Useful Tips When Purchasing a House and Land Package

You can get many benefits from investing in a house and land package – as long as you know the basics of such transaction.

  • When considering buying a house and land package, where it is located will establish its capital growth over the long term. For instance, estates near the coast will likely be more popular with prospective buyers due to the increasing importance of lifestyle living
  • New estates with limited building timeframe will be constructed faster and this will raise the properties’ resale price.
  • Make sure to know the size of the land in square metres. This will let you compare the prices of blocks in surrounding areas. It would also be beneficial to select an estate with a park view and other distinguishing features that would attract future buyers.
  • Be aware of what is included and what you still need to upgrade and pay for. These can be things like ducted air-conditioning, stone bench tops, fences & driveways, letterbox, clothes line, security screen doors etc. All these items will increase your resale and will cost you less if done at the time of construction rather than later while living in the home and when prices increase.
  • Avoid buying a house and land package that is situated on a busy road as these estates are harder to resell. With new estates, a road may seem tranquil as there are not many houses that are constructed yet. Thus, it is better to check out the estate’s master plan to know its potential flow of traffic.
  • It is also important to know the shape of the land. With a narrow block, you will not be able to build just any house. Land having a sharp gradient that is still to be retained will have a pricey construction cost.
  • If you are considering constructing an eco-friendly home, then it is important to know if the land will get the right amount of sunlight. Even a land with the poorest orientation can appear bright and elevated when it is not occupied. Thus, make sure to hire a professional who can tell you how your land’s exposure to the rain, wind and sun will influence the type of house you will construct.
  • Real estate investors need to look at purchasing a house and lot package in a new development located near other established estates and infastructure. This will provide them a better knowledge of real estate values in the local area. The land-scarcity factor when the new estate is finished will also be advantageous for them.
  • Future capital growth will be influenced by the quality of land development, due to the rising import of “branding” in real estate sales. What appeals most to established buyers are estates with beautiful entry statements and developments offering parks, cycle paths and other lifestyle amenities.
  • Look at the new housing development’s master plan to get an overview of the amenities that are planned to be built over time. Find out also the amount the developer is planning to spend on landscaping and the size of the estate that will be allocated to open-space areas
  • Lastly, ask and investigate if you will have to pay any community fees annually. Some developments will ask for contributions each year to upkeep any playgrounds, waterways and common areas that are not maintained by the council.