Benefits of Buying a Home as A House and Land Package
- Written by NewsServices.com
A house and land package is an excellent way for a first-time homebuyer to enter homeownership. It gives you a chance to own your own home, and it also allows you to save money by purchasing both a house and land in one go. The buyer can then build their dream home on their new block of land instead of paying for land later down the track. Buyers must know what they are getting into when purchasing a house and land package. Here are some of our top reasons why buying a home and land package is excellent.
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Cost-Effectiveness
One of the enormous benefits of buying a house and land package is getting both a house and land. Purchasing them as a package can save you money and provide more space than purchasing each item separately. For instance, if your dream home was on a small lot with not much room around it, but you wanted space around it too—you could buy a house and enough surrounding land to make up for it.
Buying the property as a package also means there's less chance of something going wrong during construction or after you move in. If any problems arise, it's easier to agree with a builder or contractor when dealing with just one person or company instead of two (or more). If you need a house and land as a package, you can search available house and land packages in Wallan and get fair quotes. You will save money when you opt for a house and land package because most packages include the cost of the land in their price. It means that you won't have to pay two different charges, which would come at a much higher price
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Offers Great Convenience
A house and land package also offers you more security in the building process. You won't have to deal with separate contracts or pay two lots of fees – all you need to do is choose your preferred plan and design, and the rest will be part of the package. In addition, a house and land package allows you to have more control over the final product. You can choose everything from the type of flooring right down to the color of your benchtops.
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Faster Construction
Purchasing a house and land package means there's no waiting time for you to build your dream home. When it comes time for your project, all you have to do is start building. With a house and land package, you can buy a ready-to-build block of land with a contract home already designed to suit it.
You can immediately choose from various designs or modify an existing design to suit your needs. You don't have to wait for months as each part of your custom home gets built separately—and often in different places. You get everything at once, which saves you both time and money.
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Easier Mortgage Approval
Mortgage companies are more willing to offer to finance for homebuyers who purchase their home in a package with other property, such as land. When taking out a mortgage loan, you'll need a down payment of 10% of your total property cost, which may seem impossible if you don't already own another home. However, if you buy a house and land package, you can often get by with 5% or even 0% down for your land portion.
The low mortgage rate is because banks see land as less risky than houses. They know that there will always be demand for land, and they can sell it off later if necessary. They also know that people keep buying homes long after they've sold off all their previous properties, so they won't lose money on future sales just because you default on their current one.
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Single Point of Contact
Buying a house and land package involves a single process but two contracts. Hence, you only have a single point of contact for both your home loan and your property purchase. It makes it easier for you to manage both processes together rather than separately. Also, there is no need to pay dual commissions as the developer will pay one commission while buying from the builder. And another commission will be paid by the lender while getting your home loan. You can save thousands of dollars in commissions.
Conclusion
The value of a house and land package is more enticing than buying a stand-alone home. It's because the value of the land alone can increase over time. If you decide to resell your home after construction, you will have a higher chance of getting more for the property than what you paid. A house and land package allows you to own your own house without much upfront money. You can also build equity in your home while it's under construction. If you are interested in buying a house, consider purchasing a house land package from a reputable company.
