Learning The Secrets About Homes

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What 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. Out of the many options, one options is getting 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 exactly are home and land packages? As the name literally implies, home and land packages are a combination deal where you are not only getting a house that you will construct but also the ground where you will be building your design. These deals are available no matter your income, and they are also being offered by both builders and real estate agents. Most of these packages are being offered in housing developments, but you can find a single package being offered in certain areas.
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So, what are the different process schemes with this package?
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There are two main kinds of methods that you can select 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 the property first before you can have a home built. If you will be choosing this option, then you must first be paying a deposit for the property and then pay the balance afterwards when you have settled. The benefit of this option is the fact where you will be paying less during stamp duty. If you buy a property where no house is still built, then the stamp duty that you will be paying is only for the land and not the building that you are 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 built on the land of the developer. In this option, during contract signing, you must give the developer 5% of its deposit. You should pay the balance when the construction is already finished. There is no need for you to pay progress payments also.