Buying a home and land package is a big decision. Whether you’re looking to invest in your first home or your fifth home, buying a house and land package can be a fantastic choice.
Before you jump into the excitement of home ownership, make sure you know what type of contract you are signing up for. This will help ensure that all of your expectations are in line with what you’re getting.
A home and land package usually refers to a pre-packaged deal in which a home builder works with a land developer to construct a home on a plot of land that has already been purchased. Sometimes these deals are all-inclusive, meaning that the home, the land, the home construction, the stamp duty and fees are included in one price. Other home and land packages can be home-only or land-only deals.
Home and land packages are one of the fastest growing home ownership options because they offer home buyers many benefits without sacrificing on quality.
If you are buying a home and land package, make sure you…
- Know what type of home and land package you are purchasing. Sometimes home and land packages can be home-only or land-only deals.
- Compare the cost of a home and land package against the total combined costs of buying a home separately and building it on your own section.
- Make sure you understand the home and land package home warranty.
- Know what’s included in the home and land package home warranty. What is covered? Who will service it? For how long?
- Ask for a copy of the developer’s disclosure statement to ensure you understand any legal issues or environmental concerns of your property.
- Get advice from your solicitor or conveyancer.
Home and land packages are a great way to purchase a home, but they can be complex contracts. Make sure you understand what you’re signing up for before you commit! For more information, speak to your local home builder or land developer. They will be more than happy to help.