If you’re wondering what a house and land package includes, and what to know when buying a house and land package, you’ve come to the right place. Whether you’re looking for your first home by browsing through display homes, upgrading to something with more space or downsizing to a smaller place, it can be tricky understanding how house and land packages work. We’re here to demystify the home and land package process and help you build the home of your dreams.
What is a house and land package?
When it comes to homeownership, buyers usually have to be ready to compromise, either on location or the home itself – a one-bedroom that doesn’t have much natural light, a four-bedroom without any storage space. Home and land packages empower buyers to design and build their own homes just the way they like.
So, what are all of these different types of house and land packages and how do home and land packages work? Upon a home and land purchase, you’re essentially combining two processes into one – you’re buying a parcel of land and contracting experienced builders to build on the vacant land.
Home and land packages streamline your home buying process and partner you with the right people: the builders that do this day-in and day-out.
What’s the difference between buying an existing home and buying a home and land package?
Home and land packages remove the risk that comes with homeownership. You can sign your building contract at a fixed price and have peace of mind knowing there aren’t any hidden costs or unexpected costs.
Why build new? When you buy an existing house, it comes with the risk of the unknown… rusted gutters, old wiring, cracking walls, sagging roofs and even damp subfloors. It’s also typically more expensive to buy an existing home than it is to design and build your own home. When you buy an existing house, you pay stamp duty on the established home, but when you build new, you only pay stamp duty on the land component on a wide range of house and land purchases.
If you’re a first home buyer and have decided to build a home, you might be eligible for a grant in accordance with the Australian First Home Owner Grant Scheme. Eligibility and grants vary across Australian states, so make sure you check the details in your state.
How do house and land packages work when it comes to financing?
Typically, when it comes to home and land price packages, buyers have two separate loans built into one building contract: a land loan and a normal home loan. You’re paying for two different things, the vacant land and the home build (and materials), so you may need a different type of loan. Ask your mortgage broker when you’ll begin paying for the build and subsequently when the interest on your regular mortgage loan repayments will begin.
Wondering how a house and land package works with your financial situation? Get in touch with us – we’ve got something to suit almost every budget.
Customising your home
When you start to design and build your own home, think about your lifestyle. Are you a family with teenage kids? A floorplan that separates the master suite from your teenagers’ bedrooms will give you more peace and quiet. Are you downsizing and settling into a home for retirement? A single storey house might be better suited to you and your future needs.
When you choose a home and land deal, you really do design and build your own home. MyHomeBuild have a number of designs to choose from, with every customisable home design decision aiming to suit your needs. MyHomeBuild home and land standard packages will tailor your home to you and your vacant block of land, taking into account its size and orientation to create a home that works with its surroundings, not against them.
When it comes to personalising your place, the sky’s the limit. If you’re not sure where to start, we can help.
What are inclusions and additional inclusions and why do they matter?
From door handles to ovens and other appliances, standard inclusions define what’s included in the original build cost and what’s not. This is where every building company differs; some include state of the art appliances while others will have a more cost-effective option. MyHomeBuild has one inclusion specification, Aspect, which reduces the need for upgrades. If you’re researching multiple building companies, beware of promotions for free upgrades – while it’s not always the case, often these ‘freebies’ are actually just factored into the base package price.
The inclusions specify all of your interior fittings and fixtures too, right down to the number of powerpoints in your home. If you want to personalise your property, this is where you do it, changing power point placement and paint colours to suit your style.
If you’re considering home and land packages in an estate, make sure you ask MyHomeBuild if any design guidelines apply. Want to know more about the ins and outs of inclusions? Get in touch with us
How to tell if you’re with the right builder
An easy way to tell if you’re with the right building company is to look at their additional inclusions list to see if they’re using high-quality materials. For example, are they using quality appliances, taps and sanitary fixtures, what are the standard tile inclusions, is the paint a 3 coat system, etc.? All of this will have a big impact on the final look and feel of your brand-new home.
It’s also easy to use recognised brand appliances to create a false sense of quality, when in reality, a good quality home relies on high quality materials from the ground up. Inclusion lists give you insight into the entire custom package building process (not just the kitchen appliances) and will help you gauge whether you’re putting your money into the right hands.
Home and land standard packages should also include a structural guarantee; this way, your interests are protected if something goes wrong. Building a home can be complicated and it’s so important to build with someone you can trust. MyHomeBuild provides an extended structural guarantee of 25 years to give you peace of mind that you’re building with a quality, experienced company.
Ready to get started? Take a look at our home and land packages, and find a complete house that suits your style.