Finding the ideal block of land can be difficult. There are numerous factors to consider before making a purchase. When looking for land, there are some general rules to be aware of;
Consider environmental factors in the area
Before making a purchase, consider the location’s geography, relative elevation above sea level, as well as nearby drainage areas. Determine whether flooding is a frequent problem or whether the area has a high Bush Fire Attack Level (BAL) for example.
Look for a place to live that isn’t just in the CBD.
We all want to be close to work, restaurants, events, shopping centres, and other amenities, but living in or near the CBD can be unrealistic — especially in Sydney. Consider quieter neighbourhoods further out from the CBD, where larger blocks of land are available at a lower cost.
First, get a home loan pre-approval. Pre-approval tells you how much you can borrow from the bank and gives you the confidence to commence te buyer research. When the time comes, you’ll have a budget and the means to make a purchase.
Take into account where your house will be located on the street. No one really wants their neighbours to be able to look in through their windows. Examine the land and consider the home designs you’ve been considering — will the design fit within the constraints of the land?
Get some sound advice. Before building or purchasing, the right sales consultant should have extensive local knowledge and will be able to walk you through all of the local planning prerequisites. For example, you don’t want to buy a block only to discover it’s unsuitable for construction.
There are some steps to follow to buy a block of land;
The sales contract will outline the terms and conditions of the sale including how the price offered and what the settlement period is. The offer will either be conditional or unconditional.
When the price and conditions are set between the parties, you can then execute the sale contract.
Your deposit will be held in a trust account and can’t be accessed by the developer / seller until the sale has been settled.
You ill need to engage settlement solicitor who will handle the paperwork for your purchase. You will need to clarify the terms of the sale with the seller, as and the solicitor.
Your will need to finalise the mortgage documents and our lender or broker will then help with the process.
Execute Land Transfer Documents
Once the contract is exchanged, you then sign a land transfer document, which is registered with the land titles office by the owners or developer for the property to be transferred to your name.
Time to register the land
This will be the official record of your newly found ownership of the land. When the settlement takes place and your purchase is registered, your mortgage finally activates and the land will now be yours.