When you can’t find the home you’re looking for, why not build it yourself?
Stone has some incredible land offerings available right now.
Whether you’re looking for riverfront, beachside or bush, we have all these, and more, waiting for you.
What you need to know about buying land.
Buying land and building your own home can have huge benefits. For a start, you get to live in a home that’s purpose built to your needs, in an area you love. You also get to enjoy the lovely, brand newness of your home without ‘wear and tear’ from previous owners.
Buying land and building also brings financial advantages:
- When you choose the right area and land, the value of your home can grow more substantially over time
- The amounts you borrow are initially less because they are staged by completion. The most common stages of completion are land purchase, pad (floor), roof, lockup and final completion. At each stage you draw down the amount needed from your loan, rather than one big amount when you buy an existing home.
Know your ‘ hood.
Living in area you love is one of the huge benefits of buying land and then building. At first glance, you may be attracted to proximity to the beach or a beautiful view. Consider the following to ensure you make the best purchase decision:
Services – what services will you need now and in the future? Check if the area has adequate childcare, schools, medical services, shopping and public transport. If you’re buying in a brand new area, find out when these essential services will become available?
Access check – are there roads going in and out?
Zoning– what type of constructions are allowed in the area? Is it a general residential zone, or will there be higher density or large lot residential constructions down the track? It’s important to check zoning because the general personality of the area may change significantly in the future. It’s also important to be clear on the zoning restrictions if you’re looking to increase the value of your assets by sub-dividing or building a granny flat. Could your current view be built out by high rise buildings?
What’s on the block?
Apart from the size of the block, it is important to consider the terrain of the block as well:
- Is it a bushy block? Tree removal can be very costly and there could even be restrictions on how many and which trees you can remove
- Slope – building can be more complex and expensive on a sloping block. Levelling out a block (if it’s even possible) and excavation can add a lot to your construction costs.
- Rocks – what’s the land made up of? Lots of rock in the ground may add to your costs, requires more excavation.
- Forces of nature – is the area in a high fire zone? Is it prone to flooding? Important to know this because it may create challenges for getting home insurance down the track.
Our Stone agents are happy to assist you with any additional questions you may have with regard to the purchase of land.
For information with regard to the finance side of things, talk to Engin Hasanoglu on 0457 529 319 who is part of our friendly and professional team at Stone Money.
Happy land hunting!