Key Differences When Buying a House and Land Package

There are many questions surrounding the purchase of a house and land package and we aim to show you not only how easy the process is, but also the many benefits it offers.

Where to Find a House and Land Package.

Once a developer purchases land and installs the infrastructure (sewers, roads and lighting) they begin to sell off parcels of land, house and land packages or offer the option of customising one of their home designs. These new home developments are often aimed at specific demographic buyers. Some cater to the retirement class, some to lovers of golf and others to young families looking to expand.

Another way to discover new estates is seeing advertisements in real estate papers or commonly through word of mouth.

How do You Finance a House and Land Package?

There is a slight variation to buying a house and land package as opposed to an existing property. The finance process is split into two stages although the loan is normally bundled together. The first stage of the loan covers the land purchase and is set-up as a regular mortgage. The second stage, the construction of the home itself, is covered by a construction loan, whereby funds are released to cover each stage of the construction. This way you only pay interest on the loan when you’ve actually had funds released and not the entire loan before the first brick has been laid.

The Advantages.

The advantages of purchasing a house and land package from Mimosa Homes are many. One of the biggest is you get that new home feeling. Never been lived in. Smells brand new. It’s yours!

You also get to choose the perfect new estate. As mentioned earlier, new developments can cater for all types, so you have the advantage of choosing one that is a perfect fit for your family. New technology is an attraction to many families. Whether it’s the ability to kit out your home with the latest green technology or just the comfort of knowing that your Mimosa Home will be of the highest standard with power points aplenty for the modern family!

Financially, a house and land package from Mimosa Homes makes sound sense. You have the advantage of one loan covering both elements of your build and a fantastic range of packages to suit all requirements. Mimosa Homes are also a perfect option if you already own land and are looking to construct a quality home from our extensive collection.

Are Grants Available?

Since the 1st July 2013, the First Home Owner Grant has only been available to new homes. A payment of $10,000 is available to eligible applicants. There may also be tax or stamp duty concessions available depending on your individual circumstances. For further information contact your state government’s website.

So as you can see, it is no wonder a house and land package from Mimosa Homes makes such good sense. With a range of new developments to choose from and an extensive range of quality display homes on offer, it’s no wonder we’re the best in the west! For further information contact us today.