In several countries around the world, more and more people are purchasing?house and land packages, rather than opting for secondhand homes. Generally speaking, there are two main reasons for this current trend, and that?s exactly what I?m going to discuss in this short article.
The Risks Are Many When You Buy A Secondhand Property
There are always risks involved when purchasing a home, but to be perfectly honest, purchasing a secondhand home is far more risky than purchasing a new home. Unless you?re exceptionally lucky, you?re not likely to find a secondhand property that has no signs of wear and tear. If like me you?ve had to pay for house repairs in the past, you?ll already know that they can cost a small fortune.
A thorough inspection of the property is without question incredibly important when it comes to purchasing a secondhand home. Of course if you?re relying on a bank or building society for finance, they may in certain circumstances send out their own designated inspector. If for some reason you can?t keep up with your repayments, the bank will take possession of the home so they can sell it in order to recover their losses, and they don?t want to have to sell it at a loss. If there are major issues with the property, they might be forced to sell it at a loss, and this is why they insist on an inspection.
Having said that, banks also don?t want the inspections to be too strict since they don?t want to risk losing your business. The downside to this is that a mediocre inspection could cost you a great deal of money in the long run. Because?house and land packages?involve new builds rather than secondhand homes, this type of risk is virtually non-existent.
Buying A Secondhand Home Is Not Always The Cheaper Option
People in general are groomed to believe secondhand goods are cheaper than new goods, but you can be rest assured, properties are in a completely different league. To start with, you?ll have a hard time finding someone who is willing to sell their home for a loss. The truth is, every home owner you come across will be hoping to make as much profit as possible off the sale of their homes.
In contrast, many large scale?home builders?purchase a very large piece of land which they then split into individual lots. Private sellers are simply not able to reduce their asking amount to such an extent, but then again, the developer can recover their losses because they?ll be ones building your home.
Because the large developers purchase large swaths of land, home and land packages almost always prove to be better value for money compared to secondhand properties, and buyers usually also have the reassurance that their home is being built by very experienced?home builders. Above all, going this is probably also the most stress free option, in that the developer will take care of virtually all the necessary legalities, such as building permission, plans, site inspections and etc.
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