What To Ask When Buying A Block Of Land – Buying your dream piece of land can be an exciting first step to owning a new home. But it can also be a scary process, especially if it’s a path you haven’t taken before.
If community and livability are important to your lifestyle, buying in a new master-planned community may make sense.
What To Ask When Buying A Block Of Land
New properties offer opportunities for all types of buyers, from first home buyers looking to get their foot on the housing ladder, families wanting more space for their kids to run around; for the little ones who want less maintenance and more fun. Living in a master-planned community also has its benefits, such as being close to new amenities such as parks, schools and shops, access to a wide range of transport options and the opportunity to participate in a variety of local community events.
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So here are some questions you may want to ask to help you make the best and most informed decision you can when buying land.
The old adage “location, location, location” should be kept in mind for all real estate purchases, not just when you’re buying an established home, but also when you’re looking to make a land purchase.
Think about the exact location and orientation of the block and how it fits with your lifestyle and the type of home you want to build.
It’s also worth researching the proximity to green space, playgrounds, schools and public transport to see how these meet your requirements.
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Making the right decision about location will improve the livability of your new home for years to come and how happy you’ll be in your new neighborhood.
Doing your homework on the land developer’s background and reputation will give you the peace of mind to proceed with a potential land purchase.
As Australia’s largest private property developer, it is a recognized and trusted leader in the housing and land development sector, having planned and built over 170 communities over 40 years. We are proud to have helped more than 250,000 people achieve the Great Australian Dream of home ownership.
Before you think about signing up to buy a block of land, it is important to do your due diligence on the lot you are about to invest in.
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As a buyer, you should do proper research to consider land size, drainage and location before making a land purchase.
If possible, it is a good idea to visit the site in person and contact the local council or party to determine the development application process and whether there may be any restrictions on land development. Any reduction in the percentage of land that a building can take up can be because this can affect the design ideas of your new home.
It is also worth checking the availability of infrastructure and utilities. Is there access to water, electricity and sanitation?
Zoning will determine what you can build and how you can use the block, so it’s important to be clear about all permits before building on your site.
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Consider if there are height restrictions or if special applications are required to run a business from the property or if you want to have a chicken coop.
What can I expect to pay in stamp duty? Is there a tax exemption if I buy this land?
In most Australian states and territories, stamp duty is calculated on a sliding scale based on the price of your property. Basically, the cheaper your property, the less stamp duty you will pay, but the thresholds vary from state to state.
Apart from the state in which you are buying, the total amount of stamp duty will depend on the purchase price and whether you are a first home buyer, owner occupier or investor. Whether the property is a principal residence or an investment can also affect stamp duty.
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If you’re looking for the right place to put down your roots, you’ll need to consider your lifestyle and how different properties can meet your requirements.
If you’re a young family wanting to be close to schools, parks and playgrounds, or if you’re a city worker, being close to public transport and train services may be a priority.
Makes it a priority to foster a true sense of community in all of our properties, with a particular focus on thoughtful design and how the property will contribute to the lifestyles of the residents who live there.
This includes plenty of green space to ensure the highest level of health and wellness, recreational spaces, unique playgrounds and community amenities that cater to all ages and types of shoppers.
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Many homebuyers are drawn to buying a new land development because it offers a more affordable opportunity to get a foot on the property ladder, with the added benefits of new amenities and thoughtful, thoughtful design.
New properties generally offer a range of lots to suit different budgets and mean you can build the exact home you want for a cheaper price than established purchases.
This can lead to greater long-term capital growth benefits as your piece of land increases in value over time.
There are also government incentives, such as stamp duty concessions for first home buyers, which can make buying in a new land development even more affordable, depending on your circumstances.
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Crunching the numbers before committing to a land purchase will help ensure you don’t go over your budget.
Absolutely! We all need a roof, but it’s also important to recognize that this will be one of the biggest investments you’ll make in your lifetime. Therefore, considering the potential for future price growth and your financial position is crucial when it comes to the block of land and location you want to buy.
For example, larger blocks or sites with waterfront views may cost more initially, but the extra price may be worth it if you think it will appreciate more than other blocks in the area, especially if you decide to sell in the future. Buying a home is an exciting time, but it also comes with a lot of stress. After all, you’re investing hundreds of thousands of dollars in a property – and you weigh at least as many details as: Are there termites? Is the sewer backing up? What are the HOA fees?
There’s pressure to get it right, so we spoke to real estate agents to find out what questions to ask when buying a home. Read on or click below to go to the topic that interests you the most.
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Cost and Budget | The people you will work with | History and Risks | State of the house | The neighborhood
For many people, a home is the biggest purchase of their life, which means you should ask a lot of questions about what you’re getting before making an offer.
Unless you pay cash, the sticker price of a home is not the actual amount you pay. And even if you pay cash, there are often ongoing costs you need to consider to make sure your home fits within your budget. And one more note: you usually won’t know the final cost in advance because of the many unknowns that go into this process. But you can get a stadium.
HOA fees. Not all homes have a homeowner’s association (HOA), but they are gaining in popularity, and HOA fees can pay for anything from community pool maintenance to community trash removal. According to Terri Williams and Realtor.com, the typical HOA fee is around $200 to $300 per month, but can be much higher for more extreme luxury properties.
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In addition to knowing what questions to ask before buying a home, it helps to understand where you can use your negotiation skills to get a deal. If you’re new to the home buying game, we recommend checking out Miranda Crace’s guide to negotiating home prices.
You should keep in mind that many of these costs can be included in the closing costs. This handy SmartAsset closing cost calculator can give you an idea of what your closing costs might be.
Finally, ask yourself what your long-term plans are for the home. Is this your forever home or starter home? The answer can determine what type of mortgage you get, which can save or cost you a lot of money in the long run.
You know you’re getting the building itself, but beyond that, it’s not always clear what’s included when you buy a house. This question helps clarify what sellers label (Window treatments? Appliances? Lighting fixtures?) and what they leave out. Once you have the answer, you can better understand what you’ll need to spend to make the home livable, which can affect what you’re willing to pay for the property.
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Liz Steelman, real estate editor at Apartment Therapy, points out that you usually don’t ask the seller directly. “Most people ask their [buyer’s] real estate agent, and then they ask the seller’s agent.”
It is usually best to get the seller’s answer to this question in writing,
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