Top 10 considerations when buying land
When buying land in a new estate, depending upon how advanced the new estate is (in some cases roads may still be under construction which means access will be limited), a model in the sales centre may be the only visual aspect you see to base your purchase selection. In this scenario it's important to know basic fundamentals about the land on offer.
Regardless of where you're buying land, there are certain considerations to account for when choosing the perfect block.
1. Size and location
The size (and location) of the block will determine how much you pay and the sort of house you can build. Will your dream home fit the block? Are you thinking about building on the side of a hill? Think about affordability and overall maintenance required when choosing the size.
- Using the site's natural features may save on energy bills.
- Living areas that face north give maximum exposure to the sun.
- The narrow ends of your home are best on the west and east.
- The wide sides are best facing north and south.
Stick to your budget. If you are buying when the market is hot and land is in short supply, developers have the upper hand and therefore it may be harder to negotiate for a better deal.
4. Land variations
Some blocks are less expensive than others of a similar size due to specific attributes of the land, these can include, for example:
- Fall – the amount of slope the land exhibits.
- Fill - how much additional soil was needed to level out the land.
- Easements - depending on location, can impact future building plans such as in-ground pools and building extensions.
- Covenants – can restrict the type of house you build, for example single or double storey.
5. Site costs
How much will it cost to prepare the land to build on? Check with one of Arden's new home consultants or ask your land sales consultant about the site costs and add these to your budget.
Bulldozers, concrete trucks, bobcats or other sorts of machinery may be needed on the job. In new residential communities, this is generally not an issue and will be coordinated by Arden Homes.
Ever heard of a crossover? The crossover is the access point from the street to your block, once your home is completed your driveway will link up to your crossover. When buying land in a new estate it's important to know where the crossover is located so you can design your new home accordingly.
8. Boundaries and restrictions
Check if there are easements for services, e.g. sewerage, drainage or electricity. You also need to be clear about any covenants that will limit your choice of building material or size of home you are able to build, e.g. single or double-storey.
Ask your land sales consultant about the location of infrastructure such as Telstra pits, electrical substations, and temporary or permanent water treatment plants. If future plans for infrastructure are outside their control, ask them who can provide the information. Remember they are there to help and it is always worth asking the question.
10. What incentives are on offer from the developer?
It may not seem like a big deal, but fencing or front landscaping can save you money. If incentives are not offered in the package, use these typical inclusions as negotiation tools.
For a complete step-by-step guide to Buying land and building a new home, download your FREE Guide.