What You Need to Ask When Buying a House and Land Package

Did you know that buying a new house and land package can offer significantly better value compared to purchasing an existing home in the same area?
There are several benefits to considering house and land packages, including:

• Covered by a new-build warranty 
• Affordable and better value for money 
• Easy with upfront packaged pricing, to know exactly what you will pay for 
• First homebuyers can take advantage of government grants 
• You can select the best new home design for your current and future lifestyle

These are all fantastic benefits that make choosing house and land packages the ideal choice. 
It is important to understand the buying and building process and what is involved. Another thing to consider is getting the ‘must-have’ and ‘nice to have’ home design ratio just right, selecting the perfect location and choosing the right home builder. 
There are several key questions you should ask when considering a house and land package to ensure you make the right decision for your first home.

What Do I Need Financially?

Understanding your financial situation is crucial when buying a house and land package. Chatting with a financial expert early on, can save a lot of headaches later. As construction loans are set up differently from a standard mortgage, talking to the MyChoice Home Loans team at McDonald Jones, will help you choose the right lender for your situation. They can also help fast-track the approval process to get you building sooner. Talk to our specialists at MyChoice Home Loans for a free financial health check and assistance for your financial eligibility early on so you know what package will work within in your budget. 

What’s Included in the Cost?

It is essential to clarify what is and is not included in the house and land package, as this can vary among different homebuilders. Inquire about "standard inclusions" and "additional inclusions" to understand what features, both interior and exterior, are included in the package. For example, with a McDonald Jones House & Land Package, the driveway, fencing, and landscaping are often included and will be listed in the inclusions. 

How Long Does the Process Take?

The timeline for buying a house and land package can vary depending on whether you are purchasing land that is not yet registered or land that is ready to be built on. If you are buying a House & Land Package from McDonald Jones on registered land, the process can be fast-tracked, as many of the surveys and Council or developer considerations have already been completed. Understanding the timeline will help you plan your move-in date and make necessary arrangements. Your Building & Design Consultant can help you plan for this pending your block location, finance approval position and current local Council timelines.

What Incentives Are Available?

There may be financial incentives available that can significantly contribute to your house and land package budget. Make sure to research and take advantage of any developer or government incentives that may be available to you.
Buying a house and land package in 2023 can be a great option for first homebuyers. By asking the right questions and understanding the details of the package, you can ensure a smooth and informed home-buying experience. Don't hesitate to seek advice from professionals and do thorough research to make the best decision for your first home.
To speak with a Consultant about the exciting house and land packages we have available or call us on 1300 555 382.