This real estate trend seems to be a good idea, although most of them ought to come with a warning label about the developer’s terms and conditions. These packages are nothing but lands put on the market before the construction of the homes begin. There are a couple of different ways that these Perth Land Packages could work:
You can begin by purchasing the land alone with a 10% down payment, which covers the land’s stamp duty, and pay for the home in installments depending on its stage of construction. Essentially, you will need two property loans individually for the land and for the home.
Alternatively, you can buy the completed home from the developer, paying a deposit of about 5%. The rest of the purchase cost will have to be paid to the developer once the project is completed and ready to hand over.
What do you know about the developer?
You can begin by ensuring that your developer has a clean slate in Perth house and land packages. Make sure that he has sufficient knowledge to be dealing with such projects. If he hasn’t elaborated on all the terms and conditions, or if any of the paperwork is beyond your understanding, it’s always best to begin by seeking legal counsel.
A good and thorough look into the developer’s experience with other such projects is also a must. In fact, it’s a good idea to get in touch with people who have bought homes in your developer’s older projects. They can probably warn you about things to watch out for.
Choosing an ideal home
Make sure you have thoroughly exhausted your options looking for the right developer and the right project as Perth land packages require higher investments. Take the time to visit various model homes and closely examine the quality of the materials used and the level of workmanship involved.
Ppay attention to the designs employed and their pertaining costs. Various other factors like the detailing and finish such as carpentry, tiling and flooring are just as important. Get a detailed break up of costs to understand what you will have to pay if you need any changes done.
Is it a good option?
These Perth land packages could seem like amazing deals considering the fact that you get a sizeable portion of land all constructed and ready to occupy. However, it’s always best to read the fine print. If it’s a community, there might be regulations regarding remodeling or demolition and reconstruction.
Some areas could be deemed common areas; so you should be absolutely sure about the dimensions of the land assigned to you under the contract as the actual plan may include common boundaries.
Therefore, are best suited for the wary. You have to be willing to do your part and thoroughly research what you are getting into. There is only so much that your developer will disclose unless you prod him with the right questions. Alternatively, you should proceed with legal counsel at every stage.