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House & land vs Turnkey vs Ready-built: which build type is right for you?

Deciding to build your dream home (rather than buy someone else’s) gives you a lot of benefits and options, including an incredible amount of flexibility in terms of how you build. Below, we explain the three major build options, and explain whether they suit owner-occupiers or investors.

House and land packages

Ideal for: Owner occupiers

If you have your eye on a block of land and want greater control to create your dream home just how you’ve always imagined it, a House and land package could be for you. Once you’ve obtained your land from a developer, you then choose one of our stunning contemporary home designs that best suits your block and needs. Starting from a base of standard inclusions, you then have the ability to upgrade as much or as little as you like to fit your lifestyle and budget. You then get the peace of mind of a set build cost.

Loans and payments
● HIA contract required
● Suitable for construction loans (note that progress payments are required)
● You will need to pay a separate deposit to the developer to secure your block

Turnkey homes

Ideal for: Investors

Don’t want the stress of dealing with the little things (which are actually big things)? Want your home to be liveable from day one so you (or your tenants) can move in straight away?
Turnkey homes are just that – turn the key and step into your fully-liveable new home. Also called ‘move-in ready’, these homes include everything you need to move straight in on the day of completion. They particularly suit investors who don’t have the emotional involvement (or time) to fuss over every little decision, and want the builder to take care of it for them.

Fairhaven Turnkey homes include the following:
● Driveway
● Fence
● Landscaping
● Clothesline
● Letterbox
● Curtains

Loans and payments
● HIA contract required
● Suitable for construction loans (note that progress payments are required)

Ready-built homes

Ideal for: Investors

Also called ‘spec homes’, ready-built homes offer significant savings and cost certainty. However, you can’t make changes to customise your home. Ready-built homes have been pre-designed (so no changes are allowed) and pre-priced (so
you get cost certainty). It’s like buying an established home that hasn’t yet been lived in. A significant benefit of ready-built homes (apart from avoiding the hassle of agonising over taps and tiles) is you save on stamp duty because it’s classified as a new home build. Homes already under construction can classify as ‘ready-built’.

Loans and payments

● An initial deposit is payable, and the balance is due on completion – no progress payments are required

Want to learn more?
Contact our New Home Consultants to learn more about which build is right for you: 03 9704 4000

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