Forum Replies Created
- Intrigue wrote:Thanks for the link JJ7.. but I think in that situation they are selling a lease, the use of the land rather than ownership of the land. and yes I am fussy, like everyone else I want the dream block for next to nothing.
They tell me if I work hard enough and focus positively enough……..
Land is definately for sale
Thanks for the feedback guys.Most of you seem to know more about this than I do.Spoke to a town planner from the appropriate council today.He tells me that the 200 acres is zoned farming and that a subdivision is possible as each lot would be the minimum of 100 acres required under their guidelines.It is a corner block so access to both would not be a problem.There are some restrictions on the land, one being a wildlife matter and the other being a Fire Authority one.Both of which he explained would not interfere with what I’m wanting to do.If I can bore you with another scenario I’m considering, that is 8.5 acres, very near but much better position than the 200 for the exact same investment as my half share of the 200 acres.This block has town water, elec. and telephone connections already at the boundaries.I know it’s a huge difference in size but in either case all I would be doing is building a moderate size home and using maybe 2 or 3 acres, the rest would remain bush.Leaning towards the 8.5 simply so that I can purchase it on my own.
As far as finance, I saw my broker today,I have approx. 2.5 times the purchase price in equity and do plan to borrow 80-100% and it sounds positive , he will let me know tomorrow and I will keep you all posted.
Cheers Paul
Paul R wrote:JacM wrote:I think what the guys probably mean is that they are guessing that since 200 acres is a lot, the pricetag is probably big. Let's call the pricetag 3 million. In order to get a loan, you have to come up with the deposit and stamp duty money (eg 20% deposit plus stamp duty which is normally around 5% of the property cost) plus also you have to be able to "service" the loan, which means that there has to be enough cash left over out of your salary, after you pay for your groceries and so on, to pay the loan off. The stockstandard person would be unable to stump up the cash for a massive property.Thanks for replies.The land I’m considering is priced @ $1000 per acre and classed as “farming”.I plan to borrow 80%.
I do have another property and finance shouldn’t be a problem.Was wanting to find out more about different scenarios Re: two houses on one title. Cheers PaulThe property would be used purely as a holiday retreat and maybe sold with a dwelling in the future
Cheers Paul.JacM wrote:I think what the guys probably mean is that they are guessing that since 200 acres is a lot, the pricetag is probably big. Let's call the pricetag 3 million. In order to get a loan, you have to come up with the deposit and stamp duty money (eg 20% deposit plus stamp duty which is normally around 5% of the property cost) plus also you have to be able to "service" the loan, which means that there has to be enough cash left over out of your salary, after you pay for your groceries and so on, to pay the loan off. The stockstandard person would be unable to stump up the cash for a massive property.Thanks for replies.The land I’m considering is priced @ $1000 per acre and classed as “farming”.I plan to borrow 80%.
I do have another property and finance shouldn’t be a problem.Was wanting to find out more about different scenarios Re: two houses on one title. Cheers PaulHow do you come to that conclusion?
Land is in country Vic.
