In Australia, owning land is a big dream for a lot of people. Choosing the perfect plot is going to take some work on your part, but it isn’t an impossible feat.
The best advice real estate professionals offer is to consider the various factors involved in the transaction and the features of the land itself to determine whether or not it is a good investment. Whether you’re buying land for investment or development will also impact your decision.
Here are seven of the biggest factors that you need to think about before you start shopping for land for sale:
Water is essential to almost any property use. Therefore, it is imperative that you know how your property accesses water and if there are any restrictions on use. The proximity of a piece of land to water can also impact how valuable it is as a potential residential property.
In some areas, there are zoning limits or restrictions in place. Councils have rules in place regarding what types of use are available in specific areas and how a block of land can be used depending on whether it is zoned for industrial, residential, or commercial use. Rezoning initiatives and future infrastructure changes should also be investigated before committing to a block of land.
Brushfire and flood risk
Australia has a lot of extreme risks that aren’t found elsewhere. Land located in certain areas may be at risk of fire or flood, or both. Councils will have more information on these zones and historical data regarding your block of land to help you determine whether there is a risk and how severe it is.
The direction of your parcel has a lot to do with how you build on it. Consider any roads, driveways, easements, and neighbouring land that may affect how you will orient any building that you erect on your property. This is especially important in land estates where neighbours are popping up on a regular basis.
Bushes and trees
How much foliage is on the property? If it’s a wooded lot and you intend to build, for example, you’ll have to clear the land first. This can get expensive. You also may not be able to remove certain trees or plants due to ecological restrictions, so the process can take some time.
Whether or not you build on a parcel of land, you have to pay taxes on it. In Australia, you may also have to pay a land tax if you do not put a home on the block of land that you purchase. Make sure that you know what taxes you are responsible for before buying land and how much they will be so that you can determine what works.
How easily accessible are local utilities? Are lines already present or will new connections have to be installed? You should also consider what companies are used for service and what their rates are like. If there is competition, shop around.
If you keep these things in mind, finding the best land for sale should be easier than you think.