House and land packages offer buyers a fixed price to purchase a house and land deal. In other words, a house and land package often combines the services of a builder or contractor with a vacant block of land into a single price for a home buyer.
One potential benefit of buying your new home this way is that you can tailor the property to suit your needs.
Property developers secure the land component and contractors build on and around the land as both have usually partnered up to provide the buyer with a house and land component where they can merge the prices of building a house with the price of the land.
Often this process is agreed upon with two contracts – one for the house and one for the land. You’ll need a regular mortgage loan for the land and a construction loan to pay for the cost of building.
House and land packages normally consist of fixed price packages, however, there might be some additional costs if you’d like to add extras or modify any designs after the contract has been signed.
One potential benefit of buying your new home this way is that you can tailor the property to suit your needs.
House and land packages are often an excellent choice for first home buyers as there are many government incentives to help with the costs of buying a home and land package.
Financing for a house and land package usually consists of two things: buying the land then building the house. The loans can be arranged separately but are usually bundled together.
Buying the land is a standard real estate transaction with a regular mortgage. The second step requires a construction loan where you ‘draw down’ an agreed amount to pay for each stage as your home is built. That way, you only pay interest on the money you’re using at each stage.
If buying a house and land package sounds like something your interested in, the team at Engage Project Marketing are currently selling a number of well-positioned land lots in a variety of suburbs. With an extensive array of builder connections, Engage can assist in all aspects of the purchasing process, guiding you through the entire journey.
Get in touch today via our contact form or call 03 9674 0400 for more information.
