A house and land package as used by home developers is used to mean a deal whereby the owner is offered both land and a new home at a price. Land experts say that there has been a 5-15 percent increase in the number of inquiries about land & house packages, meaning people are taking an interest. The most common packages are two, where you either select the land that you fancy and then choose from a number of standards or customized designs, or buy a pre-built home and the land it’s been built on together. Whichever you chose, the completed home should be in accordance with federal, state and local authority quality standards. With so many offers available from different developers, it can be quite daunting to bag the best deal. Use the below as a guide to make your purchase easier.
You should start by considering the prices of land & house packages being offered in the area you plan to live in. Developers will often put their best deals forward. By comparing, you will be able to tell what to expect from a certain developer. You should find a new home that is within your budget once you have narrowed the list by looking at the offers that you can only afford. Then you can start comparing homes that you have the ability to buy. Your budget should be realistic too.
Narrowing down to the credentials of the developers you can afford is also a step in the right direction. While many developers may be reputable, knowing who is best to work with will require you to look at their track record. For example, when a developer is the one that is known to have many compliments from previous clients, then he is a person you want to buy a house from.
After you have identified the development in your area of choice, then you need to contact their sales representative or visit their office. Discuss your needs and budget, including the rank of options that are within that budget and do inspections. After you have settled on the package you want, then it’s time to inspect the new homes you are considering and then find out the financial plan and agree on the best way to pay. The options that are available mostly are buying the land with one loan and paying off before deciding to build with a different loan or use a construction loan that drop feeds the loan balance.