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Tips When Buying a House and Land Package When you’re planning to invest in a property or simply want to have some place to live in any part of Australia one of these days, the first thing you need to understand is that there is an increasingly popular trend of buying house and land packages. This is quite true in areas in the outer suburbs of Australia’s major cities. But then again, similar to the manner on how you make a very big investment like this, buying a home and land package can only be carried out successfully once you have considered several things first. You obviously don’t want to end up investing in something that’s as huge as this kind and realize in a little while that it was a mistake. So, if you don’t want to waste your money, here are things you first must learn before buying a home and land package.
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1 – The first thing you want to figure out is if there is a demand for rental properties in your locality. For instance, if there is very limited social infrastructure in the area where you plan on buying a home and land package, it means there is a very slim possibility of having people interested in renting a home. If there is no rental potential, it means that you will most likely struggle to obtain a practical rental return.
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2 – If possible, look for a house and land package with a unique selling point. This means that you must go the extra mile to look for stuff that will make your investment intriguing to people, let’s say there is a nature park or scenic views. 3 – Meanwhile, the size of the lot is crucial especially if you are thinking about using that property for rental purposes. One example is when your prospective clients are families who are looking for a home to rent, and in this case, big families want sufficient outdoor space for their stuff and children to play. 4 – You also must understand that the number of new homes planned to be built in the area is a major factor to consider in your decision to purchase a home and land package. Supposed there are enough homes to cater to those same people who you consider as your potential clients, it only means your prospect of growing and succeeding in your rental business will be limited or at least affected in some way. Lastly, once you like a couple of prospective home and land packages, you have to put in the effort to read every detail in the contract to purchase so as to be really sure that you are in agreement with every term or provision. No property investor or buyer wants to end up with something that comes with hidden defects or issues and those issues are only revealed once the purchase has already been made.