The Coronavirus pandemic has had a significant impact on the property market in Australia, causing many homebuyers to seriously consider whether buying right now is the best decision.
When purchasing a house and land package, you need to think about which option is right for you. You’ll need to decide whether you want to buy land to build your new home, or if you prefer a turnkey package, with a ready-built home for you to move into straight away. Purchasing a house and land package to build a home can be a more convenient option than buying land on its own.
First-time buyers are currently very active within the property market, with many young couples ready to buy their first property, and house and land packages can be a good option. During uncertain times however, it’s incredibly important to make sure that now is the right time for you to buy.
Do your research into the market
As a big decision, it’s important to do your research before buying a house and land package.
If you find a house or piece of land you like, it’s good to know where the property sits in the market, price-wise. Do some research into what similar properties in the area have sold for, and what land release in Clyde North is available.
Looking at the value of properties in the community helps you know whether or not you’re getting a good price. It may also indicate if you’re buying in a desirable area with healthy, projected growth.
Have your financial situation in order
Buying a home at any time is a big financial investment, but during uncertain periods, it’s even more important to make sure that you are in a strong, financial situation.
You want to be sure of your job security before purchasing property and have a healthy amount of savings set aside in the case of emergencies.
A mortgage is a big responsibility, you need to be able to make your repayment, while still having enough left over for general life expenses. A key factor to consider is if you will have capacity to keep up with your repayments, even in the unfortunate case of job loss.
During periods of uncertainty, your financial position can change more easily, so it’s important to have your finances sorted before making an offer on a house and land package.
House and land packages are generally a more affordable option for homebuyers, but it’s always worth asking for the best deal you can get.
During stages when the market may be experiencing fluctuations, it can be a good opportunity to secure a better deal on a property. And, if you are set on a particular area such as Clyde North, enquire about any houses for sale or land release in Clyde North that may suit your budget.
As well as the cost of the house and land package, you may also be in a position to negotiate lower prices with your builder on certain things like materials, fittings, and fixtures for your home.
Don’t rush into it
Many people had to put their plans on hold in 2020, but it’s important not to rush the buying process.
During uncertain times, homebuyers are more likely to panic and buy a property without taking time to think it through, due to fear of missing out.
Don’t make any hasty decisions when it comes to your future home, whether you’re buying ready-built or building from scratch. You need to carefully think through your offer before signing a contract, and if you’re buying a house and land package in Clyde North, with a ready-built home, make sure to thoroughly inspect the property.
When buying a house and land package, you may want to build your dream home, which takes time. You need to have realistic expectations about how long the construction process will take. Your builder should be able to provide you with an estimate of the move-in date.
If you’re not in a rush to purchase right now, you can wait to see if the market improves and give yourself more time to secure your finances. However, if you find a house and land package that sits within your budget and your funds are strong, now may be the best time to buy.