Have you had your eye on that perfect piece of vacant land to build your next home?
If you are a first-home buyer, you will need to understand the restrictions and assistance you can or cannot get.
When looking at the block of land, you need to take into consideration some things that you might not need to with an established property.
? Don’t just think about the size of the land; take into thought how much site work the land may require to build on; also, consider building surveyor costs.
? Is the Certificate of Title issued yet, or is it still being created
? Is water, electricity, and internet services connected yet
? As with purchasing an established property, you will want to consider the local amenities that you might need in the future
? Ask the real estate agent or the local council if there are any developments/shops/fast food venues/zoning changes/etc. that are planned to take place in the future that you might not like living near
? Is the zoning currently correct for what you want to build
? Some estates have specific requirements for building, such as colours, certain plants/trees that can/can’t be put in the front yard
When purchasing land, it is always a good idea to find out from the local council any restrictions you might have on things such as where it can be built on, does it need to have a concrete slab, or are you free to build as you like, with a raised home for instance.
Remember when purchasing ANY property, whether vacant land or established – no question is silly! You are about to invest in your future home or investment property, and asking these questions now will hopefully alleviate any unforeseen issues in the future!