The overall structure or the development plan of land will entirely be your area to look into. You will have to do your own homework because sadly the developers are not legally obligated to tell you about the overall structure plan or the development plan of the area. However, in this blog, you will get to know about some hidden secrets that you will find within a land development plan.
This information will be helpful to you if you are buying land on a new estate.
What is a Land Development Plan?
The development plan focuses on the municipality planning of an area which can include facilities such as shops, schools, recreational facilities, and more. However, the plan may also showcase some things that you may rather not live in proximity to like water storage facility.
Let us understand it with an example;
Imagine you buy a block of land and later you discover that the local water authority was constructing a tower in your backyard.
By the time you come across the truth, it will be too late. Had you been aware of the development plan of the area, you would have known about the risk involved and identified it early. It might also have affected your decision to buy the same block of land. Perhaps, you would have chosen a different block of land that is free of the shadows of local utility facilities.
As already said above, the developers have no obligation to tell you anything about the development happening on the block of land. So, it is entirely on you to look into and research such factors. Click here and know about the things you must look into before buying rural property.
Here’s a first-hand experience of a land buyer.
A 56-year-old John purchased a block of land within a major growth corridor in a thriving regional Victorian town. He had bought a block perched high up on the hill overlooking the entire city. He bought the land off plan thinking he had enough time up his sleeves.
After signing the contract, John became aware of a source unknown that a local water authority was installing a water supply facility. This led John to discover more about it and he came to know that six blocks that backed onto his block had been purchased by the authority themself. John had no idea if it was a shed or a tower.
Now, he had paid a premium price for the block of land that will back onto a water storage facility.
Had John done his homework by considering the land development plan, he would have known that he needed to investigate it further to keep himself safe.
Unfortunately, the real estate agent who sold the block of land to John was also not aware of the considerations. However, it is only when you work with a land advocate or the developer, you will be able to come across the hidden facts.
Making an informed decision is the need of an hour. So, when you buy a block of land, make sure you factor in some hidden facts as well. Contact Raine and Horne, Land Victoria experts. We will assist you and guide you right when you make such a big investment.
Whether you decide to develop the land further or not, investing in land will give you a lot of benefits such as:
If you are struggling to buy property, buying vacant land might be easier for you and comparatively affordable.
It has been seen that vacant land is easier on the budget than buying a house or a property. One tactic is to buy a block of land now and build on it later when you have a large budget.
Another great advantage of buying vacant land is that the land is yours and you can use it in any way you want as long as it is within the limitations of the council’s zoning and building codes.
Also, you can leave it as it is or can even build a home on the land tailored to your needs.
This is another advantage of buying vacant land i.e., it requires low maintenance as compared to keeping a home in good condition. Also, you do not have to worry about any repair or renovation work. Besides mowing the lawn to keep the land in a reasonable state, there is nothing that you will have to worry about at large. Vacant land also needs less time and less stress; therefore, it makes the land purchase a passive investment.
Buying vacant land also means that your insurance, rates, and property taxes will be much lower than buying a home or a property. If you are an investor, you will pay a property manager to look after your property. With an investment property, you will have to worry about finding or even evicting tenants. But this will not be the case with the vacant land you will buy.
Another thing you will consider when buying vacant land is that it will remain in the similar condition in which you will buy it. The weather and erosion might have an impact but generally, vacant land tends to appreciate in value.
If purchased with the help of a real estate agent, you will see significant appreciation in the prices of vacant land. This usually takes place when the land is in an undesirable area, but the area around it is going through some regeneration, therefore it becomes a more desirable place to live in. This holds true in the areas that have been pinpointed for major growth centers and land rezoning. This can lead to land price hiking overnight.
Comparatively, there is less competition in buying vacant land than buying a house or a property. Because the competition is less, it will allow you to negotiate better.
The advantages are immense but only if you have an experienced real estate agent to help you in buying a block of land. Contact Raine and Horne Land Victoria experts.