When buying a new home, people often look for an already-built home. But, sometimes it becomes difficult to buy a house that ticks off all the boxes. In such cases, you can consider buying a piece of land to build your own home.
Buying a land comes with its own set of difficulties. There are various factors to consider before you finally make a purchase decision. Learn about the important factors you should consider before buying a piece of land.
Location
This is the most important factor to consider while purchasing a piece of land. In the world of real estate, location is everything. You need to consider various factors such as the municipality zone, the neighboring surroundings, and the community you will move into.
Similarly, you should also consider factors such as proximity to schools, hospitals, entertainment avenues, malls, shops, highways, and public transit systems. For instance, if you are buying land for sale in the Geelong area, you should consider the distance of the plot from the Avalon airport or its proximity to the Geelong Ring road, and Geelong Hospital, among others.
Safety From Natural Hazards
Australia is a nation known to experience natural disasters, such as the 2020 bushfire and the recent flooding. Depending upon where your land sits, it could be at risk of either fire, flooding, or both. The damages caused by such incidents can be catastrophic, and even fatal.
Thus, before finalizing your dream piece of land, do some thorough research about the dangers associated with the area. You can also take the help of various resources such as Geoscience Australia, which can provide you with detailed information related to bushfires and flood zones. Similarly, you can consult with your broker or local government authorities to get a clearer picture.
Zoning
You will need to find out the zone under which the land falls under such as commercial or residential. Councils have strict rules regarding what a block of land can be used for. You wouldn’t want to end up in legal trouble afterward. Similarly, research about the zoning regulations of the surrounding areas.
For instance, you wouldn’t want to purchase land to build a weekend retreat home if the surrounding areas have plans for a mall or a skyscraper. Similarly, if you are looking to open a warehouse, make sure that it is built on commercial land and not residential one, as it can land you in trouble with the authorities.
Utilities
You also have to consider your utility options. Which are the internet and telephone providers in the area? Here are some of the questions that you need to answer before buying:
- Who will provide electricity to your home?
- Can you use install solar power on the roof?
- How will you gain access to gas?
The rates for these services also differ depending upon the area. Thus, contact the various companies providing such services in the area and ask for quotes. Having these things pre-planned will help in speedy construction and utility setup for your home.
Climate
The climate of the region plays an important role in determining the type of house you can build over the land. It can influence many house construction decisions such as:
- The type and amount of insulation needed for your home
- The type of plants and vegetables you can grow in your backyard
- The need to install solar panels or a rainwater harvest system
Knowing the climate of the local area can help you make a more informed decision regarding whether you should purchase the land or not.
Size, Shape, and Terrain
The design of your home will largely depend upon the shape of the land. Most people prefer to buy a rectangular piece of land. However, you may opt to buy a square one, based on your preferences. You will, then, have to design the house accordingly.
Similarly, the terrain also plays a crucial role. The cost of construction and the resale value will be impacted based on the terrain. For instance, the house construction cost will increase if the terrain is steep. Time, money, and resources will be spent in leveling the land before starting construction, which can shoot up the construction cost. Similarly, the value of the land might reduce due to the uneven and unpreferred terrain.
We hope that this blog will help you with your land purchase decision. Similar to purchasing a ready-made home, buying just the land requires research. Make sure that the land is exactly what you were looking for, without restrictions, so that you can build your dream home without any issues.
