Buyers have a lot of challenges to overcome when trying to find living space for themselves.
Saving for a deposit, Dubai Desert Safari finding a design that works for them and making ownership affordable are just a few of these challenges. Primarily due to affordability and housing availability, many first home buyers are turning to these packages for their initial purchase.
The Benefits Of A House & Land Package
When you buy a package you are getting an undeveloped parcel of ground and a new dwelling unit in one single package from a builder.
This has many advantages over purchasing a dwelling separate from the plot, and also many advantages over purchasing from existing housing stock.
Perhaps most attractive to consumers is that these bundles are usually less expensive than purchasing the plot and then selecting a home builder to erect the structure.
Under the scheme, you work with one company to purchase both a dwelling and the land that you will build it on. These promotions have been pre-designed by the developer and the builder to be competitively priced. Some builders even offer incentives and discounts, further reducing the total cost of building new.
Another benefit is that you get a brand new building.
New units generally need less immediate maintenance than existing stock, saving buyers money in the initial years of ownership.
A third reason that bundles like this are attractive is simply due to the sky-rocketing prices of existing properties in city centres.
It can be more affordable to purchase a new build in an up-and-coming suburb than to purchase an older property closer to the city.
Types Of Packages
Not all programmes are the same. One home builder may have a different way of doing things than the next, so it’s almost always worth your while to look around and talk to several builders to find the package that is right for you.
The two most common types of packages are:
Land only. In this scenario, you purchase a plot. Then you’ll work with the builder to select a suitable design. You’ll make payments as construction progresses. Buyers can save on stamp duty with this option since there is no structure to assess the tax upon. This option provides the most flexibility in design, and could be less expensive than choosing property with an existing structure.
Land with the house already built.
Under this option, the structure is already built. You get everything at the price offered. Generally, the deposit due is less than that required for the ground only, and you won’t have to make payments as construction progresses since construction is already complete.