Many people share the ambition of owning a new home. However, the prospect of planning and building a home can be intimidating at best. Enter house and land packages, which allow you to purchase a completely new home without having to perform all of the labour of building it from the ground up!. But what is a house and land package, and how does one get one? Buying a house for sale in Truganina and land package differs significantly from purchasing an off-the-plan condominium or townhouse. 

Benefits of buying a house and land package

For first-time home buyers and upsizers, house and land package in Melbourne is a popular choice. For first-time home buyers, purchasing a house and land package may qualify them for government incentives such as first-time home buyer grants or reduced stamp duty payments, which are normally applied to new or off-the-plan properties. Upsizers are those who are upgrading from an apartment or townhouse to a larger home to accommodate a growing family. Adding properties with higher land content to a varied portfolio makes sense for investors, because tenants are likely to be families, particularly young families. House & land, in particular, can save you a lot of money on stamp duty because it only applies to the land value (not the house). 

House and land packages are divided into two categories:

  • Turnkey solutions
  • Standard house and land packages

Turnkey packages provide a property that is entirely ready to move into and requires no additional work. It essentially means that you can start living there just by turning the key in the door (thus the name). In a normal house and land combination, you’ll buy the land first and then construct it afterwards. When compared to a turnkey package, this option allows you to make more changes to the property. In both circumstances, the builder and developer will collaborate on all aspects of the home’s construction with no conflicts of interest.

Guide to buying a house and land package

Research

The research you undertake before signing any dotted lines is arguably the most critical step in buying a house and land combination. You should have a good idea of the sort of house you want, the size of the property you want, and any bespoke features you want in your house. This may assist you in deciding between a turnkey package and a conventional house and land package.

Approach a developer

After you’ve done your homework, you can visit a developer to see whether they’re a good fit for you. Examine their costs, the estimated build time, and any contract hidden expenses carefully. To avoid any unpleasant surprises, you may want to have a financial expert review any documents.

Organise your finance

You’ll need a home loan or a land loan and construction loan, depending on whether you buy a turnkey package or a normal house and land package. You can do this after you’ve gotten a quote from your builder and know how much money you’ll need to borrow.

You might also go to a lender and receive pre-approval to find out how much you can loan, which can help you budget more effectively. To assist you locate an appropriate deal, you should shop around amongst several lenders.

Monitor the build

With a house and land package, you’ll generally know exactly what your new home will look like because you’ve chosen the design and any extras you want. This isn’t to say that things won’t go wrong or that a builder will misinterpret them. You should check your build on a frequent basis to not only track its development but also to guarantee that it is turning out the way you want it to. This way, you can avoid mistakes that could be costly to remedy or impossible to fix.