Lets find out how it works?
A house & land package has two components to it
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Land contract
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Build contract
As a buyer , you will buy land by signing a land contract which is part of the house and land package. Separate build contract is signed to agree to the build the house. Both the contracts are almost signed at the same time. Suitability of the build design and size is matched with the size of the land and its dimensions.
Once the land titles are issued , the land can be transferred to the buyer's name and council approval process for build design is lodged with the council. Sometimes , the building approval is already in place before the buyer signs the land and build contracts. This happens when the project has been approved by the council before the vendor starts selling it. This is usually the case when multiple properties are built in the same project site.
What are the benefits?
House and land package gives you lot of flexibility in terms of choosing the location, type of house a buyer wants to build, the money they want to spend, level of finish they want and more. Lets quickly have a look at some of the benefits.
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CUSTOM DESIGNING - Depending upon the project , buyers can change the design of the house
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UPGRADES - Buyers can select higher level of items for bathroom fittings, kitchen items , heating & cooling, window and doors designs etc
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BUDGETING - Buyers can reduce or increase the build cost depending upon their individual budgets
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TURNKEY FINISH - Buyers can choose full turnkey build so that they can move straight into the house once it is finished without bothering about driveways, flooring, landscaping, irrigation, heating and cooling etc
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TIMING - Depending upon the project , buyers can decide when they want to start the construction
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LOCATION - You can always choose where you want to build as long as suitable land is available within your budget
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STAMP DUTY SAVINGS - When you buy a house and land package, depending upon the project , you may pay stamp duty on land only , rather than paying on overall project cost.
Are there any concerns?
Any type of property you buy, comes with its own pros and cons. As long as you read and understand everything fully , things can work well for you . Let us check some areas of general concern.
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The land titles can get delayed . Before signing you should know what sort of approvals are in place.
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The building work can get delayed. Hence you should allow sufficient time before making any plans.
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The house never gets built in a month or two. If you are in a hurry to move into a home, a house & land may not work for you.
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You still need to pay rent while your property is getting built. So make provisions for rental expense and bank interest payments while budgeting for your project cost.
Can we find out how we can get started?
The best step forward is to talk to us and book a meeting to find out how things stack up in your situation.
We will find out a solution based on your personal goals.