Buying your own property can be a major step in your life. Many people buy property just once in their lifetimes so the decision is a big one. That said if you know exactly what you want and what your budget permits it becomes easier to decide on the right house and land packages for your family. The important thing though despite all the tips below is to do your research, find out as much as you can about the package. Plus you’ll always want to buy property in an area where you have either lived or where you have people you know live since we are social animals and having to drive an hour just to meet a few friends can take its toll on your social life. Below we look at what other things you should consider when in the market for house and land packages.
Tip no. 1: Make a list of what you Must have
Buying house and land packages is a big decision and there are hundreds of choices out there. The best way to short list and make sense of all that is available is to know what you want. Make a list of what you need i.e. like 3 bedrooms, a double garage, some yard area for the kids etc. It can be very easy to fall in love with a house when looking at a display home but you’ll be forgetting about if it really meets your lifestyle needs. For instance, if you currently have two kids but expect your family will grow there needs to be enough space for your family to grow into. So, you’ll want to opt for a larger package and pay the little extra it costs right now as opposed to an expected higher market value later on or having to shift.
Tip no. 2: You Should have a Wish List
There is always a great deal of difference between what we need and what we want. Now that you’ve made a list of what you need as suggested in the tip above you also need a wish list comprising of what you want. For instance, you may want hardwood floors, stone table tops and designer basins. These do cost extra but add some extra luxury and value to your home. Deciding on what your wish list should have will also depend primarily on your budget but you can always scratch off the unnecessary items off the list when you’ve figured out what you can afford.
Tip no. 3: Figure out your Budget
Even though house and land packages do offer the best value for money unless you have an unlimited budget you should set something in stone before you decide on what package is best for you. Meet up with your mortgage broker to discuss what you can afford to buy. Mortgage brokers will primarily be able to tell you how much you can borrow and what the loan repayment will cost each month and after that help you find the best loan for your lifestyle. If you already have lots of credit i.e. credit cards, car loans etc. you will want to factor those into the equation as well because you do not want to end up with nothing after paying off your loan.
Tip no. 4: Understand the Pricing
House and land packages often use terms like ‘turn-key’, ‘from’, and ‘fixed’ pricing weaved into their building contract. Make sure you clarify what they mean just so that you don’t end up having to pay extra. Never sign an agreement without first verifying that you understand it, obviously you do not want to end up broke after the deal.
Tip no. 5: Builder Warrantees and Maintenance
Despite the fact that you’re in the process of buying a new home things may not always go as planned. So, you should ask the builder about what warrantees they offer and the maintenance period they offer once you buy the house and land packages they are selling. There are some builders that have a good 25 year guarantee on the structure. According to professional builders like NQ Home Builders 25 years is a long time during which the builder could also go bankrupt so you’ll want to stick with doing business with a builder who has a strong professional profile just to be on the safe side.
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Mark is one of the leading experts in Australia on building and construction. He has worked in the construction industry for 25 years and continues to offer his services as a builder. His company has over the years offered a number of different house and land packages intended for both middle and high income families.