As exciting as building a new home is, it is also a big, long term commitment which involves a lot of decision-making and considerable financial cost. In many ways opting for a house and land package can make the process much simpler, but there are still some important aspects to consider before buying a new home and land package.
Image: Complete Homes
Make sure you fully understand what you’re buying into by asking these seven questions before putting down a deposit for a house and land package:
1. What type of house and land package should I buy?
There are two types of house and land packages. The first option is to purchase land and then build the house on it. This gives you the freedom to choose both a property and a house design that suit your budget and requirements. The second option is to buy a house and land package where the house is already built on the developer’s land and ready to move in, also known as a spec home.
2. Do I like the location of the new property?
Most developers will help you find the best location for your new home. Make your budget and preferences known from the start, and when researching your location get to know the area and the values of surrounding homes. Factor into your choice whether the block is close to amenities like schools, your workplace, shops, parks and public transport for your own convenience and future resale value.
3. Does the builder have adequate experience and insurance?
Your home builder should have a good reputation and sufficient experience in developing house and land packages. Have a thorough look at their building portfolio and don’t hesitate to ask for additional information. Look for feedback on online forums and ask for a list of references who you can contact to find out about their building experiences. It’s also crucial to work with a builder who has the right building insurance.
4. What is the quality of the workmanship and building materials?
Once you have chosen a builder you should visit some of their current building sites, completed homes or display homes to see the quality of their work. Consider everything from the overall design to the colour choices and fittings. Check with the builder if they’ll be using similar quality materials and what choices you’ll have for your home.
5. What are your design options?
Choosing a home design is one of the most exciting aspects of building a new home. Your developer should have a wide range of home design options available for you to choose from. Not only should you love the design of your new home, but the layout and size should fit your current preferences as well as your long term goals.
6. What is included in the cost?
Ask the builder for a detailed cost estimate and inclusions list. This includes the detail of the construction process and a list of materials, finishes and fixtures which will be included in the package. This can vary greatly from builder to builder and you should find a package with good value for money or with a special promotion on offer. Also enquire about any changes and additions you may want (i.e. alfresco additions or higher ceilings) and what the extra costs may be (i.e. site costs, fencing allowance and landscaping).
7. What is the construction process and timeline?
Stay involved in the building process by knowing when what will be done. Arrange inspections with the supervisor and visit the building site to ensure that you remain happy with the quality and progress of your new home. Your builder will provide a deadline and handover date in writing so your expectations are clear.
Once you’re satisfied with these seven questions you’ll be able to make an informed decision about whether purchasing a house and land package is right for you. To make sure you’re going with the right builder check out these six steps to finding the right builder.