Finding the perfect house and land package, particularly when you’re a first home buyer, can seem overwhelming. So, what are the key points to keep in mind when making your choice?
A house and land package is a popular choice for many Australians taking their first steps towards home ownership. In fact, around 44% of people opt for a house and land package when building, according to REA Developer Insights March 2018.
But how do you find the right home and block of land for the right price?
Here are four key points if you’re considering a house and land package.
1. Choose a package with a fixed price
Banks are being more cautious about lending practices and buyers face increased scrutiny when applying for loans. Knowing the final cost of building a new home –without any surprises –is paramount for meeting lender requirements as well as your own peace of mind. “Research tells us that people worry about hidden costs and extra fees that can creep in, like council and developer fees.
With house and land packages there is one fixed cost, so you know what you have to pay and what you will get for that price,” says Luke. Buyers may also be renting while a new home is being built, so certainty around completion date also brings peace of mind –a Smart Living single-storey home takes 26 weeks while a double-storey takes 34 weeks.
2. Check your options for customisation
A home has to reflect your tastes and needs, and the best house and land deals provide options, such as a kitchen pack with different splashbacks, appliances and stone benchtops, for example. Some Smart Living homes allow minor changes to be made to the floor plan to provide extra living space, an extended kitchen or undercover alfresco area.
“Certain sites across Victoria allow visitors to use a virtual reality room to ‘walk through’ the display home of their choice. They put on the goggles and can ‘see’ the different options they’ve chosen as they would actually look in their new home,” says Luke.
3. Be sure to future-proof the design.
Thinking ahead when deciding on the layout of a new home is important. Dual living areas can be a handy option when children come along and it can be useful to ensure a home has capacity to grow with a family. A walk-in pantry, his and hers wardrobes and multipurpose rooms that can transform from a rumpus room to a second lounge or home office add to the appeal of your home for a new buyer when you decide to sell and move on.
4. Think about the resale value
Luke sees the right location and a quality build as the keys to a home’s healthy resale value. “It’s important to visit a variety of locations to get a sense of the infrastructure in the area. Access to public transport and main arterial roads, schools, shopping precincts, parks and recreational areas are all important for resale value,” he explains.“You are no longer simply buying a piece of dirt. These days, house and land packages sell a lifestyle and sense of community