Hello to all,
I have been recently considering purchasing cheap land in possibly rural VIC or WA etc.
I am just a little bit worried in what is involved (because this is all new to me), in regards to certain fees? Ongoing costs? What to look out for? What to consider? And anything else i may or have missed.
Your help people is always greatly appreciated
Far out there are so many where do you begin? Here are a couple:
1. Check out zoning (if you want to build or development)
2. Check out location of sewer lines and easements
3. If we are talking rural then check out possible LVR and postcode restrictions depending on the bank
4. If you are building – check out the council's contribution costs (although generally shouldn't be an issue based on where you are looking)
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What is the motivation? ie do you have an expectation of a capital gain or rental return?
How large a block do you intend? You will have to maintain the block (even if vacant) eg slashing, weed control, fencing, erosion control etc.
In some circumstances, the annual rates will exceed the purchase price.
Thank you guys,
@ Scott, motion is all capital growth. Looking at land 1000msq plus. You mentioned that in some circumstances the annual rates will be larger than purchase price, why is that ? Maybe an example would be much appreciated. Help me understand better.
In some LGAs, the land is valued so low that the rates will be higher than the land value.
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