When it comes to purchasing a property, many types and forms of real estate are available.
One type of property which has gained a lot of popularity in recent years is the House & Land package.
Most people confuse this with a plot & plan. Although there are some similarities between the two, I will be touching on the benefits of a House & Land Package in this article.
What is a House & Land package, and why is it so popular?
As the name implies, the purchase price you pay for a House & Land package includes the house and the land it sits on.
All you need to add, or tweak are the interior furnishings and the floorplan if the one in place does not suit your needs.
Advantages:
1.Maximizes efficiency and minimizes stress upfront
With a House & Land package you do not have to worry about all the hard work that goes into building a home from scratch. All that needs to be done is modify and tweak certain exterior and interior design elements to suit your personal taste.
2.Fast and easy process
Gone are the days of sifting through hundreds of Real Estate Listings and back-and-forth conversations. The search for your new home is greatly simplified when you are working with just one person (#yourhomegirl) – I will be doing all the hard work for you.
The agent/developer has a network of service providers that can help you put your dream house together. They obtain the land, work with a trusted contractor, architect etc.
3.Can be cheap, depending on builder-specific deals
Purchasing a house at a fixed price before it is built by a developer eliminates any nasty surprises in the future from the contractor due to underquoting their work. The cost upfront and prescribed build period allow you to budget and plan at the start of the project.
You buy a turnkey property and do not have to deal with any renovation or maintenance costs in the first couple of years.
4.Benefit from my developer’s strong supplier relationships
With insight into all current and future opportunities. If the right plot pops up, you will have the best chance of securing it in the most sought-after suburbs.
Reputable developers also have relationships with suppliers and as such, can negotiate discounts on some building materials and appliances for your house, which can reduce the costs.
5.Tailored Package
The developer and agent will take the time to understand your individual needs and lifestyle to help identify a floor plan that best suits your family.
6.Reduced Risk
The developer uses his own funds to build the property. Should the house not meet your and Bank (if financed through a mortgage) standards you may simply walk away from the deal and find something else. The banks also, require you to sign a “happy letter” before they proceed with the loan payment.
Should this letter not be signed, the developer either needs to address the issues or the deal could fall apart.
Disadvantages:
1.You must pay for Transfer Duty
Unlike a Plot & Plan purchase, you must pay for Transfer costs with a House & Land package.
2.Restrictions
With House & Land packages, you may be restricted from making too many alterations to the house. You are limited to the budget and design constraints of the developer and his/her team. If you should want an addition that they do not offer you have to obtain such at your own cost.
As you can see, buying a House & Land package offers great value, convenience, and ease to potential buyers-homeowners.
For these reasons, I urge buyers to consider a House & Land Package. Like any purchase, however, nothing is ever perfect.
There are disadvantages, too, to choosing this type of real estate property.
Those cons, however, aren’t meant to scare you away from buying one. It is on you how you’d approach those disadvantages, see what applies to your case, and then decide on whether or not a house and land package really is the best for you.
For enquiries Text, Call or email #yourhomegirl Justina Hamupembe
Cell: +264812726001
Email: Justina@chili.com.na
