In the process of looking to buy your own place, there may be a number of choices and terms that you come across. A common option that might have come up is a ‘turnkey, fixed price house and land package’. You may also be wondering how it would differ between the standard house and land properties. In this article, we will be unpacking what you need to know before finalising your decision and the advantages to keep in mind.
Turnkey, Fixed Price Package
A turnkey home is where the whole place is all set up from top to bottom and ready for you to move in as soon as it is completed. When sorting out your new house, you’ll want to be able to quickly settle in without any added hassles. A turnkey property is definitely ideal for those who aren’t too fussed about the specific design elements or those who don’t have enough time to figure out the entire layout.
As the developer manages the construction, owners will be able to avoid the stress of selecting a builder. To add, you also won’t have to worry about dealing with added costs and extra charges since the price is fixed. The loan for a turnkey package is organised differently with both the house and land contracts being released together rather than in stages.
Standard House And Land Package
On the other hand, the standard house and land package offers you the opportunity to customise your home in line with your exact preferences and taste. Buyers are able to secure the block of land and the home altogether with two contracts. You will be able to collaborate together with the builder where you can discuss what you are after and evaluate the best way to achieve it.
Although it will take a longer time for the home to be set up, you will be able to be involved at every stage and work out which features may be missing before transferring. A standard package would also mean only having to pay stamp duty for the land while the house is still being built. As a result, you are able to easily keep track of your expenses and manage the budget according to what’s necessary.
What To Keep In Mind
Whether you’re looking towards investing in a turnkey or a standard property, it is important to remember that not all house and land packages are created exactly the same. You will need to take the time to carefully read through the contract and research different types of builders as they may have varying definitions of what’s included in a turnkey or a standard house and land lot.
There are also multiple factors to be mindful of such as the location, the property values of established homes within the area and if there are any amenities close by. By choosing the right developer and builder, you will be able to enjoy a smoother operation and communicate openly. Particularly when it comes to expected timeframes, you will want to be clear about the outcome and make sure to clarify all the details.
For more guidance and assistance with finding the property that’s right for you, give iBuildNew a call on 1800 184 284 or book a call online.
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- We’ll answer specific questions or concerns related to home building, land purchasing or financing
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