Choosing a house and land package can be a good option for potential homebuyers, especially first-time buyers, as it can often be a simpler process than buying other properties on the market. They can be more affordable and sometimes offer savings on various associated costs such as stamp duty.
They are still a big commitment, however, so you want to make sure you carefully consider your decision.
Here are our tips for choosing a house and land package to ensure you buy the right one for you.
Know what type of house and land package you want to buy
There is more than one type of house and land package and to choose the one that best suits your needs, you should understand the difference between them.
A ‘turn-key’ house and land package involves buying a home that has already been built and can be moved into straight away. When you buy this type of house and land package, you don’t have to worry about extras, as the total cost is inclusive.
The other type of house and land package involves buying the land to build your home on. This involves two contracts, one for the land and one for the house. Once you’ve purchased the land, you can decide on a home design and builder and what inclusions you want.
If you want the freedom to design your own home, this type of house and land package allows you to do that, however, if you want something ready-built that you can move into straight away, a ‘turn-key’ package may be the better option.
Have a set budget
When buying any new property you need to know what you can afford. It is a big financial commitment and you don’t want to buy a home that you’ll struggle to pay off.
Determine your budget before you start looking so you don’t end up wasting time looking at properties you cannot afford.
Have an understanding of the housing market in the area you’re wanting to buy, as factors such as location, design features and property size impact the price of a home. This will help you have an idea of how much you need to save to buy the home you want. House and land packages in Clyde North will vary in price to those in other areas of Melbourne.
Have a set budget, but also decide if you have any wriggle room in case you find your dream property is just outside of your budget and you can stretch your budget a little. Just be careful not to put yourself in a financially difficult situation by buying something you can’t afford.
Ask what extras are included
House and land packages can vary in terms of the extras included. Make sure to determine what is considered within the inclusion and what is considered extra from the beginning, as sometimes things such as fencing, driveways and landscaping are considered extra.
Know what you want your home to include, from your must-haves to those that would be nice to have. It’s important to find out early if any features you want are not included in the total cost so that you can make sure it is still within your budget.
Choose a package that outlines all the costs upfront and ask about inclusions, selections and after-sale service costs.
Look at various home designs
Visit display homes and other properties on the market to get an idea of what home design you’re after and the styles available. Exploring display homes is a good way to get a feel for layouts and take note of features you like, and any you don’t.
Choose a style or design that suits you now and in the future. If you’re planning on staying in your new home for the long-term, you want to make sure it will still suit your lifestyle and living needs years down the road. Look for a home design with plenty of storage, generously sized rooms and multi-use spaces that can be adapted as your family grows.
When selecting your house and land package in Clyde North, look for designs that suit your needs, or work with a builder who will help you create the right home design. If you’re planning to build a new home, you can customise the design to suit your family and needs.
Consider the location and community in terms of how desirable it may be in the future when choosing house and land packages in Clyde North, so you end up buying somewhere you will be happy to live for years to come.