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When it comes to buying a new home, two terms often surface, leaving potential new home builders puzzled: "house and land packages" and "off the plan."
Understanding the nuances between these options is crucial for making an informed decision.
Let's delve into their definitions, differences, and implications for buyers.
Definition of Terms
House and Land Packages
House and land packages are a bundled deal where buyers purchase both a plot of land and a home design to be constructed on it. This option offers a streamlined approach, often with pre-designed homes tailored to the specific lot.
Off the Plan
Purchasing "off the plan" means buying a property before it's constructed, based solely on architectural drawings and plans. It's a little more of a leap of faith, trusting the developer's vision and execution.
Key Differences
Contractual Differences
With house and land packages, two contracts are typically involved: one for the land and another for the construction.
In contrast, off-the-plan usually involves a single contract, encompassing the entire property and its future development.
Payment Structure
Payments for house and land packages are often split, with an initial outlay for the land followed by progress payments during construction.
Off-the-plan properties can be the same, or they could simply require a deposit upfront, with the balance due upon completion. This is very dependent on the builder.
Flexibility and Customisation
House and land packages often allow for some customisation, letting buyers tweak designs to their liking. This might include colours, tiles, flooring etc. However this can also be dependent on the builder and so we recommend clarifying this early on in your discussions with them.
Off-the-plan properties can however offer limited flexibility, particularly if construction has already begun. Once a home is under construction it is often difficult to make changes.
Considerations for Buyers
When weighing these options in the home building journey, consider factors like budget, desired customisation, and risk tolerance.
It's essential to research developers, read contracts thoroughly, and seek expert advice.
Ready To Build Your House and Land Package with Novus Homes?
While we may build the occasional off-the-plan homes, we have a much higher number of house and land packages on offer.
Feel free to get in touch with one of our friendly sales consultants, call us on (08) 9240 8001 or browse our current range of house and land packages and also our city living homes with the extra touch of luxury and closer to Perth CBD.