Are you looking for your first home? Are you tired of renting and looking to buy where you can plant some roots? Or maybe you’re a young family looking to get into the property market, but all that empty space around your home is just too tempting.
Maybe it’s time to consider purchasing a home and land package
A home and land package is a home built on an individually negotiated land package, whereby the home builder provides you with both home design plans and specifications for your house AND your selected block of land. You can then customise these home plans to suit your individual needs, budget and taste. While builders prefer selling their house designs as standard home and land packages, some may also be willing to negotiate home only deals i.e. the house design only, with the buyer sourcing their own land.
How do you go about buying a home and land package?
The first step is to find a home builder or developer who offers home and land packages in your desired area. Once you have selected a home builder, you will need to choose one of their home designs that best suits your needs. Some home builders may also have a package where you can select your own land – this is called an “off the plan purchase” and is when you buy a block of land before the home builder has commenced construction.
The next step is to visit your home builder’s display homes. You can check out home and land packages on display in home builders’ display homes, or you could even visit the home building site where your house would be built.
Once you have chosen a home plan, it’s time for negotiations! If serious about purchasing, you will need to put down a 10% deposit to secure the home and land package. This is also a good time to start negotiating on extras and inclusions, such as appliances, carpets, window coverings and landscaping.
Your home builder will usually have a pre-set price range for home and land packages but keep in mind that this can vary, so be sure to ask home builder sales staff about the first home package on display as it is a benchmark for home and land packages in your price range.
Once you have negotiated home and land package prices, you will need to choose a finance provider . You may already have a lender who specialises in home loans, but if not you can compare home loans online.
One of the benefits of buying a home and land package is that you’re able to lock in your interest rate at the time of purchase – which is a good idea, as interest rates are predicted to rise in the near future.
Now it’s just a matter of waiting for your new home to be built!