If you’re in the early stages of searching for the perfect home, you might have come across the terms ‘off the plan’ and ‘titled land’. But what do these mean, how do these purchase methods work – and how do you decide which might be right for you?
What does ‘Buying Off the Plan’ mean?
When you purchase property off the plan, you’re buying a block of land in a subdivision that hasn’t yet been completed. Quite often, the subdivision will be under construction and you might make this decision based on viewing the location and subdivision plans.
Contracts and payments when buying off the plan:
You’ll sign a contract for the land and you’ll need to pay a $5,000 deposit once your finance has been approved, with the rest of the amount payable once the land is complete and titled. If you’re buying with a mortgage (as most people do), repayments begin once the land purchase is settled.
Potential advantages: There are two appealing things about buying land off the plan. You’ll have the chance to secure a block in a new subdivision, and extra time to work with your builder in tailoring your home design. The second advantage is that the value of the property might have increased by the time it’s built, providing you with capital growth.
Potential disadvantages: You will have to wait until the subdivision is complete before you can start building. Delays or changes are possible throughout construction, so be sure to check your contract.
What does ‘Titled Land’ mean?
If you’re choosing to buy titled land, then you are buying a block that is already registered with the land titles office and ready for you to settle and start building right away. A house and land package can be a great option, or you can select your land first and have your builder design a home that suits you and the block.
You can choose to buy a vacant lot of land and the construction of a new home in one process, typically making your choice by visiting the land, exploring a display village, and viewing the home design and floor plan.
Contracts and payments when choosing titled land:
If you purchase titled land for sale in Mackay, you’ll begin making payments on the land as soon as you’ve settled.
Potential advantages: With titled land, what you see it what you get. You can inspect the block and settle as soon as you are ready. You can also work with your builder to customise your home to suit your family and lifestyle.
Potential disadvantages: You won’t be able to take advantage of any market changes like you can when buying land off the plan, but on the other hand you could get into your new home sooner.
We’re here to help you find the perfect land for sale in Mackay and the perfect home design to suit your needs. If you’re just getting started, you can visit our display village at Plantation Palms to explore the many options. You might purchase land only and work with your builder of choice, or choose from a rage of quality house and land packages in Mackay close to the beach, city centre and schools.