New Bennett Springs house and land packages
Know this:
Bennett Springs is situated approximately 14 kilometres north of the Perth CBD.
The suburb is located close to many other rapidly developing suburbs along Perth's northern fringe.
Be sure to check out other surrounding suburbs in the area: Dayton, Brabham and Aveley.
Bennett Springs is a growing suburb that runs next to the Reid Highway.
Developers in the area are creating exceptional living environments that can support a vibrant community by leveraging the region's excellent transport links and employment centres located nearby.
Residents of Bennett Springs live right nextdoor to Whiteman Park and likewise have access to a variety of other green spaces.
Home buyers are attracted to the area due to the suburb's close proximity to the city and the number of new private estates that are under development, such as the Iluma private estate.
Northern Perth has an abundance of prime land and some of the best Western Australian property is for sale in Bennett Springs.
There is a range of schools in Bennett Springs including the Beechboro Christian School and nearby Dayton likewise has several schools in the area.
What is a house and land package?
There are broadly two types of house and land packages: Turnkey and Standard.
A turnkey house and land package is where a developer sells you a piece of land, builds a house and at the end of that process, hands you a key.
You literally turn the key in the door and the home is yours. This process generally has several involved meetings with the developer before construction begins so they can take into account any preferences you have.
Note: while developers will offer some choices - like colour schemes, flooring types, appliances (and prices will reflect those options), turnkey solutions are designed to keep costs to a minimum and as a result there is, broadly speaking, less choice in how you want your new home to be presented.
Standard house and land packages are more involved and at a high level, they involve you purchasing the land like any normal real estate transaction (with or without a mortgage) and then you can build the house at a later date.
This gives you a lot more options in how you want your new home to look and feel - you can customise a lot more - however you, as the buyer, are more involved with the construction and you need to manage more during the life of purchasing.
Financing
Always seek professional advice on securing financing for your property purchase.
Financing for house and land packages can differ depending on the type of package you intend to purchase.
For turnkey house and land packages, the purchase price tends to be fixed and, broadly speaking, the loan you will need to qualify for will generally be a normal home loan - complete with requirements to have a 20% deposit before being subject to LMI.
For standard house and land packages, you will, broadly speaking, deal with two different loans. Firstly, you have to purchase the land and this is where you will, generally speaking, need to have a 20% deposit in order to not be levied with LMI.
Secondly, your financial provider will supply you with a ‘construction loan’ that you draw down on as you pay contractors at different stages of the home’s construction.
This advice is high-level in nature and always consult a mortgage broker or broker at a bank to get tailored advice that best suits your budget.
We aim to make things easier for you to find your new home here at Urban
Be sure to refine your search in order to find projects that best suit your requirements.
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