It is a wonderful proposal to buy a vacant land and construct your dream house on it. But, as you know, in Australia there is a severe shortage of vacant lands. Naturally, this has caused a considerable increase in the cost of vacant land. This, in turn, will upset your plan of buying a plot and constructing your dream abode on it. But, do not lose hopes as you may avail the benefit of any house & land package offered by the reputed builders. In Australia, many reasons are attributed to the increased demand for land. One of the major factors is the increase in the number of people relocating to Australia from overseas. In fact, this has resulted in frenzy buying, pushing up the prices of vacant lands.
Customized house designs:
At the same time in order to tide over the situation, some of the lenders have introduced residential mortgage securities. Property developers are making the best use of the mortgage security plan in the housing sector. Naturally, this has also benefited those who are planning to buy their dream home under the house & land package. This package gives you the benefit of choosing your plot. In the next place, you will also be given the option to choose the design of your dream house from among the various customized house designs available with the builder.
You may wonder there has been an overwhelming response for this unique land and house package. This is particularly true in suburbs where there has been a greater demand for land.
The importance of middle cities:
Fifteen years ago the Reserve Bank had highlighted the impact of the pattern of population spread on the prices of houses. This evaluation of Reserve Bank has come true now. On the other hand, in Australia, there has been a clamoring demand for developing middle cities. This demand is intended to reduce demand for lands in the already populated cities. By developing the middle cities there will be a reasonable decrease in the prices of land in the cities. Naturally, this will arrest the trend of rising prices.
For the benefit of buyers, the builders offer varieties of house packages. Under this package, you will be given the option to choose from a batch of customized designs prepared by the builder. The package includes construction of the house including water, sanitary and electrical connections. The builder will ensure the house is constructed strictly as per the norms of the local council. The builder will also obtain the necessary approval from the local council for construction of the building.
Creates separate mortgage:
Even though it is a package for both land and house, the mortgage lender will create separate mortgage for the land and house. The mortgage lender will appropriately apportion all your repayments against these two mortgages.
Knock down rebuild:
But, if you already own a house then it would be appropriate that you consider knocking down the old building and constructing your new abode on it. It is needless to point out that knock down rebuild costs are much lower than the house & land package. This is because in a knockdown rebuild approaches you will not be spending any amount towards buying the land. Find out more at http://www.edenbraehomes.com.au/house-and-land/packages/.