When you purchase a house and land package, you are purchasing a home design specifically matched with a block of land so you don’t have to worry about finding one that suits the other.
You will find house and land packages within developer built estates, which are usually in convenient, high growth locations. If you are trying to find one, it’s good to research home builders and developers in the area you are interested in buying in and you can find out if they have anything available.
How is a house and land package different to buying an existing house?
Purchasing a house and land package usually consists of two steps – buying the land then building the house. Buying the land is a standard real estate transaction, while building a home requires a construction loan where you draw down an agreed amount to pay as your home is built.
What’s included in a fixed price?
Not all >house and land packages have a fixed price, however, those that do generally include everything you need for your new home, meaning there’s nothing more to pay. The price should also include any site works required on the lot, which is great as it means you won’t have to worry about unexpected hidden costs popping up throughout the building process. Some builders include driveways, landscaping, floor coverings and fixtures and finishes in the total fixed price but others do not. Find out what is included in the price at the beginning to avoid confusion down the track.
First Home Buyer Grants for house and land packages
If you’re a first home buyer, chances are you will be eligible to apply for a first home buyer’s grant. These vary from state to state but can be the difference between being able to afford your first home or having to wait.
Queensland – $20,000 Great Start Grant (From July 1) – Eligible first home buyers receive $20,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000). You can even buy off the plan or choose to build yourself.
New South Wales – For eligible transactions made on or after January 1, 2016, the grant amount is $10,000. Once again, you can buy off the plan or build yourself.
Visit your state government website for more information on first home buyers grants.
Finding the right builder
Thebest way to find the right builder for you is to look at their display homesand the style of homes they offer. Once you have found the home design you like, it’s time to start thinking about the details, in particular, the price and what’s included. Do this up-front so you don’t choose exactly what you want then find that it’s outside of your price range.
Larger builders like Coral Homes offer a holistic building process, whereby they walk you through the whole process. From choosing the house and land package through to customising a floor planandthe building process itself, you will have a highly experienced team of professionals there from the beginning making the whole process memorable for all the right reasons.
