5 things to know about buying a turnkey house and land package

Instead of worrying about buying a parcel of land and then finding a builder, a fixed price house and land packages means that the property developer and builder work together to take care of both steps for you.

This means there is no conflict of interest between the land developer and builder on whether the lot is ready to build on, the available services and connections, and the overall finished quality.

A turnkey home takes this ease one step further. Buying a turnkey home literally means that once the building is completed, you can turn the key in the front door and start living there straight away, with no further work required.

Here are five things you should know about buying a turnkey house and land package.

Make sure you have a good relationship with the developer you choose – this will help to make the whole process much more transparent. It will also mean you can readily ask any questions you have and that you’ll ultimately be provided with more information.

It’s also a good idea to research the area you’re buying in to ensure there will be no environmental problems with the land down the track.

“The advantage of having one company to deal with means a faster process for development and approval and shorter waiting times between land settlement and construction, which can save you interest,” says Adam Jian, Director of Linden Wise, the exclusive sales agent of The Hills Estate.

“There’s also less frustration and a smoother process all round.”

Ensure your new suburb is properly planned and infrastructure is in place or being built. You need to think about what you’re looking for before you buy.

“If you rely on public transport make sure there are sufficient services to get you where you need to go. Green spaces are attractive for most people, especially those with young families, so find out about planned parks and playing fields in the area,” says Jian.

If you’re not sure where to start, begin by researching areas near you. Linden Wise’s The Hills Estatedevelopment is part of the North Boxhill Development scheme, which will be laced with parklands and feature open space that will include a lake. Also planned is a town centre with shopping amenities as well as a primary school and several childcare centres.

The Hills Estate will be less than an hour’s travel to the Sydney CBD once the Sydney Metro is completed, with Stage 1 of the project scheduled for a 2019 completion.

‘Turnkey’ homes mean different things to different builders, so it’s very important that you check exactly what’s included in your purchase.

“Ask if your new home will include landscaping, driveways and all site costs, as well as all those extra things that make a house a home, such as a clothesline, mail box, curtains, fly screens and lights,” advises Jian.

Building contracts will also vary between builders so you need to understand what you are committing to, says Michael Cronk from Transpire Constructions.

A fixed-price, turnkey home will give you certainty over price, but be sure to carefully check the contract for an expiry on this offer.

It’s very important to check how long the fixed price applies for. Some builders only provide an available tender price for the next three or six months, but then don’t start building until after that, which means you could end up paying more due to a price increase.

“For the fixed-price turnkey packages at The Hills Estate, we are offering a fixed price for three years, with a choice of standard or luxury inclusions ” says Cronk, adding that this will ensure buyers can budget accordingly.

Understand what is and isn’t included in your package to avoid any budget blowouts.

“Also, be aware that with some companies you don’t always get what you see in the display home, so double check before you buy,” says Michael.

“Watch out for hidden clauses with potential variation or price increases, excluded items and fittings and unfair terms and conditions.”

Link: https://www.realestate.com.au/advice/5-things-know-about-buying-turnkey-house-and-land-package/