Things to Consider Before Buying Land

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. 

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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. 

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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. 

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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

 

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18 comments

  1. I can’t imagine the time will ever come when I buy land but this is a great post for anyone who is considering doing so!

  2. Wow! There is so much to consider before buying land. My sister bought her land and built the most amazing house 🙂

  3. Oh my God, I would love to build my own house from the ground up! I love those TV shows of people doing it. Most modern houses temond me of that song “little boxes on the hillside….”

  4. Great info here. I would love to build a house from the scratch like most people do back in Nigeria but there is a lot to consider.

  5. I never realized that it took so much work to buy land it just goes to show that you need to do your research before you do anything. Thank you for sharing x

  6. My boyfriend’s dad is converting the basement of his house into a flat for him and his brother which can later be rented out when they grow up which I think is a fantastic use of the land you already own! Interesting post 🙂

  7. I always said that I would love to buy land and build rather than a prebuilt house. I hadn’t realised how much goes into it

  8. Reading this post and everything that you need to consider first really makes me in awe of those who go through with it and buy their own land to build on! xxx

  9. Really useful information in here, thanks so much for sharing. I can see why people get so stressed over building a house now, if this is just the start of the process!

  10. That’s a lot to consider! Never thought about the possibility of buying my own plot of land to do as I please.

  11. I think I would just pass the entire role over to someone else to sort, my brain hurts from reading this x

  12. I wouldn’t know where to start with buying land, it sounds so confusing, so thank you for putting it in a little more easy to understand terms. x

  13. If I ever had the money to buy land it would be to preserve it and start a small holding, I hate to think of the red tape involved in that!!

  14. So much useful info here. I really hope that one day we are in the position to buy land and build our dream home. It’s a way off yet though!

  15. I’d love to buy some land and build my own home from scratch – just need to win the lottery first 😉

  16. Great advice there, yes. It’s scary just the thought of it. So much to consider with everything.
    I’d love to do it though!!

  17. I would love to buy some land and build my own house. Definitely things to think about if you were planning on doing this.

  18. Great post – I would so love to build my own home one day! Kaz x

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