Are you applying for an HSBC home loan?
A house and land package is a great way to create your dream home. You can choose the house you’ve always wanted on a block of land that will compliment the design. Make sure your package suits your needs and read these great tips.
Most house and land packages are in new development areas, so your choice of location may be limited. Ensure you select a location that suits your lifestyle.
Check how long the developers have been in business and how many house and land packages they have sold. Cover all grounds and ask for references from three of their previous clients.
Walk through display homes of various builders and look over plans. Pay close attention to the quality of the finished houses and compare the designs and costs. Ensure that all details concerning materials and services are included in the contract and read it thoroughly.
Purchase the land from the developer before the house is built or the house with the land once construction is completed. Buying the land from the developer prior to construction will mean you pay a deposit of 10% on the land and the balance upon settlement. This option will require two different loans - a land loan and a construction loan. If you purchase the land with the house after construction there will be no progress payments.
Make sure that the design you have selected is suitable for the land you have chosen. Ensure all reports and investigations are finalised and you are happy with the plans and specifications. Stay informed during the construction and keep in regular contact with the construction manager.
Whether you’re building from scratch or renovating your existing residence, these helpful tips can make the world of difference when you’re creating your dream home.
Make sure you’re getting the best price and obtain at least three written quotes. Look for a builder that abides by codes of conduct and practice and search industry bodies such as the Master Builders Association or the Housing Industry Association.
If quotes are similar in price, there will not be much flexibility in the final price. If the quotes are very different in price, it’s best to get the builders to either quote the job again or to obtain quotes from new builders.
It’s important to make sure there are no claims against your builder. To check the license, contact the relevant licensing authority in your state or territory and investigate any claims against the builder’s license number.
Before you hire a builder it’s important to get references from past clients. Find out the quality of the builders work and the experience that the client had throughout the building or renovating process.
There are many standard contracts you can get from government and industry bodies. These are great to use, but make sure you get the contract checked over by your solicitor.
Find a builder:
| Master Builders Association |
| Housing Building Association |
Check the builder’s reputation:
*HSBC does not represent or warrant the performance or quality of any service provided by external parties. HSBC disclaims (to the maximum extent provided at law) any liability for products supplied by third parties.
Call us on 1300 308 880