For many Australians, buying a house and land package is a good alternative to buying an existing home. Historically, land purchase was the domain of property investors until more and more people began to realise the many benefits of buying land and building a house on it. You get to choose the neighbourhood you want to live in and you do not have to make drastic changes to an existing home designed to suit the previous owners.
Buying a house and land package, however, involves a different process to buying an existing home. You will still need financing, but that is where all the similarities end. If you are thinking of buying a house and land package, consider the following:
Ask for the features you want
With an existing home, you will have to negotiate any renovations you may want with the seller prior to purchase or invest further after your purchase to make it right for you. If you are building your house from the ground up, you can easily ask your builder for the modifications you require, from flooring materials to appliances.
Consider the location
Attractive new estates in Melbourne’s West have been cropping up over the past few years. Choose one that can meet your needs, lifestyle and preferences. Look for estates located close to an urban centre with all the right facilities within reach.
Shop around for financing options
Builders often partner with financial institutions to provide financing. However, it does not mean you have to go with that option. The best way to find the lowest rates is still to shop around, assess multiple institutions, and weigh your options before making an informed decision.
Understand the warranty
House and land packages come with a warranty, which requires the builder or a third-party company to provide repair services should you need them. Warranties typically last up to five years, but it is best that you read the fine print so that you are aware of which fixtures are covered and for how long.
Buying a house and land package could be one of the most exciting moments of your life. Make the most of this experience by customising your house, choosing the best location, finding the right financing option and reading the fine print.