5 tips for when buying a block of land or property
September 08, 2010 at 3:06 PM
Top 5 tips for when buying a block of land or property with development potential.
Frequently clients have approached us for assistance after they have purchased land to build a new home on or to sub-divide and re develop because they were experiencing a raft of problems and blockages unforseen by them when they initially purchased their property.
Here are five of the important needs to know details of any building site that you are considering purchasing.
Know what you are buying
Looks can be deceptive, have the property or block of land surveyed before settlement; this clearly identify all boundaries to avoid any possible disputes with neighbours. It also confirms services and area of the block for a knock down rebuild or development.
Hidden costs in site works
Don't be fooled into thinking your site costs will be minimal. Blow out of sites works is one of the biggest complains in the building registration board. Even experts cannot always tell what site works will entail until sometimes after you have your plans back from council. Be sure you have allowed sufficient funds to cover site costs.
Unlocking a hidden gem
Don't discount a property that has sat on the market for a long period of time. It may have some very overwhelming issues. Understanding the potential has proved to be the key the reason our clients created the dream without paying over the top. Remember these properties sitting on the market aren't all over priced; they just have some issues to navigate past.
Town Planning schemes and Residential design guidelines
It's absolutely critical to have a very clear understanding of the rules and regulations from the local council for the particular property or block of land you are thinking of buying. This is by far the biggest reason holding costs and design budgets blow out. Have a chat with an independent consultant and the planning officer from the local council before signing up.
Sustainable living features
The ideal orientation for a property is with living areas and large windows to face north, and to have minimal windows to the east and west and the long axis of the home within 15 degrees east or west of north. Given the new BCA changes coming in 2011, this is now a very important consideration when purchasing a property for a knockdown rebuild or development.
If you would like to know more about these topics and others or have any questions contact the New Home Building Brokers team. nhbb.com.au