6 Questions to ask when buying a house and land package
Thinking of buying a house and land package? Ask these questions first.
#1. How long will the property take to build?
Just because the package is ready to buy now doesn’t mean it’s ready to build. You may have to wait for 6 months or up to 2 years for infrastructure to be completed on the land before the developer can register your land title. Once your land title has been registered you then have to wait for council approval, which takes around 2 months) and construction, which can take anything from 4 to 12 months.
If you want to move into your property as soon as possible it’s best to purchase a house and land package with land that’s already approved for development and a pre-approved CDC home design to help speed up the process.
#2. Does this package meet all my requirements?
As house and land packages often contain pre-set home designs and designated locations it’s important to consider whether all your needs are met by the package.
Is it in the right area? It can be tempting to jump on a great value home and land package but it’s important to consider whether the location is right for you. Is this somewhere you want to live? Or, if you’re building an investment property, is this a sought after area for rentals?
Does it contain the facilities and features you want? Does the package cover your basic requirements like having the right number of bedrooms and bathrooms? Do you need more than one living space, an outdoor dining area or an entertainment room? Make a list of must-haves and use it to check against house and land packages.
Will it provide a good return on investment? Are you planning on renting this house as an investment property? Are you looking to sell it in 5 years time? 10 years? Assess the package and how it will provide value to you in the short and long term.
#3. Can I customise this package?
Some home and land package providers will allow you to customise your home design. However, this will generally incur an additional cost on top of the package price. If the home design doesn’t meet all your requirements it’s important to check whether it can be modified to suit your needs.
#4. Is the builder experienced and do they have the necessary insurance?
As with any building project, it’s important to do your due diligence — do they have a good reputation? Can you view a portfolio of their work and see some testimonials from previous clients? Don’t be afraid to ask for additional information, buying a house and land package is a serious investment and you need to be satisfied with the competence of your builder.
It’s also vital to check they are correctly insured and covered by the Home Building Compensation Fund (HBCF). Any licenced contractor performing residential work of more than $20,000 must have insurance cover through the HCBF. If your builder isn’t covered and their work is defective or incomplete you could be left out of pocket.
#5. What is included in the price of the package?
Your property consultant or construction company should have the ability to provide a comprehensive inclusions list that covers everything that’s covered by the cost of your house and land package. This list should include a list of all the finishes, materials and fixtures used in the package along with a cost estimate breakdown. Remember to ask about additional inclusions and extras and any costs they might incur such as landscaping or soft furnishings.
#6. Am I actually saving money?
House and land packages typically represent good value as they’re more affordable than a custom home design and build, plus the property will come complete with contemporary fixtures and fittings which will add value to the property. However, it’s important to do your research and confirm that this package represents good value rather than simply assuming it’s a good deal.
So, should I buy a house and land package?
House and land packages can represent excellent value, plus they take away a lot of the stresses, costs and hassles associated with designed and building a home from scratch. If you find a house and land package that meets all your requirements then it’s a great way to get on the property ladder or secure an investment property.
Buying a house and land package with BuildFast
At BuildFast, we specialise in fast-tracked house and land packages and can provide a fixed price design and construction contract through one of our reputable preferred builders.
Our unique building process utilises CDC, or complying development certificate, certified home designs to bypass council processes, saving you months of waiting around and ensuring you can get into your new home sooner! Already got land? We’re also able to assess your current property to see if it qualifies for a CDC home design.
Thanks to our panel of trusted, certified builders we can match you up with a professional straight away and get your project up and running fast. In fact, our house and land projects are typically ready to move into within 9 months.