Things to Look Out For With Home and Land Packages

February 5, 2021

Looking into house and land packages in Sydney? Overwhelmed by all the information but still not sure what you should be looking out for?

Not to worry! Here, we’re going over a few of the major things to look out for when looking at house and land packages Sydney-wide to make sure you don’t fall into some of the most common traps set out for you.

Hidden Costs

The very first thing to look out for when going through the process of buying a house and land package is the hidden costs.

No one likes financial surprises, so it’s best to prevent major curveballs by considering the practicality of the land, the area in which you’re planning to build and any add-ons you might be considering.

Practicality of the Land

When you’re looking at house and land packages, you want to consider the practicality of the land. Will it require any flattening or extra adjustments? Are there are underground pipes that need to be worked around?

The more practical the land in which you’re planning to build, the less chance you’ll have of any hidden costs coming back to bite you.

Area

Next, you’ll want to consider the area. What council permits are required to build there? How do the locals feel about new construction happening there? Is there anything about the area that might slow down your progress like the weather? What future developments and infrastructure are planned which may affect the value of your new home?

Add-ons to your Build

While it’s tempting to get excited about all the potential add-ons you can get for your new build, keep in mind that in most cases, these add-ons aren’t included in the original cost.

Make sure you’re crystal clear with your builder about what’s included in the build cost and what hidden costs might be lurking in the background.

Here at Wealth 360° we partner with builders who provide the most inclusive, value packed packages upfront.

Super Long Projects

The next thing to keep an eye out for is project length. When you choose the type of house you want, always consider how long it might take. Then, add six months to that… just to be safe. In many cases, house and land packages always take longer than you expect.

However, sometimes that extra duration can be a benefit if you are waiting for the land to settle as you’ll have control over the land while it gains value without any loan repayments.

All in all, the length of your house and land project is something to look out for to make sure you’re prepared for how long it might take from start to finish.

Low-Ball Offers

Don’t be fooled by low-ball prices given either by buyer’s agents, developers or builders. They’ll sometimes bait a low price and exclude essential features like driveways! As if you’d want a home without a driveway...

This goes back to looking out for hidden costs. Unfortunately, not everyone is as honest as they could be from the get-go and you’ll definitely want to avoid getting into these kinds of situations. In short, any low-ball offers should be taken with a grain of salt.

At Wealth 360°, our prices are always too good to be true AND all-inclusive. That means we won’t hit you with any hidden fees or give you a low-ball price that doesn’t actually cover the bare minimum.

The Temptation to Do It Yourself

Especially if you’ve bought a home before or invested in property in the past, it’s easy to feel overconfident and tempted to do everything yourself when it comes to buying house and land packages Sydney-wide.

However, this is highly discouraged as there are many moving parts when it comes to securing these kinds of deals. Leave the contracts and negotiations to the buyer’s agents and leave the construction and renovation to the builders and contractors.

If you’re not an expert in the industry, it’s truly not worth it to do it yourself. There’s so much that can go wrong and while you might be saving money in the short-term, it’s not a solid long-term plan, to say the least.

As tempting as it is, avoid trying to scrimp and save by doing the negotiations or renovations yourself. Trust us, it’s never worth it.

 

Looking at house and land packages in Sydney? Contact Wealth 360° today to set up a consultation!

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