Can A Mortage Financer Sell Your Mortage Without Informing You How to Buy House and Land Package

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How to Buy House and Land Package

So you’re in the market to buy a house and land package. If you are an investor, you will be looking for return on investment as well as suburban growth. It’s always a good idea to research the suburbs first, make sure you look at the last 10 years of statistics as some suburbs can be volatile. Gather as much information as possible so you can make an informed decision. Look at the growth of the suburb and see what new infrastructure is being made, this would give you a good indication of the future of the suburb in question. Make sure you are close to schools, shops, hospitals and transport.

The first thing to determine would be your budget, as your budget will determine where you can shop. So before you start hunting and spend a lot of your valuable time, it might be worth talking to a mortgage broker first. Nothing worse than spending time looking for the right property, only to be told you can’t borrow the money.

As an investor you may decide that you want to get more of your return (ROI), you can do this by purchasing a double occupancy as you can get at least 2% more than a single home. However, when it comes to selling, your audience will not be as high, but you only need one buyer.

There are two types of contracts when you buy a house and land package, one is a single contract and the other is a two contract. If you are buying from an SMSF, you will need to buy from a single contract. This means that the builder covers the cost of construction and you buy when it is complete. In such a hot market it can be very difficult to find a single contract, however, it does not mean that it is not impossible, but it is probably not the area that you are looking for. With a 2 part contract, which is more common, you will buy the land, then as the builder builds there are 6 disposition payments as the builder progresses with construction.

Make sure with the package you are buying that the land is registered or has a registration date as you don’t want to wait too long before they start building.

Remember that by investing in a house and land package you will reap the benefits of depreciating value, but remember that it is always good to be in this investment for the long term, so keep the hustle and try not to sell within 5 years.

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