Discover Why More And More People Are Opting For House And Land Packages

In several countries around the world, more and more people are purchasing house and land packages, rather than opting for secondhand homes. There are of course several reasons for this, and we’ll be looking at some of the main reasons in the paragraphs that follow.

The Disadvantages Of Buying A Secondhand Home

Buying a secondhand home has a number of disadvantages when you compare it to the purchase of a new home. As is the case with any type of secondhand commodity, a secondhand home will inevitably have a certain amount of wear and tear. If you’ve ever had the misfortune of paying for essential building repairs, you’ll already know that they don’t come cheap.

Before you purchase a secondhand home, you need to have the place meticulously inspected. Of course if you’re relying on a bank or building society for finance, they may in certain circumstances send out their own designated inspector. After all, if you default on your payments, and they are forced to repossess the property, they want to be sure they will be able to recover their losses by selling the property. If there are major issues with the property, they might be forced to sell it at a loss, and this is why they insist on an inspection.

On the other hand, banks and building societies don’t really like losing business, so they also don’t want inspections to be overly stringent. This in turn could mean you end up with a home that may soon require costly maintenance. With a new build, as is the case with house and land packages, this type of risk is eliminated.

Secondhand Homes Often Cost More

Unlike commodities such as cars, and most other things for that matter, secondhand homes routinely cost far more than brand new homes. To begin with, no home owner wants to sell their home for less than they originally paid for it. In fact, virtually all home owners want to see a profit.

In contrast, many large scale home builders purchase a very large piece of land which they then split into individual lots. They then offer these plots of land for sale at an extremely competitive rate, on the condition that the purchaser also buys their home through the developer.

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.