What questions do you need to ask when buying a block of land?
Knowing the right questions to ask when buying block of land will help you avoid the biggest and most costly mistakes made. But with so many things to consider to avoid a budget blow out disaster how do you know what to ask?
Buying the right block of land is paramount to you having a successful home building experience. There is a lot to consider when buying a block of land which also makes it one of the areas where people can make the biggest mistakes, or more likely, the most costly mistakes. But the good news is they are so easily avoided! It’s all simply about knowing what to look out for when choosing the perfect block of land to build your dream home on.
Working through this checklist will help you avoid the nasty surprises that can sometimes come when choosing a block of land that you haven't done your homework on.
It will help you consider the things you need to know that can affect your overall costs when buying land and you'll be far less likely to be hit with any nasty surprises that will cause you to blow your budget or make a bad investment.
It will also help you feel fully informed about any site issues that could potentially cause you problems once you start to build.
Land Buying Checklist
Learn about land conveyancing.
Understand what a land buyers advocate is.
Know the pros and cons of buying land off-the-plan.
Know how to truly compare different blocks.
Know how to read a plan of subdivision.
Know where to access the development plan if buying in a new estate.
Understand covenants, easements and connected services.
Understand site costs and soil types.
Understand orientation considerations.
I know how to identify a good area to build.
I know how to avoid hidden site costs.
I know how to negotiate my sale.
I know how to buy a block that holds equity
the essentials of buying a block of land - in order
Other Things to do when buying land
- Do you have pre-approval for finance. You need this first to know how much you have to spend. You can get pre-approval here.
- Have you chosen a legal conveyancer? You need to do this now.
- If available in your area and you feel you could benefit from the service, consider engaging a land buying advocate to conduct your due diligence and handle negotiations.
- If looking at buying land off-the-plan consider if this is a suitable option for you.
- Compare blocks of land or estates using the land comparison chart.
- Read the plan of subdivision to know if an easement will affect you or not.
- Ask to see a copy of the structure plan/development plan.
- Make sure all services are connected and if they aren't, get quotes to connect them prior to purchase.
- Ask for a list of any covenants that exist within the subdivision.
- Have a site level specialist (civil contractor) estimate your site levelling costs.
- Once you choose a block invest in your own soil test so that you own that information and can use it to get quotes.