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Essential Guide to Buying a House and Land Package
about 1 month ago
Essential Guide to Buying a House and Land Package

Purchasing a house and land package requires careful research to ensure you get the best value. Here are some key points to consider before you start exploring display homes.

Types of House and Land Packages

There are two main options:

  1. Purchase the land first and then build a house – This option can reduce land tax as you’ll only pay stamp duty on the land itself.
  2. Buy a pre-built or partly built house on developer-owned land – This method generally requires a 5% deposit and can ease cash flow.

Research and Developer Selection

Start by comparing prices of packages with existing properties in the area to understand fair market value. Instead of focusing solely on house designs, begin by evaluating developers. Shortlist those with strong reputations and ask about their experience in the area, package sales history, and quality of contracts.

Key Considerations for House and Land Packages

  • Fixed Price Contracts: Confirm if the contract is fixed-price or if additional costs may apply for changes.
  • Quality of Craftsmanship: Examine display homes carefully and ensure materials and finishes are high quality.
  • Detailed Inclusions: Check that all features shown in the display home—such as fly screens, driveways, and mailboxes—are included in your contract.
  • Payment and Tax Strategies: For land-only purchases, consider structuring payments to minimise land tax. Seek financial advice to choose the best payment model for your situation.

Top Tips for Choosing the Right Package

  • Focus on the reputation of developers and request referrals.
  • Consult a financial adviser on tax implications.
  • Verify the builder’s warranty and insurance coverage.

Taking these steps can help you choose a house and land package with confidence and avoid hidden costs.

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