Should You Build a New Home from Scratch or Purchase a House and Land Package?

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 are many differences between the two options, the decision taken will have a profound effect on your home-building experience. Before you make any commitments, allow us to weigh up 5 key differences that will more than contribute to your decision-making. BUDGET No matter the case, it is wise to always work toward and consider your own budget. House and Land packages are ideal for those 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 scratch 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. CONSTRUCTION PERIOD 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 surprises, and there won't be any delay in moving into your new home. Other factors you need to consider are weather and factors that are outside the control of the builder.

UPGRADES AND CUSTOMISATIONS

One 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 It is also well worth investigating 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 to. Whether its a reduction on stamp duty or new home grant, there's a definite return on investment to be made. If you are looking for further information to inform your decision on whether to build home off-the-plan, or purchase a house and land package, be sure to speak with one of our home building experts on 1800 184 284 for free expert advice!  here.