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What You Need to Know About Home and Land Packages There are several options that must be taken into account when it comes to buying homes. Out of the many options, one options is getting home and land packages. A number of builders and real estate agents offer such deals; however, the process of acquiring them is not at all the same. If you are planning to have this kind of package for your family, then make sure that you know the differences each package being offered. What is the meaning of home and land packages? As the name literally implies, home and land packages are a combination deal where you are not only getting a house that you will construct but also the ground where you will be building your design. These deals are available no matter your income, and they are also being offered by both builders and real estate agents. Most of these packages are being offered in housing developments, but you can find a single package being offered in certain areas.
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So, what are the different methods for you to obtain this package?
Houses – Getting Started & Next Steps
There are two main kinds of processes that you can take. The first one is where you should first buy the property before you can have your house built. The second one is where you will be buying a house that is already constructed on the property that is owned by the developer. First option: Buying a property before you can have your house built. If you will be choosing this option, then you must first be paying a deposit for the property and then pay the balance afterwards when you have settled. The great thing about this is that during stamp duty, you will just be paying a less amount. When you first buy a property without any structure yet, the stamp duty that you will be paying will only apply to the land and not at all the building that you will be constructing. You have to be acquiring two loans when you choose this option. The first one will be paid to your land, and the second one will be paid for your house as well as constructing such house. If the work progresses, then you must be making progress payments on the mortgage that you have acquired. Compared with the second option, this option gives you more flexibility in your home design, and it is also less expensive than the pre-built one. Second option: Buying a house that will be built on the land of the developer. With this option, there is a need that you give the developer 5% deposit when you have signed the contract. The balance will only be paid when the construction is already completed. You need not pay for progress payments as well.