To Build or Buy?
Buying the Right House and land Package
You’re in the market to buy a property and, whether you’ve purchased plenty of properties before or you’re a first home buyer, no doubt you’d like for it to be an easy process. So it’s important to be crystal clear about what you’re looking for in a house and land package – especially the house itself. To build or to buy? Let’s take a look!
- Buying an Established Home
- Buying a New Construction Home
- Building a New Home from Scratch
- The First Home Buyers’ Grant – Is Your House and Land Package Eligible?
Buying an Established Home
Buying an existing home is undoubtedly the most convenient option when it comes to purchasing your house and land package. Some of the pros and cons of an established home include:
Pros of Buying an Established Home:
- Ready to move into
- You know what you’re getting
- Renovations are optional
- Often built in central & popular locations
Cons of Buying an Established Home:
- No control over the house design
- Higher maintenance & repair costs
- Cost of renovations to adapt the house to your style
- Not eligible for First Home Owners’ Grant
This is a great option if you’re looking to buy an investment rental property, or for a stepping-stone on the way to your dream home. Or perhaps you’ll simply fall in love with a home that someone else has built!
Renovation Projects | Are You Looking for a Fixer Upper?
Are you someone who loves a good challenge? If so, a fixer upper house and land package could be just the thing for you. A property prime for renovation is generally a house that needs some serious TLC to bring out hidden potential – such as great views or a good inherent layout and floor plan. That said, it’s important to remember that not all fixer uppers have potential, so be sure to run a careful assessment of the property to avoid landing yourself with a financial sinkhole.
Investment Property vs Forever Home
Is the fixer upper an investment project or a forever home? This will have a big impact on how you go about renovating your house, let alone what house you would select in the first place. Any renovation work on an investment house and land package must be aligned with the end goal – selling the property for a profit. This is only achieved by increasing the overall value of the property with clever and cost effective renovation decisions. On the other hand, if you’ve fallen in love with the property then the opportunity to transform it into your dream home is yours.
Buying a New Construction House and Land Package
A new construction home is a newly built house that has been constructed by a builder or developer and listed on the market. This type of house and land package is often available as part of brand new neighbourhoods and subdivisions that are under development by property investors.
A new construction house land package can be a great choice for first home buyers who would like to buy new but are unwilling or unable to go through a lengthy and time-consuming build process themselves. As a new and previously unoccupied dwelling, it meets the criteria for purchase under the Queensland First Home Owners’ Grant, provided you as the buyer are also eligible.
Building a New Home from Scratch
Building a new house and land package yourself is the perfect choice for homebuyers who have their hearts set on building their dream home. With full control of design and customisation (relative to your individual budget), building a new home also gives you more flexibility and choice on how you’ll build on the piece of land you choose.
Depending on the size and other characteristics of your block of land, you’ll be able to choose and customise everything from your desired floor plan and roof tiles to your landscaping and driveway.
Project Management for a Stress-Free Build
While it can be a little daunting to face the prospect of an extensive and complicated house design and building process, there is plenty of help and guidance available. This includes full spectrum project management services to take care of every detail from sourcing your dream house land package, to overseeing every aspect of the build and the paperwork required along the way.
Hiring a qualified and experienced Project Manager is a great option for first home buyers. Leveraging the knowledge and know-how of an experienced helping hand is also the perfect solution for property investors and experienced home buyers. Avoid hassle, save time and stress, and delegate the entire project with absolute convenience.
The First Home Buyers’ Grant – Is Your House & Land Package Eligible?
The Queensland First Home Owners’ Grant is a fantastic opportunity for first home buyers to get a financial boost to fast-track their dream of owning their first new house and land package. Keep in mind that for your prospective home to be eligible, it must meet one of the following criteria:
- New Construction Home | it must not have been previously lived in; or
- Significantly Renovated | before you buy it, and not lived in since the renovation; or
- A New Home | built by you.
As a fully licensed real estate agent with 30+ years of experience in the construction industry, House & Land Packages Realty are uniquely qualified to provide start to finish project management – from property purchase to final build.