A lot of homeowners are looking into buying house and land packages for a variety of practical reasons. Not only will it help you save from stamp duty tax, but you can also enjoy living (or renting out) a brand new home for a relatively low price. But, getting a house and land package is not as easy as selecting a meal on the menu.
Have you been eyeing that house and land package in Geelong? Find out if it is the right one for you with the help of this article. Here are the things to consider when buying house and land packages:
Like buying any property, the location should be your first consideration. It should be accessible to you and should be situated in a safe and secured community. Having notable establishments like shops, schools, and hospitals are also a plus.
There are two common package types. First, you can opt to purchase the land first even before the house is built. Choosing this would mean giving a down payment and applying for two types of loans (for the land and another for the construction). Second is buying a house that is already built in the developer’s land. This choice is more hassle-free and can give you better room to manoeuvre your next move and finances.
Do a background check on the developer; this will help you evaluate whether or not they can complete the project like the promised. Working with a trusted developer can also help make sure that your investment is in safe hands.
Always read the contract before signing. Any changes in the prior agreement should all be written in the contract and should be agreed upon by two parties. As a client, it is a must to know your rights as well as its coverage and limitations.
Does that package in Geelong have all these points? Then maybe it is worth looking deeper into.