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Everything You Need to Know About Home and Land Packages When it comes to buying homes, buyers always have a lot of options to choose from. One example of a housing option is what you call the home and land packages. A number of builders and real estate agents offer such deals; however, the process of acquiring them is not at all the same. 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 is the meaning of home and land packages? As what the name means, home and land packages are a combination deal where you get both the ground where you will be having your house constructed as well as the house that you have constructed. These deals are being offered by either a builder or a real estate agent, and they are offered for people coming from different income levels. You can see that most of these packages are being offered in housing developments; however, you can acquire a single package 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 major schemes that you can choose from. The first one is the part where you have to buy the property first before you can start building your home. The second one is where you will be buying a house that is already constructed on the property that is owned by the developer. First option: Buying a property before you can have your house built. If this is the option that you will take, then you must first put a certain amount as deposit and then have the balance when you have already settled. The great thing about this is that during stamp duty, you will just be paying a less amount. When you first buy a property without any structure yet, the stamp duty that you will be paying will only apply to the land and not at all the building that you will be constructing. You have to be acquiring two loans when you choose this option. The first one is to be paid for the land while the second one is to be paid for the construction of the house and the house itself. If the work progresses, then you must be making progress payments on the mortgage that you have acquired. Compared with the second option, this option gives you more flexibility in your home design, and it is also less expensive than the pre-built one. Second option: Buying a house that is constructed 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 settled during the completion of the construction. There is no need for you to pay progress payments also.