The process of purchasing a house and land package can be daunting, especially with so many different options to choose from. Knowing the right questions to ask can alleviate some of the stress that comes with making such an important financial decision and makes your choice just a little bit easier. Here are our top questions to ask when buying a house and land:
WHAT FINANCE IS NEEDED?
Since house and land packages typically include a home site and a brand-new home, this usually means there are two contracts involved. Buyers will need to pay their 10% deposit and stamp duty on the land and then take out two loans. The first loan is to finance the land purchase, and the second is for construction. The latter loan is normally drawn down in stages, meaning you only pay interest on the money as it is used.
WHERE TO BUY?
Where to buy and build is one of the most important preliminary questions every buyer needs to consider. Narrow your pool down to one or two potential suburbs of choice and then weigh up which master-planned estate to buy in. Choose your block of land from here, but remember to consider your proximity to schools, supermarkets and the workplace.
DO I HAVE TO FIND A BUILDER?
Each estate will provide a selection of builders offering different house designs for you to choose from. Consider which builders have a strong reputation, complete their work efficiently and on time and present high-quality workmanship. We have previously talked about how to choose the right builder. Check it out here.
ARE THERE ANY GRANTS AVAILABLE?
If this is your first property purchase, you may be eligible to receive a grant from your State Revenue Office under the Government’s First Home Owner Scheme. This is normally lodged on your behalf by the bank or credit union providing your finance. In addition to this, relevant stamp duty concessions may also be applicable for building your own home.
WHAT ARE THE COST INCLUSIONS/ EXCLUSIONS FROM THE PACKAGE PRICE?
Because house and land packages vary from builder to builder, it’s important you understand exactly what is included with the package before you purchase it. Underestimating costs is a common mistake when building a new home. Your builder or property consultant will be able to provide a cost estimate and inclusions list, breaking down the building process and specifying the included finishes and fixtures of the package.
* The standard inclusion of a new home typically includes a fully-fitted kitchen and bathroom, windows and doors, built-in robes, electrical points, TV and phone points, fans, stairs and basic flooring. While some builders may offer further inclusions, many interior design features are extra. Landscaping, fencing and driveways, for instance, are generally not included.
* Costs such as stamp duty and registration fees are not included in a house and land package price.
* Prices can also vary if your property is sloping, you have a rocky or difficult soil.
WHEN CAN I MOVE IN?
The construction phase of a house and land package is usually quite quick and falls approximately around 26 weeks.
HOW CAN IBUILDNEW HELP?
Thinking of purchasing a house and land package? On iBuildNew, you can shortlist and compare house and land packages as well as land estates side by side. You can explore our developers and builder’s page to find out important information about their guidelines, masterplans and where to find display homes!
You can also book a call with our team for a free consultation!