Disclaimer:
The information on this website is for general guidance only and does not constitute financial or investment advice. Always do your own research and seek personalised advice from a qualified financial adviser or mortgage adviser before making financial decisions. All investments carry risk and past performance is not indicative of future results.
Key Takeaways
- House and land packages involve staged build payments.
- Turnkey packages are fixed price with payment at completion.
- House and land offers more customisation and location choice.
- Turnkey offers convenience and fewer surprises.
- Compare costs, timelines, and risk before choosing.
When you're on the journey to buying your first home, understanding the different types of building packages available can make a big difference in making the right choice. Two common options you'll come across are House & Land packages, and Turnkey packages. Let's explore these options to help you make an informed decision.
House and Land Packages
What Are They?
House and Land packages involve buying a block of land and then building a home on it. These packages are typically offered by developers who have land available and work with builders to provide a range of house designs.
How Do They Work?
- Choose the Land: You start by selecting a block of land from the available plots in a development.
- Select a Home Design: You then choose a house design that suits your needs and budget. Builders usually offer a variety of designs, from standard layouts to customizable options.
- Construction Phase: Once the design is finalized, the construction begins. You'll have a contract with the builder and pay for the construction in stages as the building progresses.
Pros of House & Land Packages:
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- Customization: You have the flexibility to choose your preferred design and make modifications to suit your taste.
- Location Choice: You can select a specific plot within a development, giving you some control over the location of your home.
Turnkey Packages
What Are They?
Turnkey packages offer a more straightforward path to homeownership. These homes are built under a fixed price contract, where you pay a deposit and then wait several months for the construction to be completed. Once finished, you pay the balance and receive the keys, ready to move in.
How Do They Work?
- Sign a Fixed Price Contract: You enter into a contract with the developer at a fixed price, which includes the cost of the land and the house.
- Pay a Deposit: Typically, you pay a deposit upfront to secure the package.
- Construction Phase: The developer takes care of the entire building process. You don't need to manage the construction or make progress payments.
- Settlement and Move-In: Once the house is complete, you pay the remaining balance at settlement, receive the keys, and move in immediately.
Pros of Turnkey Packages:
- Convenience: The home is fully finished, including landscaping, driveways, and often appliances. There's nothing left for you to do but move in.
- Fixed Price: The price is set from the beginning, so there are no unexpected costs or surprises.
- No Mortgage Payments During Construction: Buyers do not need to pay the mortgage until settlement, easing financial pressure during the construction period.
Learn More: New Builds in New Zealand: Construction Loan vs Turnkey
Feature House & Land Turnkey Customization High flexibility Limited options Payments Progress payments during build Deposit + final payment only Price Certainty May have variations Fixed price contract Involvement More hands-on Hassle-free Mortgage During Build Usually required Not required until settlement
Legendary Homes Turnkey Packages
- Prime Locations: Karaka, Pukekohe and Huapai are vibrant, growing communities with excellent amenities, schools, and transport links.
- Guaranteed Construction Timeline: Guaranteed to finish construction within 6 months from Building Consent issue date.
- Quality Assurance: Every home meets strict quality standards.
- Fixed Pricing: No hidden costs or unexpected expenses.
- Financial Ease: No mortgage payments until settlement.
In conclusion, whether you choose a House and Land package or a Turnkey package depends on your needs, timeline, and budget. If you're looking for a ready-to-move-in home in a thriving community, Turnkey packages might be the perfect fit for you. Learn more about how to secure a new build with a 5% deposit.
Contact Legendary Homes Visit Legendary Homes today to explore your options and take the first step towards owning your dream home. Contact Details: April Zhou Mobile: 021 977 363 Email: sales@legendaryhomes.co.nz
Frequently Asked Questions
Need personalised guidance?
Chat with a First Home Buyers Club affiliated mortgage adviser - no obligation!
Have a question about this?
Post it in the First Home Buyers Club forum — get answers from the community and industry professionals.
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