In Melbourne, would it be cheaper to buy a house or to buy LAND and BUILD a house?
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In Melbourne, would it be cheaper to buy a house or to buy LAND and BUILD a house? Hello, my partner and I are moving to Melbourne, we don't want to rent! We want to own a home (a loan will be needed) We don't want a big flash home-quite the opposite in fact. We want to live in the suburbs (approx 30-40 mins, by car, from the city.) So would you say buying a small home OR buying LAND (and buliding a kit home) is the cheaper option? (Kit homes dont take long to build.) Thanks.
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Answer:
Your best idea would be to buy a house and land package from an established builder at one of the many estates around Melbourne. Check for locations in the Melbourne Herald Sun or the Age on Saturdays. Ignore the scam from the person offering car loans, and only approach one of the banks or building societies for a loan. You may need at least 20% deposit, or more, with a reputable lender. If ANYONE offers you a loan with less that 20% deposit, they are trying to scam you and should not be trusted, in the current financial environment there are a lot of loan sharks around.
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Other answers
If you buy the land first you will save on stamp duty, or you can buy a spec home the ones the builders erect and they have everything landscaping blinds and floor coverings and you don't pay there as well
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