Are house and land packages a smart choice for first-time buyers, or could they bring about potential issues in your journey, well beyond buying your first home?

In this episode, we take a closer look at new builds, breaking down the risks and rewards tied to house and land packages. Many first-time home buyers are intrigued by the idea of owning a never-lived-in property, but it's crucial to weigh the possible downsides.

Understanding that some first-time home buyers might still be considering this option, we present the facts to help you make informed choices. Our aim is to guide you towards minimising risks and maximising the benefits associated with new builds.

If you find yourself at the crossroads of real estate decisions or are already thinking about a new build, tune in now. Gain practical insights that will assist you in simplifying the complicated process of buying your first home, ensuring you can make well-informed decisions for your homeownership journey!

Episode Highlights:

00:00 - Introduction

02:22 - Meighan’s special house of the week

04:01 - There are a few pros with new house and land packages

07:44 - Risk #1: Oversupply of land in some locations

11:14 - Risk #2: The consequences of extensive land clearing in housing developments

13:20 - Risk #3: Lack of infrastructure

13:53 - Risk #4: Poor build quality

15:20 - Risk #5: Buying brand new means someone else is making the profit, not you

18:01 - Risk #6: How grants really work with buying brand new

20:25 - Risk #7: The possibility of negative equity for new suburban home buyers

22:34 - Tip #1 for reducing the risks: Buy in infill sites, not on the edge of the suburbia

24:37 - Tip #2: Having a good advisor who’s an expert in their field

26:54 - Tip #3: Do NOT go with the people that the developer recommends

27:44 - Tip #4: Allow for a lot longer and more money than expected for the build

Resources mentioned in this episode:

• Which is the best house to buy when they all look the same? https://homebuyeracademy.com.au/ACTION/best-house-to-buy
• Your First Home Buyer Guide Podcast Episode #119: Insider Secrets for Successfully Building a Home From Scratch https://homebuyeracademy.com.au/podcasts/119
• Learn how to buy property without making a mistake with our 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG

Resources:

• FREE TRAINING: How to make an educated decision so you buy your first home with the right amount of debt https://homebuyeracademy.com.au/webinar
• Visit our website https://www.homebuyeracademy.com.au/
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

• Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
• Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

See omnystudio.com/listener for privacy information.