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Tips When Buying a 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 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 certainly don’t want to end up investing in something so expensive and just end up regretting about it. So as to avoid making the wrong investment, here are some valuable tips before you decide to buy a home and land package.
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1 – First, it is important that you figure out if there in fact is a demand for rental properties in your local area. You must see to it that the area where you plan on buying a home and land package has a good amount of social infrastructure, because if it doesn’t have it, it only means that people won’t find it attractive to rent 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. 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. 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.