BUYING HOUSE AND LAND IN AUSTRALIA
Aspiring home and land owners in Australia are always exploring ways to achieve their dream of acquiring land and a home. It is therefore essential for such individuals to look into the various house and land packages that real estate agents offer. Soon after acquiring land from the government, property developers offer individuals two different house and land packages for buyers to choose.
One of the packages involves buying land and taking up a construction loan to build a home. This package is especially favourable for aspiring homeowners who wish to build their homes right from the scratch. It is also essential since the landowners can plan their space and execute their ideas of developing it. Overall, such a package ensures that individuals plan and manage their space accordingly as well as build homes to their liking.
The second package involves buying complete houses built on the developer’s land. These are often referred to as ready-built ‘turnkey’ packages, which implies that the houses are complete and ready for moving in. Rooms such as the kitchen, bathroom, living room, and the bedroom also have all the fittings well in place.
Opting for the second package is an easier choice for most aspiring homeowners. These packages are advertised with fixed prices for the land and construction. As such, the inconveniences of overflowing costs and unexpected expenses are eliminated. It also eliminates the hassle of managing the construction process of a home. Overall, knowing the costs of the land and home upfront and the idea of faster settling makes turnkey packages a better choice for most aspiring homeowners.
Factors to Consider When Choosing a Land or Home Package
A top consideration for individuals buying land and home packages is often the costs involved. However, the decision to buy a favourable package depends on a number of factors, and individuals have to make a number of considerations before making a decision. Here are considerations for individuals to keep in mind before buying a land and home package:
- Cost: Some packages, especially those that involve buying ready built homes, often include inflated costs to cater for valuation, commissions, and marketing costs that the developers incur. Such costs may increase the price of a home, and some people may therefore opt buying land and building a home by themselves.
- Infrastructure: Before buying land or a home, it is essential to find out the availability of infrastructure such as public transport. Some areas may lack these, especially if they are in their developmental stages. As such, aspiring land and homeowners in such areas should be ready to find alternative means whenever they decide to buy land and home packages in such areas.
- Maintenance fees: Some benefits of building a new home include fewer maintenance costs involved. On the other hand, ready made houses eliminate hidden costs but involve several other costs. As such, homeowners need to consider costs such as legal fees, conveyancing costs, and bank fees.
Buying home and land packages in North Brisbane involve choosing between two packages: buying land and taking a construction loan to build a home and buying ready-made home from a real estate agent. Before making the choice, it is essential to keep in mind factors such as costs involved, infrastructure, and maintenance fees.