Jumping in the deep end is shit loads of fun – we’re not denying that. But making a really bad investment in land can end in disaster! We’ve compiled a list of the 5 Things You Have To Do Before Buying Land to keep you out of trouble while hunting for your perfect block.
1. Find a Finance Specialist.
Don’t waste time dreaming of properties you’ll never be able to afford. You need to know where you stand financially before you even jump online to search properties. Find yourself a good Finance Specialist (previously known as mortgage brokers) and find out how much you can borrow. See our previous post about why you need one here!
2. Find your area.
Start researching properties for sale in your general region – we started with the Sunshine Coast for example. From these searches, look at what areas or suburbs have properties within your price range but remember – prices are always negotiable. Drive through them all, visit the local shops and chat to people on the street to get a good feel for the community.
3. Create a shortlist.
Work through the properties within your budget, within your ideal area and create a shortlist of those that most interest you. Go and visit the properties, walk the fence line, see if flooding will be an issue, check out the neighbouring properties. Listen to your gut – you’ll know the one when you find it.
4. Do your research.
Don’t even put an offer in until you’ve looked into it thoroughly. Your Finance Specialist will be able to tell you what a reasonable price is based on comparative properties so make sure you run it by them first. Doing this will also make sure there isn’t anything that might scare the banks off lending against it. If it looks like the natural elements might be an issue, visit the local Council office for flooding, fire and drought information as well as any planned development near by. Chat to the neighbours and see what they’ve observed of the property over the years.
5. Assess suitability.
You don’t want to plan your entire life on the property before you have a contract on it, but you need to know it will work for. Keeping in mind the following points will avoid trouble when you get on the block:
- Where will you build?
- Where will you grow?
- What’s the direction of the sun?
- Is there water on the property?
- Is there power connected or close by?
- Are the fences in good condition or do they need work?
- How’s the insects (flies & mosquitoes)?
- Is there easy access?
Following these steps will make the process a lot easier and way more fun!