There are several options that must be taken into account when it comes to buying homes. Out of the many options, one options is getting home and land packages. This deal is now being offered by a number of builders and real estate agents, but the process scheme is not the same for everyone. If you want to get this kind of package for your family, then it is best that you know what are the differences between packages being offered. Here’s a good read about home buying, check it out http://coralhomes.com.au/.
What exactly are home and land packages?
As what the name implies, home and land packages are a combination deal where you not only get the ground where you are having your house built but also the house that you have designed to be constructed. These deals are available no matter your income, and they are also being offered by both builders and real estate agents. Most of these packages are being offered in housing developments, but you can find a single package being offered in certain areas.
So, what are the different ways for you to be acquiring this package?
There are two main kinds of processes that you can take. The first one is where you should first buy the property before you can have your house built. The second one entails that you purchase a house that is already constructed in a property that is owned by the developer.
First option: Buying the property first before you can have a home built.
If this option is a far better for you, then what you should do is you deposit a certain amount of money and the balance you will have to pay once you are settled. The benefit of this option is the fact where you will be paying less during stamp duty. When you first buy a property without any structure yet, the stamp duty that you will be paying will only apply to the land and not at all the building that you will be constructing. You have to be acquiring two loans when you choose this option. The first one is to be paid for the land while the second one is to be paid for the construction of the house and the house itself. If the work progresses, then you must be making progress payments on the mortgage that you have acquired. To gather more awesome ideas, click here to get started http://www.coralhomes.com.au/.
Compared with the second option, this option gives you more flexibility in your home design, and it is also less expensive than the pre-built one.
Second option: Buying a house that is built on the land of the developer.
In this option, during contract signing, you must give the developer 5% of its deposit. The balance will only be settled during the completion of the construction. There is no need for you to pay progress payments. Kindly visit this website https://www.sapling.com/110971/buy-house for more useful reference.