When researching to purchase a block of land, especially for the first time, although exciting there are a number of things you should try to familiarize yourself with to ensure you get the best result for you!
To be confident and able to make informed decisions, knowing the right questions to ask is the key. These prompters and questions are designed to assist with your research process.
Consider Your Needs and Options:
- Your budget? Review Home Loan options at the beginning of the search process and decide how much money you want and can afford to spend. Review different loan options that best suit how you plan to buy; will you buy the land first with one loan or prefer one loan that will cover both the land and home purchase
- Have you decided on the home design you want to build? In this case you must find a block of land that suits that Home design and is also within your total budget. There is no point buying land to find the home you love won’t fit.
- When buying land first, consider how much money is left to cover the cost of building and look into relevant taxes or stamp duties payable.
Selecting a location and block of Land:
- When comparing blocks of land and estates consider the value for money in relation to the size of land and other obvious considerations like your preference to the general location of the land or estate, regarding access to transport, shopping, schools, parks, clubs, employment etc.
- Consider whether you intend on purchasing your block of land first then researching homes and builders that suit or the other way around.
- Discuss the deposit and payment process with the developer and when the land will be ready to be built upon.
- What size land to buy, 400m2 or 900m2? Do you want compact low maintenance or room for a pool and lots of entertaining space? One way to get a feel for how much land you need is to visit display homes and ask the size blocks different homes are on.
- Sun Orientation. The Sun rises in the East taking a Northerly aspect in winter and sets in the West. Consider which direction you would prefer the back or front yard to face.
- Consider Estate specific covenants and Rescode requirements. Covenants are set guidelines put in place by land developers to govern the types of homes that can be built on each block.
- Rescode requirements are put in place by the government specifying things like front and side setbacks and a range of other elements. Talk to the land developer to ensure you are familiar with covenants and the impact it may have on your choice of home.
- When reviewing land it is a good idea if possible to review the Engineering drawings and land contract. Ask the developer to explain or gain 3rd party advice so you understand building envelopes, slope of land etc which can impact site costs and your overall choice of the home you can build.
- Have a general look over the estate and get a feel for the type of homes being built and whether you think it will continue to develop well.
- Review previous estates the developer has developed and get an understanding for the types of things that are planned for the area and how it all might look in a few years time.
The process of finding your ideal block of land should be an enjoyable one which so many options catering to all suits of people’s needs. It is a good idea to discuss and consider many of the points above before making a purchase decision. Hopefully these points will assist you, good luck.
Another article that may interest you: 17 Quick Questions When Buying Your Block of Land