If you’re new to home building, then you may find the process of securing your own land and a home separately fairly confusing. Many people who decide to build prefer choosing to purchase a house and land package to avoid hidden costs, incompatible home dimensions and divided building times. Choosing a pre-selected package can take a lot of the weight (and decision-making) off your hands, allowing for an efficient, straightforward building process… So, what exactly are house & land packages?
House and Land packages are created by property developers who secure a block of land and sell it along with one of their homes in a single contract. In turn, the buyer doesn’t need to worry about buying their own vacant lot of land and then figuring out which home design would fit suitably. House and Land packages also often come in fixed price packages, meaning that there are no additional costs you may have to pay with home inclusions
Whatever’s included in a house & land package may differ depending on who you decide to build with and what they have on offer. If you are a first home builder, we suggest finding out exactly what home elements, exterior features and site costs are included in the package to avoid having to pay more after you purchase the package. These include things like facades, landscaping, driveways and internal factors. Don’t be afraid to ask lots of questions!
House & land packages may require two separate loans, one construction loan and one home loan, however, this may differ depending on your lender. Ensure that you always consult with a finance advisor first to understand what will be required from you after deposit. They will be able to advise you what lenders will usually expect and what loans you will need for your specific package. It is also very important to note that taxes, stamp duty and conveyancing aren’t included in any packages, so you will need to factor these in as well. To get in touch with one of our interna finance brokers, contact us here.
So, you’ve officially decided that buying a house & land package is the way to go, but you may be wondering where to find the right one, how to deposit and what preparation you will need. First thing you would need to figure out is where you want to build and consult with a few home builders and see what packages they currently have on offer. Although it’s best to be thorough with your decision, it’s also worth noting that house & land packages can get very competitive and sell out quickly.
Before putting down a deposit, we recommend checking the credibility of your builder and ensuring that you know when land will be registered. Before signing anything important, have a solicitor revise the contract for you to check for any warranties, builder’s insurance, timelines and any cost differences that may arise. All in all, we always recommend seeking help from professionals when it comes to home building!
If you’re still tossing up whether you should purchase a pre-existing package, read our article on the benefits of a home & land package to gain a clearer understanding! Alternatively, if you have already made up your mind and don’t know what step to take next, then browse through Domaine packages here or speak to one of our team members today to get on your way!