I am looking at purchasing land in queensland, which will be my first time buying land, i live in nsw, what are the things to look out for when buying land and what checks whould you get done ?
cheers
CSI 11. the dimensions of the land. Is it the same as what appears on the title?
2. the structure of the building, for example, the foundations, plumbing, wiring, dampness, cracks in the walls;
3. whether there is any part of a building that overhangs an adjoining property;
4. the condition of the fences;
5. the gutters, eaves, roof, exposed pipes; and
6. for pest infestations (e.g. termites).Hi, please be extremely conservative with costs. I’d look at it this way. If it costs $X in total, then every day, it’d cost me 8% of $x divided by 365.
And do not be misguided enough to say that it should appreciate by y%.
Good luck,
Kum YinHi,
I would check for:
1.)any easment on the block
2.)is block affected by noice, tree protection law, etc.
3.)any cavenants placed on future building (e.g. hight of building, construction material..)
4.)set back required for building from the front, back and sides
5.)soil type and any rocks
6.) slope of the block affecting building cost (cut and fill, where storm water will be going….)
Cheers,
DanielaBesides what others have mentioned, I will check the following as well:
1. Aspects – tradisionally north facing is considered better.
2. Views – water, park, reserve, golf course, etc.
3. Council zoning – this will determine whether you can build multiple dwellings on it or not
4. Housing in the neighbourhood
5. Developer caveats/design rules
6. Location – proximity to roads, hospitals, shops, schools, etc.
7. I wouldn’t be buying in an area where the developers/council is releasing lots of blocks. It will be a while before the marker picks up. Remember, scarcity pushes the price up.But I wonder why you are buying a block of land? Is it for building PPOR or for IP? If its for IP, what do you plan to build – single/multiple dwellings? Remember, there will be holding cost and no income while you are building. Why don’t you look at buying an established property?
Hope this helps
Sanjiv“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
Originally posted by CSI 1:I am looking at purchasing land in queensland, which will be my first time buying land, i live in nsw, what are the things to look out for when buying land and what checks whould you get done ?
cheers
CSI 1Is it in a brand new subdivision or an established area?
I got stuck last year when buying land in a new subdivision that was still being registered with our local Council in Country NSW.
The papers kept getting lost along the way and it was 12 months before we were allowed to start building.
The R/E Agent also had our deposit for that long too.
Still not happy about it.
But learnt from mistake and won’t do it again.Tara.[glum2]
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