Discover Why An Ever Increasing Number Of People Are Choosing House And Land Packages
No matter where in the world you are, you'll find that people are increasingly moving away from secondhand homes, and are now opting for house and land packages instead. As one would expect, this latest trend has arisen due to a number of reasons, some of which I'm just about to discuss.
The Risks Are Many When You Buy A Secondhand Property
Buying a secondhand home has a number of disadvantages when you compare it to the purchase of a new home. Any and all secondhand goods will have endured a certain amount of wear and tear, and secondhand homes are no exception to the rule. While many minor repairs aren't really that costly, one cannot say the same thing about more serious repairs.
A thorough inspection of the property is without question incredibly important when it comes to purchasing a secondhand home. While some mortgage lenders are more lenient than others, most will want their own inspectors to check over the property prior to giving you the money. If for some reason you can't keep up with your repayments, the bank will take possession of the home so they can sell it in order to recover their losses, and they don't want to have to sell it at a loss. Obviously, if a property has major flaws, such as structural damage, the bank could find themselves having to sell it below market value.
Having said that, banks also don't want the inspections to be too strict since they don't want to risk losing your business. This in turn could mean you end up with a home that may soon require costly maintenance. For the most part, this risk can be totally avoided if you opt for house and land packages instead.
Secondhand Homes Often Cost More
In the vast majority of cases, secondhand goods cost considerably less than new goods, but this doesn't often apply to properties. To start with, you'll have a hard time finding someone who is willing to sell their home for a loss. The truth is, every home owner you come across will be hoping to make as much profit as possible off the sale of their homes.
Most big property developers invest in huge chunks of land, and then they subdivide that land into smaller plots. Private sellers are simply not able to reduce their asking amount to such an extent, but then again, the developer can recover their losses because they'll be ones building your home.
Because the large developers purchase large swaths of land, home and land packages almost always prove to be better value for money compared to secondhand properties, and buyers usually also have the reassurance that their home is being built by very experienced home builders. Above all, going this is probably also the most stress free option, in that the developer will take care of virtually all the necessary legalities, such as building permission, plans, site inspections and etc.
The Risks Are Many When You Buy A Secondhand Property
Buying a secondhand home has a number of disadvantages when you compare it to the purchase of a new home. Any and all secondhand goods will have endured a certain amount of wear and tear, and secondhand homes are no exception to the rule. While many minor repairs aren't really that costly, one cannot say the same thing about more serious repairs.
A thorough inspection of the property is without question incredibly important when it comes to purchasing a secondhand home. While some mortgage lenders are more lenient than others, most will want their own inspectors to check over the property prior to giving you the money. If for some reason you can't keep up with your repayments, the bank will take possession of the home so they can sell it in order to recover their losses, and they don't want to have to sell it at a loss. Obviously, if a property has major flaws, such as structural damage, the bank could find themselves having to sell it below market value.
Having said that, banks also don't want the inspections to be too strict since they don't want to risk losing your business. This in turn could mean you end up with a home that may soon require costly maintenance. For the most part, this risk can be totally avoided if you opt for house and land packages instead.
Secondhand Homes Often Cost More
In the vast majority of cases, secondhand goods cost considerably less than new goods, but this doesn't often apply to properties. To start with, you'll have a hard time finding someone who is willing to sell their home for a loss. The truth is, every home owner you come across will be hoping to make as much profit as possible off the sale of their homes.
Most big property developers invest in huge chunks of land, and then they subdivide that land into smaller plots. Private sellers are simply not able to reduce their asking amount to such an extent, but then again, the developer can recover their losses because they'll be ones building your home.
Because the large developers purchase large swaths of land, home and land packages almost always prove to be better value for money compared to secondhand properties, and buyers usually also have the reassurance that their home is being built by very experienced home builders. Above all, going this is probably also the most stress free option, in that the developer will take care of virtually all the necessary legalities, such as building permission, plans, site inspections and etc.