Your house and land package include a construction package of your choice and land, this is usually described as one transaction but is effectively two separate transactions executed by separate contracts.
A house and land package are attractive as you know the land costs and build costs from the start, you can use market metrics to compare plausible rental yields. Existing market data is rather reliable, so choosing a house and land package in a good area is crucial.
Just as important is choosing a reputable builder if the choice is not given to you it is likely the agent is representing a developer rather than you. Choosing a build through a developer isn’t an issue most of the time (in terms of quality).
Houses in the same area end up looking eerily similar as developers pay architects for a hand full of plans and do not budget of unique houses as that would defeat the purpose of a suburb bulk build project.
You will need to consider your incidental costs of owning a property such as stamp duty and registration fees, costs on interest, conveyancing fees and other legal fees. Getting a good lawyer when undergoing this process is crucial as they can protect your rights and help you avoid any unnecessary delays.
You’ve got to be careful as you can run into council fees right from the start of when you move in if you do not keep your front yard clean. Make sure that you remove all debris and rubbish from the front of your place as soon as possible to prevent unnecessary council fees or fines.
You can find house and land packages within the planning stage on offer. You’ll need to do further research into what amenities are nearby, when and where public transport is going to be built and the target population of the area. The last thing you want to do is spent upwards of $700,000 on a house and land package that won’t see any rental yield for 18 months.