HOW TO SELECT & SECURE YOUR PACKAGE
Have you seen the block of land yet?
If possible, we recommend you view the property before looking to commit to a deposit. Make sure you are happy with the location, drive around the local area and locate the shops, schools and transport.
Which plan option should I choose?
Once you are happy with the location of the block, select your favourite plan from the options available in the package. When making your selection, consider your overall budget and the layout which works for you.
Can I view your display homes or homes under construction?
Yes you absolutely can. We welcome the opportunity to walk clients through display homes, newly constructed homes or homes under construction. We will take you through the most relevant home for your package once you have an idea of which plan you would like.
Can I make alterations to the plan and changes to the inclusions?
Yes, however plan alterations and inclusion changes are done after the package is secured. This is to ensure you do not miss out on package you really want.
I like the block and I’ve chosen my favourite plan – what next?
If you like a package, secure it. We highly recommend if you are keen to secure the property you do not delay. Often in sought after areas you won’t be the only person looking at the package. Many clients have delayed a few days and missed securing the package they really wanted.
To secure the package, you will need to complete an Expression of Interest (EOI) form and return this to us promptly. We can provide this form to you on request.
How do you come up with the land price in the package?
When creating our packages, we consult directly with either the land agent, landowner or developer and specify a realistic price that the block will likely sell for. Our package prices are designed to give you a guide for the most likely accepted offer on the land as well as the realistic budget to build the home you want, including site costs.
I already own a block of land, can you give me some build options?
Yes we most certainly can! If you already own or have recently purchased a block of land, we will happily work with you to present a range of plan options that suit your needs and budget. We will walk you through the building process with complete transparency on costs in exactly the same manner as our packages.
How long does it take to build?
The entire process – from securing your package to being handed the keys – does not happen overnight. Be aware that advertised build times of 12 weeks do not include the whole build process.
Overall, for a single level home on a flat block the process of securing land, contracts, finance approval, council approval and building can take 8-10 months with clear sailing. A double storey home can add up to 2 months (10-12 total) to this time frame.
What is the Site Cost Allowance?
The site cost allowance, shown on the first page of every package, is included in the total package price for required site works unique to that particular block, such as piering the slab, removing trees, building on sloping land or building over utilities. These costs are inescapable and unlike most builders, we are open and transparent about the costs involved from the outset – we include the allowance so that you have a realistic idea of the total package cost.
Importantly, the allowance is a ballpark estimate only based on our experience, as the fixed site costs cannot be determined until we choose a plan and conduct a soil test and contour survey. When you are presented with a fixed price building contract, this will include all site works. If the determined site costs are less than the allowance, the difference is deducted from the package cost.
How do I secure a package?
To secure a package, you must promptly complete and return an Expression of Interest (EOI) form and pay a preliminary deposit of $2,500.00. This deposit is held in trust until the land contract is confirmed and signed. If we are unable to secure the land this amount is refundable.
NOTE – There is no charge to our clients in the land negotiation process, this is offered as part of our service to you. Built Easy do not accept any payments or commissions for this service.
What happens after the package is secured?
Once we have secured your package and the land contracts are signed, we start ordering all the relevant tests to organise your fixed price build contract. The $2,500 is now non-refundable as it is used to undertake soil tests, contours, draft plans and prepare contracts for your finance. The builder cannot issue a fixed price contract without these tests being completed. Please note, this $2,500 is deducted from your overall package price.
When the land vendor signs the contract you will pay a deposit of $1,000 toward the land. This amount is refundable until you obtain finance approval or the land contract otherwise becomes unconditional. Depending on the terms of the land contract, this will typically occur 14 – 21 days after signing. During this time, we work closely with you to specify the exact plan and inclusions you want to allow the builder to issue a fixed price building contract.
Generally once the land contract becomes unconditional, you will pay a further 3% deposit on the land and move to settle either within 21 days for a registered lot or 14 days after land registration lots awaiting titles. By this time, the package will be tailored exactly to meet your objectives and budget. The builder will issue the fixed price build contract and upon signing, you will be required to pay a 5% build deposit.
LOANS AND PAYING FOR YOUR PACKAGE
How do I finance the package?
Your package will consist of two contracts – one for the land and one for the build – which will be financed separately. The loan for the land is obtained first through your preferred lender or broker, allowing the land contract to proceed to settlement. Once issued, the build contract is required to obtain a construction loan – ask your lender about construction finance to find out more. We are able to recommend a few construction finance specialists if you require assistance or would like a second opinion.
Unlike the loan for the land, which is fully drawn at settlement, the construction loan is drawn down in stage payments as per a standard HIA or Master Builders contact. Your lender will liaise with the builder to arrange these payments as construction progresses. Prior to releasing money, the lender will typically engage an independent quantity surveyor to ensure the necessary works are complete.
We also offer self-managed super fund options – please contact us to find out more.
FIRST HOME BUYERS IN QLD
There are concessions for first home buyers in QLD. This can greatly reduce your out-of-pocket cost, particularly when the initial deposits are due. Speak to your lender or solicitor regarding eligibility.
First home buyers purchasing land also receive special stamp duty concessions. For blocks of land under $250,000, there is no stamp duty payable. Between $250 000 to $400 000 there is a sliding scale of payment. There is no concession for land priced above $400,000.
To find out more, talk to your solicitor and visit: https://www.qld.gov.au/housing/buying-owning-home/concessions-for-homes/
QLD FIRST HOME OWNERS GRANT
The QLD First Home Owners’ Grant is a Queensland Government initiative to help first home buyers purchase a new home sooner. If you are eligible, you’ll get $20,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000).
Visit the First Home Owners’ Grant website for more details – https://firsthomeowners.initiatives.qld.gov.au/
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