How do we go about building a new home?
Are you considering buying a house and land package or buying vacant land and building a new home? I absolutely love building; I acknowledge its not without its trouble and almost every build has something go wrong, but its still a wonderful process – choosing the finishes and all of the inclusions and tailoring the design to suit your specific needs. Plus it beats paying for those hideous curtains in someone else’s house that you are just going to throw out anyway.
A simple approach is to buy a pre-organised house and land package from a builder of your choice. They will have selected a great home to fit perfectly on the site and you’ll have fewer choices to coordinate at the beginning – like site tests.
IN new estates builders often take ‘options’ over specific lots and package them up like this for your ease. In most cases they will include all or nearly all of the finishing items, like driveways and fencing, it really is an easy option. To get a loan for a build you take your land contract and build to the broker and the loan can be arranged in more or less one step. There can be some relaxation on time pressure here as well, where the builder knows what you are doing.
If you don’t want to buy a “home and land package” you can make an agreement to buy a block of land then you go to a builder and get an agreement to build.
When you do this there is a structure to how you make you offers and get your loan approved, and additional searches and tests that the builder will need to complete to make sure the home fits on the block and confirm the soil conditions so they can work towards quoting your site costs for you.
The loan process in this instance is a little more complicated but that’s ok, a good broker will look after that. The biggest issue is you will have only a few days to get your land loan in place, under cooling off period like any normal sale.
With plenty of land around the Penrith area I recommend you consider this as an option, particularly if you are a first home buyer.
Full article in the Western Weekender here: https://issuu.com/weekenderpenrith/docs/propertymay19/22