Are you in the market for a new home? If so, you may be interested in buying a house and land package. This is a great option for those who want to build their own home from scratch without the hassle of dealing with multiple contractors. However, before you sign on the dotted line, there are a few things you should keep in mind.
In this blog post, we will discuss six tips that will help you buy a house and land package without any drama!
1. Location is everything in real estate
When you’re buying a house and land package, one of the most important things to consider is the location. You want to make sure that you’re getting a piece of property in a desirable neighbourhood that you can see yourself living in for the long haul. The last thing you want is to buy a package only to find out that the surrounding area is not up to your standards. There are a few ways to research the location before you buy.
Checking out the crime rates, average income levels, and schools in the area can give you a good idea of what the neighbourhood is like. You can also drive by the property at different times of day to get a feel for the neighbourhood and talk to some of the residents to get their opinions.
2. Determine your financial situation
One of the most important considerations when buying a house and land package is your financial situation. You need to make sure that you can afford the upfront cost of the land as well as the cost of building the home. Keep in mind that it can take several months to build a new home, so you need to have enough money saved up to cover your living expenses during that time.
To get an idea of what you can afford, start by evaluating your current income and debts. Then, create a budget that includes your estimated monthly mortgage payment, property taxes, and insurance costs.
Be sure to also factor in the cost of utilities and other ongoing expenses. Once you have a clear picture of your finances, you can start shopping for a house and land package that fits your budget.
3. Future proof your home
It can be difficult to predict the future, but try to think about any potential changes that might occur and how they would impact your home. When you’re buying a house, it’s important to think about the future and how your needs might change over time. If you’re planning on starting a family, for example, you’ll need to make sure that there’s enough space in the home for everyone.
Alternatively, if you’re nearing retirement, you might want to look for a home that will be easy to downsize to in the future. This will help you to choose a house and land package that will suit your needs both now and in the future. By thinking ahead, you can ensure that your new home will be a comfortable and practical space for many years to come.
4. Research the builder
Before you choose a builder for your new home, it’s important to do your research. Make sure that they have a good reputation and that they’re experienced in building the type of home you want. You can ask around for recommendations or look on ProductReview.com.au to get an idea of what other people think of the builder. It’s also a good idea to visit some of the builder’s display homes to get an idea of their workmanship.
Take extra diligence when choosing a builder if you’re buying a house and land package off the plan. This means that you’re buying the property before it’s been built, so you won’t be able to see the finished product beforehand. In this case, it’s even more important to make sure that you choose a reputable builder who has a good track record.
Coral Homes has been trusted by 25,000+ families for over 30 years. As Queensland’s #1 Builder as voted by the Housing Industry Association, Coral is a builder you can count on. Discover our display homes by a location search on our website and visit your nearest display to see the quality of our homes.
5. Examine thoroughly the contract and the fine prints
The contract might be pages long and filled with legal jargon, but it’s important that you read through it carefully before signing. This document will outline all of the terms and conditions of your purchase, including the price, deposit amount, settlement date, and any special conditions that apply to the property.
Happiness in a home doesn’t come from its size or price tag, but from feeling like it’s your own.
You should also pay close attention to the inclusions and exclusions list. This will detail what is and isn’t included in the purchase price. For example, some house and land packages will include landscaping and fencing, while others will not. It’s important to know exactly what you’re getting for your money so that there are no surprises down the line.
6. Monitor the build progress and visit the site
Once you’ve chosen a builder and signed the contract, it’s time to sit back and watch your new home take shape. But that doesn’t mean that you can completely relax. You should still monitor the build progress and visit the site when the building supervisor suggests, to make sure that everything is going according to plan.
If you have any concerns, don’t hesitate to bring them up with the builder. It’s better to address any issues early on rather than wait until the job is finished.
For most people, building a new home is a once-in-a-lifetime event. By keeping tabs on the build progress and addressing any concerns promptly, you can help to ensure that your new home turns out exactly the way you want it to.
Final Thoughts
Happiness in a home doesn’t come from its size or price tag, but from feeling like it’s your own. The best way to achieve this is by being as involved as possible in the building process. By doing your research, paying attention to detail, and monitoring the build progress, you can help to ensure that your new home turns out exactly the way you want it to. And in the end, that’s what really matters.
Be sure to reach out with any questions regarding your home-buying journey. Our expert team at Coral Homes is more than happy to help make your dream home a reality. Visit our website and enquire today.
For example, you might want to learn about the quality of workmanship, whether the project was completed on time and on budget, and if there were any issues that arose during construction. Getting references from previous clients is a great way to get an idea of what it will be like to work with a particular builder or developer.