Buying a house and land package can be an excellent way to get into the property market, saving you time and money. It’s the perfect way to get into the property market because you don’t have to do anything but move in when it’s all done! House and land packages are often more affordable than buying both separately since you can use the money you would have spent on the land to cover some of the cost of building your new home. Here are some of the perks of buying land in conjunction with your house and help you decide whether this is the right choice.
1. Less Stress
The hassle of finding a builder is no longer an issue when you buy land and a house as a package. Plus, you deal with the two contracts all at once. You can also avoid the problem of builders not being available in your area or waiting too long for them to be ready by buying land and house together.
When you’re building a home, it’s helpful to have someone on-site who can help guide the process through each step. You’ll also have an expert on hand to answer any questions that may arise along the way and make sure that your construction stays on schedule and that you can plan accordingly. For example, you can quickly settle for a 3 and 4 bedroom house and land deals in Wallan Australia and enjoy a stress-free home-building experience.
2. Customisation Options
One way to purchase your property is to find a land package that includes the house. You’ll know how much land you’re getting, the construction costs, and the monthly repayments. That means you’ll get a good idea about whether or not you can afford it before signing on the dotted line.
You can also customise your chosen floor plan with extra bedrooms, an office, or a home studio if that’s something you want to include in your new dream home! Plus, having this option will give you more space for future expansion, thus increasing your living area. That way, you can create an inspiring space that suits your lifestyle.
3. You Could be Eligible for a First Home Owners Grant
You could qualify for a First Home Owners Grant when you buy your first home as a land and house package. You can put these savings toward the purchase price or take the cash lump sum when the property is in your name.
For example, suppose you’re buying a $400,000 home and land package and are eligible for a $10,000 first-home grant. Then, this would mean that with the help of the grant, there would only need to be a 10% deposit required on top of any other financial assistance already provided by lending institutions or government assistance programs. That way, you can easily afford down payments and still live comfortably.
4. More Affordable and Higher Value for Your Money
Buying a house and land package is the best way to ensure you get the most bang for your buck. You will be paying less per square foot than if you were to buy a house by itself. Plus, if the housing market is low, your equity will not decrease as much because the land value will still increase. All these benefits make it easy to understand why so many people buy a house and land package!
House and land packages may often include extras such as appliances and landscaping at no additional cost to the buyer. The land and house package possibilities are endless when designing your own home with features such as these! Also, remember that when you invest in a house and land package, you invest in your future home and your community’s growth.
5. It’s Lender Friendly
Most lenders find a land and house package much more straightforward to finance than buying the two separately. Lenders like the convenience since they don’t have to worry about having enough cash for the down payment on the home.
Additionally, buying a home in bulk could mean getting a better mortgage and insurance rates. So if you need to take out a loan for your new property, it is likely that the lender will offer more favorable terms than if you were borrowing to purchase the land or to purchase the house.
Sellers often bundle the home with the land to make it more affordable for buyers. That can be an excellent option for house and land packages because they get both at one price. When buying, you’ll need to consider how much of your budget will go towards monthly mortgage payments, property taxes, insurance costs, utilities, and upkeep expenses. However, consulting a reliable company will ensure you get the most out of your land and house deal.