This first alternative suits if you want access within about 30 days. However the pitfall is – like buying a used car, you run the risk of buying someone else’s problems or paying too much.
The second possibility involves buying something totally unseen. The unit doesn’t exist and you may have to wait until a certain number are sold before the developer can commence building. Plus you have to be happy with paying body corporate fees regularly and live in a group environment.
The third alternative can be expensive, with Architects fees and a home that could ultimately well exceed your budget.
A solution is a House-Land Package. Here, the builder can offer you one of their designs, modify it or work with you to produce a home that is more in keeping with your lifestyle and importantly, your budget.
The package is put together as a combination of a land contract for your selected block and a building agreement for the construction of the agreed design. You also have the ability to view the workmanship of your selected builder by inspecting their display home or asking for referrals.
The advantage of buying a package is stamp duty is only applicable to the land content, which can be a significant financial saving. In the case of qualified first home buyers the government offers various concessions or incentives. Stamp Duty is not payable on the land content, and, until 30th July 2018 the First Home Owners Grant is available at $20,000.
Check your eligibility at : https://firsthomeowners.initiatives.qld.gov.au/
So the advantages in buying a house-land package are:
- You will end up with a brand new home, often tailored to your personal requirements and built with the latest in design material, tiles, floor-coverings, cabinetry and electrical appliances. The big plus is – it comes with a mandatory 6 year structural warranty.
- You can elect to defer certain items if you choose to save some initial costs if you want to do them later.
- There can be financial savings to be had.