Buying land in Melbourne is not like going to a candy shop and taking the candy you see worth eating. It is a big investment and will involve a lot of hard-earned money. Before making such a big move, make sure you ask as many questions as possible and clear up all your doubts. For this, you can contact Raine and Horne experts at Land Victoria.
Our team of professionals is always here to serve you and take care of your acreage-related needs.
If you are buying land for the first time, here are some questions that you must seek answers to before making an investment of a huge sum.
So, the questions are as follows:
Who’s the Land Developer?
When you consider buying into a new land, it is important to know who the developer is and also consider some key questions around the same like; Do they have a proven history and financial capability to deliver amenities, infrastructure, open space, landscaping and recreational facilities etc. to the quality they are promising? What about the time frames?
Is the Land Already Titled and Infrastructure Work Underway?
Infrastructure work will include roads, power, sewer, and water.
Is There a Build Time Limit?
Do people have to start building within a set time frame? While the land is selling quickly, it means the buyers will not be living on a building site for an extended period of time.
Is Land Buying a Good Investment?
If you are thinking of building a family home, this might not seem a relevant question but it will be good to know that by buying a land in Victoria, you will not only have a great place to live in but you will also be creating an asset which will increase in value. Factors you must consider are future investment in the area like schools, roads and infrastructure.
What’s the Size of the Development?
Smaller developments will be appreciated more than the larger ones.
What About the Location?
The location is important- both for land and the house. It is of paramount value. This is the reason you must ask a few questions related to the location where you wish to purchase the land.
Here’s what you must see in the location-
The block of land must be situated in a spot that makes sense for you. To know this, ask questions such as the proximity to transport, schools and shopping center.
The location you choose will primarily depend on your lifestyle.
If you are working and can do it remotely then perhaps look for a rural block with a lot of space and privacy.
Consider Planning Controls
Another important aspect of location is to look at planning controls. The last thing buyers would want is to purchase a block of land just to find out that the council has plans for some major infrastructure work on the surrounding blocks.
Therefore, it is vital for you to carry out your own due diligence to avoid any surprises. Suppose, if the block you are looking forward to buy is surrounded by other vacant blocks, then check zoning and land use to understand if there are any potential deal-breaking works planned for the future.
Before committing to purchasing a block of land, understand the nature of the block. For instance, does the block of land feature any slopes? It is crucial to know the dimensions and nature of the slopes as well. This will allow you to do research on the extra costs of slopes to the building phase and determine if your budget can cater for this or not.
Another important thing you must consider is the nature of the soil.
If the grading of the soil is not perfectly done, it can have a major impact on the cost of building foundations for the house.
Always check the orientation of the block of land. Orientation will result in better energy efficiency and will significantly save a lot on energy bills.
As already said above, you must be aware of the available key services such as power, gas, water, sewage, internet and telephone. Question about all these things before buying land. If the facilities are available, do not forget to check the location of the facilities as well.
When you ask the real estate agents such questions, you potentially skip the surprise you might get otherwise.
Asking the above questions early on allows you to determine the connections costs and spare some room for these in the budget.
When purchasing a block of land, there are some legal considerations that you must take into account. Knowing the legal aspects is a good thing because it will save you from any legal trouble later in life.
Approval to Build
Building on a piece of land requires taking some approvals. Without approval, you might land yourself in trouble. So, avoid any such situation.
An easement may affect your decision of where you can and where you cannot build a block of land. This is the reason third parties like electricity or water authorities can access a block of land. If these easements are in place, it is important you know about them as these would play an important role in changing the vision for your acreage.
What are the Requirements of Covenants?
Sometimes with a specific block of land, there are covenants in place. It means there are restrictions on building materials that are allowed to be used. This can also mean that there are restrictions in place as to how the land can be used for development. Hence, it is important for you to have this information before making any commitments.
When making a purchase as big as a block of land, it is important you go in with your eyes wide open. While a block of land may look perfect on the surface, there are many hidden factors that you must consider. If you are buying land with a real estate agent by your side, he/she would guide you right. For instance, with Raine and Horne Land Victoria real estate agents, you will always be given the right guidance. Contact us for any query related to buying and selling acreage. From legalities to the nature of the land, being informed about every piece of information can save you a lot of heartbreak in the process. This is the reason when you purchase a block of land, it is important to ask hard questions before you sign the dotted line.