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Things You Must Know First in Buying House and Land Package For anyone planning to invest in a property in Australia, it’s important to recognize and acknowledge how popular the option of buying home and land packages is these days. This trend is currently being felt and seen primarily 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 – First things first, be sure you check if there is any significant demand for rental properties in your local area. 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 – It also makes sense to choose a house and land package that comes with a distinctive selling point. Simply put, choose an area where you find something that will make your investment stand out, such as a nearby mountain trail, nature park, or beach. 3 – Meanwhile, the size of the lot is crucial especially if you are thinking about using that property for rental purposes. For instance, majority of prospective renters want a place that has sufficient outdoor space, especially those who families who are just renting. 4 – Also, be reminded that the number of new homes planned to be built in the area is a crucial factor to consider when you’re buying a home and land package. If there is an increasing number of homes intended for the same people who plan on renting, it means your potential for growth will be limited due to competition. 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.