What to know when buying a House and Land Package in Sydney
- Written by: NewsServices.com
In Sydney, House and Land Packages are when land and a home design are packaged up in one contract. Here, one contract is direct with the builder while the other is with the developer. This kind of setting works when property developers purchase large blocks of land and then offer parts of this land for sale after building houses on them.
There usually exists two types of house and land packages. These are Turnkey and Standard house and land packages. Turnkey packages offer a property that is entirely ready to be moved into. In the other case, one has to first buy the land and then build on the land. While the former allows flexibility, the latter provides customisation. By purchasing your home and land together, you can easily streamline the build process. At the same time, you reduce the risks and stresses that can come with buying land.
Here are 4 things you need to know when buying/ building House and Land packages:
1. Location: You should consider buying land in a place that has maximum selling points. This includes the presence of a scenic park, public transport, neighbourhood markets, or schooling facilities. You may incur extra costs if the soil is hard (like clay) or situated on a slope if you purchase the land first.
2. Price: There are times when such packages are advertised for the bare minimum price along with minimal inclusions. Some packages include inflated costs for marketing and commissions. Ensure you compare the price you are buying the package with other places in the area. Remember, nothing can derail a new home project faster than burning up money on unanticipated expenses.
3. Needs Assessment: You should choose the best new home design for your current and future lifestyle. How ample do you want your space to be? The size of your room is very crucial as far as future rental returns are concerned. If the area mostly has families, limited garden space would not be seen as the right fit for parents who prefer an outdoor space for their children to play.
4. Research: Ensure that you get clear information on what the package constitutes. Apart from the build, some developers will also do fencing, garage, driveways and even landscaping. All these will be included in the price listed. This will prevent you from not incurring any additional expenses.
House and Land packages in Sydney being more affordable and better value for money with upfront pricing. New house and land packages generally provide better value than an existing house and cost less than a custom build. For first-time homeowners, it is a buyer's market right now. There are also grants, concessions, and discounts available for first-time homeowners. These can be availed via the First Home Owners grant.
Such packages take the stress out of the home building, making new house and land packages in Sydney an ideal option. Are you ready to 'turn the key' to build one for your loved ones? Visit here to find out more on the Sydney Property Market 2021.
