It is satisfying to watch a house being built from start to finish until it becomes the home you have in your mind. It’s a big step, there and then, that’ll likely influence your future life.
Various companies can help you find the right house and land package in Australia; the best example is Residential Building WA. Regardless of what type of house you prefer or your preferred interior design, you’ll find something that conforms to your wants and needs.
Pros And Cons — Which Weigh More?
The best way to judge whether a house and land package suits you is to understand its advantages and disadvantages. It will help you know whether the pros of buying the package outweigh the cons or the other way around.
Now, let’s first proceed with the advantages of buying a house and land package:
Save on stamp duty fee
When transferring property, there is a fee you must pay, which is the stamp duty. If you buy a house and land package wherein the house is still not built, you could probably save money that was supposed to be for transferring ownership of both land and building.
You may be qualified to claim grants
There are a few offered grants for buying a house and land package. If you’re a first-time homeowner, you shouldn’t miss this since most assistance caters for people like you.
Here are a few examples of grants; make sure to check them out::
- First Home Buyers Assistance Scheme
- First Home Owner Grant
- HomeBuilder Grant
- New Home Grant
Create your ideal home
Depending on the package and agreement with the builder, you might be able to choose the features, size, interior design, finishes, and styles of the house. You’ll be able to select suitable assortments that fit your needs, wants, and budget.
It’s not only the grant that’ll help you save money, but a newly built home customised according to your wants and needs will also help. If you instead buy an already established house in Australia, one can’t help that you’ll need to spend money on remodeling or renovation.
Also, a house and land package is more cost-effective than building a house from scratch where you rely on your effort. Since the house and land package has a fixed price unless you have additional requirements, it’ll allow you to prepare for the cost without the hindrance of unexpected fees.
It’s unlikely that you’ll immediately need to pay money for maintenance, at least for the first few years, since you’ve paid for a fully furnished and newly built home. If you instead choose to invest your money in an old house, that would require additional and frequent maintenance that your overall payment did not cover.
If there are advantages, then disadvantages wouldn’t be lost. Below are just some of the cons of a house and land package:
If you’ve already decided to buy a bigger house and land in Australia, it may take much of your time to find one since there are more house and land packages on the market that are smaller or have a fixed lot measurement. These kinds are often established and released on a large-scale basis.
Exterior alteration constraints
As already mentioned, a few houses and land packages released on a large scale often have a fixed lot. That’ll make it harder for you to make an addition or changes on the exterior if it requires more area to be tweaked.
If you choose a package wherein the house is still not built, it’ll take months of construction before you can move in and live on it.
Factors To Consider In Buying House And Land Packages
Purchasing a house and land package isn’t superficial; hence, knowing the pros and cons alone wouldn’t be enough. Even if you think that you’re already ready to buy one, it won’t hurt to learn more before proceeding. Here are some factors you should put into consideration, too:
Although builders and developer companies claim to offer cost transparency, you still should look through it carefully and see where you specifically spend money. You wouldn’t want to get unexpected fees, so it is a must to know the inclusions and exclusions of the companies’ packages.
Know whether you are near essential facilities, such as shopping centres, hospitals, schools, office buildings, gas stations, public transportation, and so on. The location can be a decisive aspect when choosing a home since no one would want to live somewhere that is far from places you usually visit or stay.
Builder and Developer Reliability
Look through builders and developer companies carefully. If a friend, family or reliable colleague recommended some, that’d help you save time combing through company websites for a trustworthy company.
Be sure to check out the company’s previous works and client reviews. A home is a significant investment, so it is necessary to take your time and effort to assess and compare different company offers carefully.
Seek as many legal consultations as you can from lawyers or brokers to understand what you’re doing. They can help assess and understand contracts, give the best approach to maximise deals, find trustworthy companies, and see if you’re qualified to take specific grants.
Depending on what matters most to you, weighing the pros and cons would be different from person to person. With varying preferences from each other, you’re the only one who has the right to say what matters to you.
Be sure to assess your options and the factors influencing your decisions carefully. With all the essential things related to house and land packages already listed above, take your time to assess and understand if a house and land package in Australia suits you.