When you start looking to build a new home , there is one vital decision every buyer must face – whether to build a new home from scratch, or purchase a house and land package. While there any many differences between the two options, there are just as many similarities in that both methods will provide you with financial gain.
Before you make any commitments, allow us to weigh up 5 key differences that will more than contribute to your decision-making.
No matter the case, it is wise to always work toward and consider your own budget. House and Land packages are ideal for these looking to map things out and manage their budget almost to the dollar. If you have a set total in mind, and don’t wish to go over too much, perhaps purchasing a House and Land package is the way to go. There will also be no additional or “hidden” costs to be concerned about.
Building your new home from with a custom or volume builder, although generally more expensive and including extra costs, means that you can choose extras and upgrades that you are interested in and can personalise the home.
Budgeting yourself may invite stress. It is a smart idea to acquire experts and industry professionals to help you simplify things.
Understanding what goes on during the construction phase, when it will happen, and how, is one of the key ways of eliminating new homeowner stress.
A new home build will need 6-12 months approximately, with a set of preliminary and post-sequences that take place at various stages. The following timeline will help set the stage and keep you up to date with any progressions, and what’s required during the construction process.
In the case of a House and Land Package, there will be a fixed construction period in which everything will be factored in. Here, the participating builders will commit to completing the build within a specified time – again, eliminating a lot of the unnecessary anxieties which comes with being a homeowner. There will be fewer to no surprises, and there won’t be any delay about moving into your new home.
Other factors you need to consider are weather and factors that are outside control of the builder.
Upgrades & Customisations
A main concern and something to weigh up, is whether or not you want to pay for additional upgrades on your house and land package. While these packages include a quality home, if you entertain the idea of adding an extra feature or extending a part of a room, or adjusting home characteristics, chances are you will be paying an extra few thousand dollars.
The main difference here is that with building a home, there is a greater element of control. You will be able to alter certain elements, without having to keep to an inflexible plan. If you are prone to changing your mind or making adjustments as construction develops – it is important to make these considerations.
Incentives, Grants and Other Support
While there is no preferable or “better” option between the two, it is well worth investigating into the various incentives and grants set up by governments and councils around the country.
If you’re unsure of these, check your state, council or government’s website to see what you will be entitled. Whether its reduction on stamp duty or new home grant, there’s a definite return on investment to be made.
If you are wanting further information on decision-making processes involving building an off-the-plan home, or house and land packages or house designs be sure you speak with one of our home building experts on 1800 184 284.
They are independent and motivated to see you achieve your property and investment goals. You can also book a call online.