Is buying a house and land package better, or should you buy a section and then find a builder to build a house?
Buying a house and land package is typically an easier option and the building companies should have better buying power and therefore the prices should be okay; however often buying a section and getting a house designed for that specific section will give you a better result. Unfortunately there is no clear answer – but if budget is an issue and bank finance is required then the house and land packages are the safer option.
Manage The Cost Of Building New
Of course anyone building a new house will have concerns about the cost.
When we build a new house we might want to have a larger house and add all the modern gadgets, but we will typically also have to work within a budget and that generally means having to say “no” to some things on our wish-list.
House size – bigger is not always better. While some people want large houses, a recent trend is for smaller houses and it’s worth taking some time to look at some of the smaller houses for sale in areas like Hobsonville Point to give you ideas on how good design can let you get away with a smaller house but without it feeling too small.
Gadgets – some houses are full of gadgets and while some may seem a good idea when building, you may need to cut out some if you want to build within a budget. When we built our new home we did not install underfloor heating as we could not justify the cost; however we spent quite a bit on a large deck and never regret that.
The building companies have created house and land packages to make things easy, and they know that by doing so they fix a problem for people. Of course they will make money from taking the risk away from you, but it provides a safe option even if it is a little more expensive.
Our Home Was A New Build In 2015
We completed a new build in Hobsonville Point in 2015.
The house was sold as a house and land package with an advertised price, but we had the choice to change a number of things to customise the house to suit our lifestyle.
Like most people who build new, we had a budget to work within
From the advertised price we had a good idea on what most of the costs were, but we we able to add a rumpus room, design our own kitchen, increase the decking area and cover it, plus a number of other smaller changes.
Some house and land packages allow a lot of changes, and some are very much fixed. If they allow changes then you need to decide on as much as possible before you get started so they can be included within the build contract and valuation.
Ask For A Specialist Mortgage Broker
Having been a mortgage broker for over 20-years and having personal experience in completing my own renovations on our previous home in Kumeu, completing a rebuild of a leaky house we had in Royal Oak and then more recently having completed a new build in Hobsonville Point it has given me a lot of real knowledge to share.
New house and land packages are proving popular both with buyers, and the banks are more comfortable with new build finance on these too.