Hi, I am thinking of making an offer on an undeveloped lot without any service (water, gas, electricity and swear).
Can you please advise, what due diligence do I need to do before committing to buy. The lot is about 1km away from any home that have all services.
It will be a buy and hold strategy for next two/ three years.
Hi,
My first call or visit would be to Council and looking at what they have on file, if and when are local utilities going to be available, if not for sometime, what are the costs to make the improvements needed for supply, look at any easements and covenants as well. Even if you are wanting to sell in the coming years, all of these costs may deter potential purchasers, but on the other hand if you were to implement these services it may add value.
Grant
1Km away…
Are you planning to put services onto this block.
Is it just one block or a huge vacant block with potential for subdivision.
Youd be looking at 100,000s to get services connected.
I can tell you that power companies charge anywhere from 10k-30k per power pole. there would be a couple of them over a KM at least.
Water companies can charge 500-1000 Per meter for sewage and water (In city with bitumen road)
Hi wilko, this is just one 400 sqm block in bushland. Subdivision has completed without any development.
This area is an extension on a established street with houses in it.
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