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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. One example of a housing option is what you call the home and land packages. You can see a lot of builders and real estate agents that offer this kind of deal, but the process is different from one company to another. If you want to get this kind of package for your family, then it is best that you know what are the differences between packages being offered. What exactly are 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. They are being offered by both builders and real estate agents alike, and they can be obtained by people of different income levels. 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?
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There are two main kinds of processes that you can take. The first one is the part where you have to buy the property first before you can start building your home. The second one entails that you purchase a house that is already constructed in a property that is owned by the developer. First option: Buying a property before you can have your house built. If this option is a far better for you, then what you should do is you deposit a certain amount of money and the balance you will have to pay once you are settled. The great thing about this is that during stamp duty, you will just be paying a less amount. If you buy a property where no house is still built, then the stamp duty that you will be paying is only for the land and not the building that you are constructing. You have to be acquiring two loans when you choose this option. The first loan, you will have top pay for the land, and the second loan, you will have to pay for the structure and its construction. When the work progresses, then there is a need for you to make progress payments as well on your mortgage. In comparison to the second option, the first option is much cheaper and there is much flexibility in terms of the design of the house that you are building. Second option: Buying a house that is 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. There is no need for you to pay progress payments.