House And Land Packages - Why Has This Become The Option Of Choice For So Many Buyers?
No matter where in the world you are, you'll find that people are increasingly moving away from secondhand homes, and are now opting for house and land packages instead. Generally speaking, there are two main reasons for this current trend, and that's exactly what I'm going to discuss in this short article.
Risks Associated With The Purchase Of Secondhand Homes
When compared to brand new properties, purchasing a secondhand place can be very risky business. Any and all secondhand goods will have endured a certain amount of wear and tear, and secondhand homes are no exception to the rule. If youve ever had the misfortune of paying for essential building repairs, youll already know that they dont come cheap.
One of the most important steps when purchasing a secondhand property, is to ensure a thorough inspection of the place is carried out prior to any contract being signed. While some mortgage lenders are more lenient than others, most will want their own inspectors to check over the property prior to giving you the money. If for some reason you can't keep up with your repayments, the bank will take possession of the home so they can sell it in order to recover their losses, and they don't want to have to sell it at a loss. If a property has structural damage, or perhaps some other kind of major damage, the bank could end up in a situation where they're unable to get their money back if it ever came to that.
With that having been said, inspectors sent by the bank aren't usually all that strict because at the end of the day, they actually want you to buy a place through them. The downside to this is that a mediocre inspection could cost you a great deal of money in the long run. Because house and land packages involve new builds rather than secondhand homes, this type of risk is virtually non-existent.
Buying A Secondhand Home Is Not Always The Cheaper Option
Unlike commodities such as cars, and most other things for that matter, secondhand homes routinely cost far more than brand new homes. To start with, you'll have a hard time finding someone who is willing to sell their home for a loss. In fact, virtually all home owners want to see a profit.
Most big property developers invest in huge chunks of land, and then they subdivide that land into smaller plots. The developers are then in a position to sell those plots for less that what a private seller could, but this is done because you'll then be obligated to let them build your home.
Because developers buy land in bulk, they're in a position to ensure house and land packages are almost always the most cost effective choice for buyers, and added to that is the fact that buyers have peace of mind in knowing that their homes will be constructed by experienced home builders. Above all, going this is probably also the most stress free option, in that the developer will take care of virtually all the necessary legalities, such as building permission, plans, site inspections and etc.
Risks Associated With The Purchase Of Secondhand Homes
When compared to brand new properties, purchasing a secondhand place can be very risky business. Any and all secondhand goods will have endured a certain amount of wear and tear, and secondhand homes are no exception to the rule. If youve ever had the misfortune of paying for essential building repairs, youll already know that they dont come cheap.
One of the most important steps when purchasing a secondhand property, is to ensure a thorough inspection of the place is carried out prior to any contract being signed. While some mortgage lenders are more lenient than others, most will want their own inspectors to check over the property prior to giving you the money. If for some reason you can't keep up with your repayments, the bank will take possession of the home so they can sell it in order to recover their losses, and they don't want to have to sell it at a loss. If a property has structural damage, or perhaps some other kind of major damage, the bank could end up in a situation where they're unable to get their money back if it ever came to that.
With that having been said, inspectors sent by the bank aren't usually all that strict because at the end of the day, they actually want you to buy a place through them. The downside to this is that a mediocre inspection could cost you a great deal of money in the long run. Because house and land packages involve new builds rather than secondhand homes, this type of risk is virtually non-existent.
Buying A Secondhand Home Is Not Always The Cheaper Option
Unlike commodities such as cars, and most other things for that matter, secondhand homes routinely cost far more than brand new homes. To start with, you'll have a hard time finding someone who is willing to sell their home for a loss. In fact, virtually all home owners want to see a profit.
Most big property developers invest in huge chunks of land, and then they subdivide that land into smaller plots. The developers are then in a position to sell those plots for less that what a private seller could, but this is done because you'll then be obligated to let them build your home.
Because developers buy land in bulk, they're in a position to ensure house and land packages are almost always the most cost effective choice for buyers, and added to that is the fact that buyers have peace of mind in knowing that their homes will be constructed by experienced home builders. Above all, going this is probably also the most stress free option, in that the developer will take care of virtually all the necessary legalities, such as building permission, plans, site inspections and etc.