Tips for Buying a Home and Land Package

Home is among the top items of every Australian’s wish list. When it comes to house and land package, Perth offers a lot of choices. The first step is to select land in a location and size that suits your home and budget. You can collect preliminary information on the Internet and then hire a consultant.

Check house and land package, Perth or any other city

You must take legal advice before signing the contract for house or land. It may contain legal fine points, and you could be signing more than one contract.

There may be two contracts – first for purchasing the land and second for building a house. After you have purchased the land for sale Perth, your lawyer should ensure that you start paying the builder only after the subdivision plan is registered, and you give him the land. Otherwise the builder may charge for project delay or even terminate the contract.

Financing your home

The amount of initial deposit and subsequent payments depend on whether you are purchasing a house built on developer’s land or finalising land packages Perth, the rules are similar.

The first option will involve two payments, the deposit and the final payment when the house is completed. The second will mean taking two home loans, one for land and the other to meet progressive payments as the house is built.

When it comesto house and land package Perth, the city will charge stamp duties. Check with the concerned government department about the stamp duty.

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Know your limit

Find out how much loan you are eligible for. The details of borrowing rules for home buyers are available on MoneySmart, the consumer website of Australian Securities and Investments Commission.

Weigh choices and raise queries

The display home could be the costliest version. Builders allow you to modify floor design, furnishings and fixtures up to a certain extent. A customised plan can cost more than a standard plan. Get in touch with the previous clients of the builder.

Keep environmental norms in mind

The building fabric must be rated five-star, taps and fixtures should be water-efficient, and toilets must have a rainwater tank or a solar water heater.

Have a building team

The team must have alawyer, an independent consultant and a surveyor.

Know about pre-construction contracts

Seek your lawyer’s advice before signing a pre-construction contract. It could be used for getting a report on soil but sometimes builders add charges for sketching up plans and specifications.

Control your costs

Select your fixtures and fittings. Avoid prime cost and items included in the contract but not identified specifically, or whose price is not known. They may be expensive and result in costly delays if you have to wait for them.

Pay in instalments

Pay the instalments as agreed for each completed stage of construction. Seek your lawyer’s advice if a builder requests for payments any more than you have agreed to. Do not pay until the builder gives you the domestic building insurance certificate of currency.