Choosing Home And Land Packages

When it comes to buying a new house, you have a lot of options to pick up. One popular option is choosing from home and land package. There are a lot of realtors that offer home and package deals, but each scheme differs from one another. You must understand the difference between the schemes to assure the right home or land of your dreams.

Aspects of home and land packages

• The name refers to the meaning of the package. It is a combination deal of land along with the design and construction model, on which you can build your dream home.

• Land and home packages are available for all income levels and are promoted by builders and realtors.

• Most of these packages are available in housing developments; however you can get single packages in certain areas.

• Home and land packages are divided into two main schemes. First plan allows you to buy the property before the house is constructed while the second scheme offers you a house already built on the property.

• If you choose the first option, you will need to pay a deposit with the balance due on settlement date. Major advantage of this method is that you can pay less on stamp duty.

• Buying the property before the house is built allows you pay only the stamp duty on the land, not the house or structure. If you choose this option, you will need two loans – one for the land and another for the house and its construction expense. You will pay further payments on the loan as the work progresses.

• This option offers you more flexibility in design and is less expensive when compared to buying pre-built option.

• If you choose the second option, you will need to pay a 5% deposit during contract signing and the balance due when the house is complete. You don’t need to pay progress payments, which is a great advantage that allows you save the cash for a big deposit or use for living expenses during construction.

• You can have a move-in ready house without waiting a longer period. However, this option is a bit expensive, depending on the construction period.

These two schemes can vary from one another developer or home and land packages officer. Some plans let you choose particular designs, make upgrades and custom-make your dream home while others come with a limited plan, means you are offered a few choices in design.

These all depend on the builder you choose and how he does his business. So, choose the most reputed and experienced builder for the perfect and affordable home and land package.

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