of moving parts. You benefit from added convenience because we take care of the details. You get a single price for the entire project that requires a single loan to cover building and site costs. Our team works with you to offer a number of possible design features.
We also make sure that all elements of the project abide by applicable laws and regulations.
Will They Cost Less Than Other Options?
When you price a home and land package and compare it to other options, you may be pleasantly surprised at what you find. First, these packages are usually better deals than purchasing an existing home of similar size. The difference lies in the dreaded stamp duty. Buying property that no land developer has touched ensures that you pay far less in duties than you would if the house was already there. Home construction and land packages can come in different types, depending on budget and how many personal touches you need to be included in the home. Standard packages provide a move-in ready home, but with few extra amenities. You may also save on your down payment. Those buying a home for the first time should check out national or state/territory-based programs that can help make the home and land package affordable. Home grant loans, first-time buyer programs, special offers for servicemen, and other schemes can help make the purchase more affordable.
How Should You Choose a House and Land Package
Your builder can offer a wide range of potential home and land combinations. Some clients get quickly overwhelmed by the full array of choices available to them. It helps to look at selecting a home and land package purchase as a multi-step process. First, put together a reasonable budget for the purchase. What can you afford to pay for the entire property? What monthly payments can you handle? Your builder may suggest using a mortgage broker to figure out the best deal possible for your financial situation. Those who need to improve their credit can count on advice from the broker on what they need to do to save money. Once you receive a pre-approval, you can start working with the builder to determine what style of home and which features you will want or need. Make sure that you evaluate the area closely. Consider the quality of schools, commute times to work, the condition of the neighbourhood, and other important issues.
Reach Out Today
Parkvuehomes is a boutique financial services company offering expert financial advice. With over 25 plus lenders and over 500 products to choose from, we cater to all types of borrowers and our mortgage brokers work hard to get even the toughest loans approved.
