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Tips to consider before buying a block of land

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Buying land comes with many considerations, almost as many as buying an established home. Some points to consider:

  1. Council and legal considerations

    Some councils and developments have a hefty list of restrictions that will need to be adhered to when building under them such as dwelling positions and building materials. It is important to be 100% all of these when looking for the type of home to build on your block.

  2. Zoning

    Be aware of any bushfire or flood risk within the zone you wish to develop as the higher to risk, the increase in difficulty obtaining finance will be.

  3. Location

    The closer your block is to sought after amenities and the CBD, the higher your return on investment may be.

  4. Orientation

    If you really want to benefit your bottom line and the planet, it pays off to be energy efficient. A northern facing home ensure a great amount of light and warmth in Winter whilst also protecting the space from excessive heat during Summer.

  5. Utilities

    Determine main utilities including power, gas, NBN, water and sewage are already in place as having to install these can massively increase your budget and lessen your return.

  6. Size and shape

    Know the dimensions and shape so you can fully gage how you can rebuild your home or how many dwellings can fit.

  7. Terrain and soil

    Soil testing is a must when purchasing a block of land to ensure there are no unknown issues lurking under the surface. This also determines the stability and land retention of the block to minimise the cost of building a sturdy foundation. In addition to this, if the block has several trees close or on the proposed dwelling site, has uneven terrain or is steep, excavation costs can be quite costly.

  8. Neighboring propertiesEnquire about future developments in the area that may increase or decrease potential value to your investment. If there are no upcoming developments that will not impact resale then you ca rest easy knowing that your block of land may have great potential as an investment.

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