Things to consider when buying a section
Buying a section can be a complex process as there are many things that need to be taken into consideration. There are some obvious factors such as taking an expert with you, taking your builder or architect to have a look which will help with your house plans. But there are some simple things you may want to consider that can easily be forgotten.
Research, Research, Research
It is important to check the planning rules and restrictive covenants related to your section, these two components will restrict what you can build and what size, the materials and how close you can build to a boundary. You wouldn’t want to cast a shadow too close on your new neighbours! You will also want to cast your eye over the certificate of title and the LIM report, but it’s best to leave those to your lawyer.
Think about proximity
Although the view may be breath taking, don’t forget to think about the proximity to the amenities. If you have a young family a school and supermarket may be important to have close to home. Similarly, if you’re aging you may need to consider how far away medical facilities are and perhaps public transport. You will also want to know how long it will take to connect the power, water and internet. Will you have access to fibre connection?
Consider your finance
Banks can be more cautious when it comes to lending money to purchase land. This is for two main reasons; Land prices fluctuate more rapidly than existing houses and vacant land can take longer to sell, should you change your mind. Ensure you have a plan of action post buying your section, your intent is an important factor for the bank when considering your application.
Will the section make a nice place to live?
Perhaps you’ve met the selling agent at lunchtime on a Wednesday, the sun is out and not a breath of wind can be felt. You’ve fallen in love. You should consider visiting the section at different times of the day and week so you are aware of traffic levels and how noisy the road can get around the section. Particularly if you have a young family you may also want to check out the culture of the neighbourhood.
Before embarking on the build
The same rule applies to anything in life, the foundation is the most important part to get right. Building a brand new house can be expensive, so people want to steer clear of any unnecessary costs. Take a look at the geotechnical report of the section. Your earthworks costs may be more expensive than you anticipated and could become a deciding factor on your purchase.