There are so many options for home buyers. You can buy an off-the-plan apartment, an already constructed apartment, a townhouse or a house. Another option is a house and land package, where you buy the land & build a home on your land. If you are a First Home Buyer, you may qualify for the First Home Owner Grant. If you are an investor, you will be able to claim depreciation on your brand-new investment. New Home will have less maintenance, making it the first choice for investments.
Try using our property buying cost calculator to estimate how much you might need for a property purchase alone!
What is a house and land package?
A house and land package is probably the largest property investment you can make. It is also the simplest in the long run. When you buy a house and land package, you are purchasing the house and the land at the same time.
This type of property transaction is the most affordable and convenient way of building a new home. The house and land package includes a home that has already been through the home loan approval process. This will speed up the process for you and take the guesswork out of finding the perfect home.
While house and land packages are generally ‘cookie-cutter’ designs, you can customise them based on your own needs. They come with optional add-ons so you can get the home you want.
There are no hidden costs, so you know upfront what you will pay including costs like stamp duty, which makes the home loan approval process much easier. You won’t have to worry about disappointment if you find the property costs more than you can afford.,
Before you commit to a house and land package, you need to consider:
- The standard inclusions and optional add-inclusions.
- Is it a fixed price contract, or are there loopholes for price increase by the builder
- Is your land registered, or how long does it take for land to be titled
- Your ideal location and land size.
- The home design.
- The knowledge of building and construction of homes.
What are the most common features in a house and land package?
Every house and land package is different, but there are common features that come as part of the basic build. Some of these include:
Accessories and finishes
- Most house and land packages will include basic finishes, but you have the option to tailor them to suit your individual style. If you want to upgrade, you will incur an additional fee.
Outdoor decor
- Do you want a double garage or a covered entertaining area? What about a balcony or a deck? These are some of the options that you can add to the basic plan. The ability to add them will depend on your budget and whether your plan allows you to.
Smart Inclusions
- These are becoming more and more common wether it’s a smart thermostat, luxury appliances or touch switches. A smart home will be more convenient for you, and you can cut costs further down the track, even if you’re not overly fussed with every technical element.
Floor Plan, Layout and Design
- Although the size of the home is often pre-determined, you can change some things like the ceiling height, placement of the rooms or even add a floor. These features are typically offered when you first start looking at house and land packages.
Most Desired Home Inclusions
- The majority of builders will offer you basic inclusions; however, adding higher ceiling height, 900mm appliances & upgrading to an appealing facade will increase the value of your home. Also, a 4-bedroom home instead of 3 bedrooms will have more resale value in case you decide to sell in the future.
What are the benefits of a house and land package?
The first obvious benefit of a house and land package is that you only have one transaction to think about. That means you don’t have to worry about multiple repayments or searching for a block of land. It’s all inclusive, and that will save you time and money.
As mentioned, you can select a home that suits your individual needs without being inundated with endless choices. It’s all laid out for you from the beginning, so all you need to do is look at the options, make your choice and then the builders will get to work.
While it will depend on the construction company, it’s very easy to customise your home with a house and land package. You can choose the interior and exterior features that you want based on the options available.
Although an old home can have many nice features, a new one is a brilliant investment and can save you on the hidden costs that you may incur if you were to buy an existing home. You can actually save money in the long run. Building standards are constantly evolving, so when you buy new, you can be sure that the property you buy will meet current regulations and that you are unlikely to need to undertake significant repairs for 10 – 20 years, by which time you may be ready to move onto your next home.
Owner Builder Home Loans
Does the idea of building your own home excite you? Well, if it does, then owner-builder home loans might be just the option for you! An owner-builder loan is a type of construction loan for individuals who wish to manage their own build or renovation project. Because of the risk and uncertainty involved in the loan, this loan operates differently from a standard home loan. If you wish to opt for an owner builder, house and land packages might not be for you.
Options of House and Land
With less likelihood that you will need to undertake significant repairs, the house will be easier to rent out if you purchase it as an investment. When the time comes, it will also be easier to sell because the features will be more modern.
You can easily set your budget when you buy a house and land package. When you buy an existing home, you’ll often have the initial outlay for the property, and then there may be renovations that you need to do before you can move into the house. With a house and land package, you don’t have to worry about that. It has a fixed price, and that won’t change. Most house and long packages include the building and land costs, so you can purchase a home that meets your needs.
You have the flexibility to create appealing landscaping. That includes things like a pool or other landscaping such as a water feature, garden, outdoor kitchens, driveways, pergolas and retaining walls or fencing. It’s a one-stop shop, so you’ll end up getting it done all at once without having to worry about contracting multiple builders. That adds another plus, which is that your builder knows your block of land well, so they’re not starting from scratch, which means they can recommend options that best fit the area.
How can we help?
We are specialists in construction loans, home loans for first home buyers, and the purchase of investment properties. We can negotiate a home loan for all types of properties, including house and land packages. At Nice Home Loans, we have relationships with many lenders and will find the best one for your particular home loan. Book your consultation now!
Our brokers are available on (07) 3114 2281, or you can send us a message here, and we’ll be happy to give you advice and a consultation.
