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Things You Should Know When Buying House and Land Package

by GM
Things You Should Know When Buying House and Land Package

Cranbourne is one of the suburbs in Melbourne, the capital city of Victoria, Australia. It is 43 kilometers away from Melbourne’s central business district and is home to more than 20,000 residents. The suburb has been evolving since the 70s, and not showing any signs of slowing down. Aside from the Royal Botanic Gardens Victoria, the suburb also boasts a large commercial center, a top-rated golf course, many natural reserves, amazing public transportation, and excellent schools.

Cranbourne is a well-performing suburb, based on its capital gains. This allows investors to gain 3.03% of the properties they acquire. Moreover, it is one of Melbourne’s most affordable suburbs where you can buy a unit for as low as $386,000 and a house at $540,000.

If it is your first time buying a property, buying a house and land packages in Cranbourne should be your top options. Aside from its cost-effectiveness, the process of acquiring one is fast and simple. Moreover, it comes with a lot of benefits:

  • You are covered with the new-build warranty.
  • You know exactly how much and what you will pay.
  • It offers better value for your money.
  • First-time homebuyers can enjoy First Home Owners grants.
  • You can choose from amazing home designs for your present and future lifestyle.

However, there are important things that you need to understand before acquiring one. Below are some of the things that you should know when buying a house and land package.

How much do you need? 

Acquiring house and land packages is the same as buying an existing or off-plan home when it comes to depositing: the more you save, the better. Typically, it is ideal for depositing 20% of the package’s total cost to save you from paying thousands for PMI or Private Mortgage Insurance.

However, if you cannot pay that amount, most lenders can approve a mortgage for the house and land package for around 5-10% of the total cost. You may also get the First Home Loan Deposit Scheme, given that you are eligible. This allows you to borrow by depositing at least 5%.

What are the inclusions? 

Additional inclusions and standard inclusions are essential points to ask the home builder. Based on the package, some construction parts, such as exterior and interior elements, are considered extra.

Moreover, you should also understand that stamp duty, conveyancing, and taxes are not included in the package. This applies to every house and land package in the country. However, if it is your first time buying a home, you are exempt from stamp duty.  Read more about 4 Best 65 inch TV under 800 2020

How long will the process take? 

The time it will take from paperwork signing until you enter your new home will depend on the type of package you are going to buy. Some packages have houses already constructed on the land, and some are yet to be built. Regardless of your choice, choosing a house and land packages in Cranbourne will have you enter your new home way faster than buying a house and land separately.

Are there incentives available? 

If it is your first time buying a home in the state of Victoria, you are eligible for a First Home Owner grant and may qualify for a $20,000 grant. The grant will be available for first home buyers or new houses valued at up to $750,000.

Buying your first home should not be stressful! House and land package is the best choice if you want a new home with an easy process, fast, and affordable.

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