Tips to Buy House and Land Package are mentioned in this post. One of Melbourne’s suburbs, Cranbourne, is located in Victoria, Australia’s capital city. It has more than 20,000 residents and is 43 kilometres from Melbourne’s financial centre. Since the 1970s, the area has been developing, and it shows no signs of slowing down. The area, in addition to the Royal Botanic Gardens Victoria, has a sizable business district, a well regarded golf course, numerous nature reserves, fantastic public transit, and top-notch schools.
Based on its capital gains, Cranbourne is a successful suburb. As a result, investors can profit 3.03% from the properties they buy. It is also one of Melbourne’s most cost-effective suburbs, where a unit can be purchased for as little as $386,000 and a house for $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.
Tips to Buy House and Land Package
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 you are purchasing a property for the first time in Victoria, you may be eligible for a $20,000 grant through the First Home Owner grant programme. New homes up to $750,000 in value or first-time homebuyers will be eligible for the subsidy.
A first-time home purchase shouldn’t be stressful! If you want a new home with a simple process that is quick and affordable, a house and land package is the best option.