Before you start drafting your plans for that dream home, you will need to buy a piece of land first.
When buying land, there are plenty of things to consider before finally coming up with a decision to purchase an ideal spot in a serene location. Your goal is ultimately to acquire a piece of land, which involves making a reasonable offer for what it is actually worth. While the entire process will be different for every location, some general rules remain.
Whether your plan is to develop an existing property or build one, purchasing the right piece of land is always a sound investment if you can accomplish all the necessary research before sealing the deal. I’ve learnt a lot about this as my dad has now build a beautiful home back in his native land on the beautiful island of Barbados. It was all paper work, meetings, long hours, drafts after draft. Things vary from country to country so make sure you know what you’re getting yourself into before hand. In Australia, the key to successful acquisition of land for sale in Werribee through Lend Lease is thorough research and asking youself the questions below:
- What is your purpose for buying land?
- Is it suitable for your plans?
- Can your budget cover all costs including legal, survey and building costs?
- Are you looking into realising a profit for re-sale?
If the land is meant for business use, the process won’t be so easy. Real estate is an investment of money and time. Careful analysis of the prospective location and business value is of high importance. Whatever type of business you are planning, costs can add up very quickly, so you need to carefully analyse the profit margin and return of investment.
Type of Land
Blocks of land come in all sizes. There are residential subdivisions that have everything ready for you—water and electricity connection, and even fibre Internet! There are blocks subdivided into smaller portions while others are small acreages generally found in rural towns with only some amenities available. There are farms from small to enormous with very limited access to amenities such as phone line, but with very little to no noise and air pollution.
Location, Location, Location
Once you find a piece of land that will give you access to all the amenities you need, then all you have to do is to carefully evaluate whether it is close to parks, schools, shops and other establishments that can save you travel time.
Aside from proximity to services, location issues will also determine your ability to obtain a bank finance or insurance for the land you choose and limit your choices to the design or type of house you can build, not to mention that it can also increase construction costs.
Check whether the area is prone to floods, cyclones, bushfires and other natural disasters. For example, low-lying areas located near rivers have higher chances of flooding. If the land is located in a heavily timbered area, there’s a high risk for bushfire occurrence.
Find out if an area is prone to natural disasters by contacting your local council. Lastly, we strongly advise that you seek legal or financial advice from a qualified professional before closing a deal for land acquisition.
Until Next Time… Charlotte x