The aspiring property buyers have the tendency to explore the different ways to own a property. The fact is that the property developers’ at first acquire the land and once it is released by the government, advertise it to the buyers to make a choice. The land and the house both are acquired by the developers and so you can purchase it as a package. It is a very convenient option for most of the purchasers as you get a home that is ready to move.
House and Land Package- A New Concept
The innovative idea of buying house and land packages involves finance arrangements. If you have bought a land and then have planned to build a home, then you will have to go through two contracts like one will be the mortgage of the land and the other will be the loan sanctioned for building a house. It may happen that the loans are parceled together, or they may be separate.
Now, one has to also follow the stages for a construction loan:
The first interest has to be paid when the concrete slab is poured.
The second installment is given when the walls and the roof is erected.
The third when the house is secured which is also known as the lock upstage.
The last is when the project is completed.
If you opt for house and land packages, it becomes simple as both the contracts are combined together and since the price is fixed for the house and the land, the finance is released to the property developer.
Consider the Following Things Before Purchasing
The most essential thing that the homeowner has to keep in mind is that the purchase of home and land packages should depend upon the infrastructure of the area. You have to find out if the commuting time taken to reach your home is long as that will make your life impinge on your lifestyle. It is important that you give weight to these factors before buying the project.
Check the entire package that includes the land and apartment together meets up with your expectations above all hands over the keys of the apartment at the mentioned date.
Biggest and Obvious Advantages
The process of buying house and land packages is very simple and this itself is the biggest advantage. The effort that you have to put to build a new home by searching a block of land and then finding out for a new builder is tedious. Instead, it is better to choose the package that will have one contract in the overall process.
You also will land up making huge savings with house and land packages. You will only have to pay the stamp duty on the land component if the construction has not commenced. It is also a benefit for the first home buyer to get a grant from the developers.
The additional advantage for the buyer is that the builders are familiar with the block that you purchase so they will keep in mind about the customization of the houses. They will try to design that will suit you the best.
Moving into a package home will help you to get involved in a new and emerging community. These planned areas have all the facilities like the parks, medical centers as well as shopping areas.
The concept of packages in buying a property is unique and is the easiest and the fastest ways. This essentially can be tailored to meet the needs of the family. There is a team of architects and designers who work for the development of construction areas.
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