Lots of pre-owned houses for sale have secrets, whether it be a broken pipe hiding in the basement or rot in progress within newly painted walls. This is why it is important for buyers to do their homework before deciding to purchase. The same can be said about vacant lands for sale. They, too, may hold unwanted surprises you wouldn’t want to find out after conveyancing. Here are some of the things you need to consider when buying land for sale in Queensland.
The first thing you need to ask yourself when planning to buy land for sale in QLD is “why”. What are you going to use the land for? When you are sure about your reasons, it’s so much easier pin down location. After all, if you are planning to convert the land into an investment property, you’ll make sure it’s located close to potential customers. If you want to build a house on it, you’ll make sure it’s located in an area zoned for residential construction. Location also defines a land’s resale value.
One of the biggest mistakes rookie land buyers make is assuming that the price tag on the property covers just about all the costs involved in the purchase. While others are aware that the consequent paperwork may entail some costs, too, they don’t realise how pricey it can be. Apart from land and stamp duty taxes, you’ll also have to pay for land survey and conveyancing. To further protect your ownership of the land, you might want to consider buying title insurance as well. Make sure to factor all of these extra costs in when preparing budget for the land purchase.
The physical features of the land you are planning to buy, including its elevation, slope, and soil characteristics, are just as critical as the land’s location. Like location, when you’re sure of what you want to do with the land you’re buying, it’s easier to identify the most suitable topography. But unlike location, you can adjust the topography of the land to suit your desired purpose for it. For instance, if you want to build a house on a slope, consolidated filling will be necessary. You have to be financially prepared, though, as filling and stripping land can be expensive.
Not all properties in Queensland come with a title that can be transferred directly to your name. Some may come with a strata title, which applies to groups of properties located on the same site; a company title, allows several people to own the land together, making each property owner become shareholders; or a leasehold, which means the land is a government property. It’s crucial that you fully understand this part of the process to avoid complications down the road.
When it comes to making big purchases like land, it pays to have a realtor guide you through the process. It may seem easy but truth is it’s a whole new discipline that takes years of experience to master. Especially if you’re buying land for the first time, enlisting trusted agencies like Lion Land Marketing can prove to be a wise decision. Not only will they give you the best advice so you can make the right choices, but they can actually do most of the paperwork so you can focus on decision-making.