Buying Land for the First Time
It’s the great Australian dream to own your own home, but what about the land on which it sits? If you’re planning on buying land in a new estate in which to build upon, it’s important to do your research. Just like anything that’s unfamiliar territory, you may be feeling overwhelmed with the process. Where do you start? How do you avoid making costly mistakes? How much can you afford?
Never fear - Hotondo Homes is here to help you navigate the situation with confidence and clarity. Read on for suggestions and tips on how to buy land for the first time.
Research the type of land you want
First thing’s first: you’ll need to ask yourself what kind of land you want to buy. Will it be for recreational purposes, a family home, hobby farm or an investment property? It might be a good idea to write up a list and identify ‘nice-to-haves’ from your ‘must-haves’ to help narrow down what it is you’re looking for. Does it need to be near public transport? Would you like lots of acres for a growing family? Does the area have adequate medical services, schools and other facilities? If it’s a new estate, find out when these essential services will become available.
Choosing the right block of land
You’ll also need to determine what type of construction is allowed in the area by way of zoning restrictions. Is it a general residential zone? Are subdivisions or granny flats permitted? Is there a potential for your current view to be replaced by high rise buildings in the future?
Understand the lay of the land
In addition to the size of the block of land, you’ll also need to look into the terrain. Some things to keep in mind are listed below:
- Consider tree removal, which can be very costly. There may also be restrictions on how many trees you can remove - and which ones.
- Is the land on a slope? Levelling out a block can either be impossible or expensive
- Is the land made up of rocks? This will need to be factored into the costs when it comes to excavating
- Is the area prone to flooding or bushfires? This may create a challenge when it comes to getting home insurance further down the track
Get your finances in order
Found that perfect block of land? There’s nothing that wipes away that exhilarating feeling faster than realising it’s way out of your price range. That’s why getting your finances in order often goes hand-in-hand with the type of land you want. After all, you can’t go shopping if you don’t know your budget. By getting pre-approval from the bank, you can gauge how much you can borrow. Keep in mind that pre-approval is an indication and not a guarantee. Regardless, checking this off your list is a great way to search for your block of land with confidence.
After you have paid your deposit and finalised your loan arrangements, you’ll need to register your land title and sign the transfer of land document so you can begin building your dream home on your block.
Work with Hotondo Homes today
When you’ve made the decision to go ahead and look into buying land for the first time, our dedicated customer service team will be right there with you. We’ll be more than happy to sit down with you to discuss all aspects around the process so you can secure your own place. Contact Hotondo Homes today on 1800 677 156 to find a builder local to you who can help you find the ideal block of land for your dream home.
All content within this Hotondo Homes article is for information purposes only. While Hotondo Homes endeavours to ensure all information is current and correct, Hotondo Homes makes no representation or warranty as to its currency or accuracy. It is recommended that you seek professional and legal financial advice before taking any action following reading any of the contents of the blog or entering into any contracts.
