5 Ways to Determine the Feasibility of a Land for Sale in Queensland

Vacant land is an often-misunderstood aspect of real estate investment. It’s so easy for investors to completely overlook the superior benefits that come with purchasing land for sale in its raw form, and this is unfortunate. The ease and stability with buying the right QLD land for sale is enough reason to choose this over any other type of real estate. What’s more, if you know what to look for, buying a vacant lot can be more profitable than buying a house or building.

To know what you’re getting into, you must determine the feasibility of the site. You can manage this by doing the following:

Talk to an accountant, especially one with plenty of experience doing real estate accounting. With this background, the accountant can help you choose the best financial structure to follow for your purchase. He may also explain to you the tax implications of the specific land development avenue that you want to invest in.

1. Meet with a financial lender to know what loan types you qualify for and determine the best loan structure for your plans. Look for a lender that provides construction loans and check the interest rates.
2. Meet with a solicitor and have them investigate any restrictive covenants or easements that may keep you from developing the land the way you intend to.
3. Speak with your council’s town planner and find out about the local Development Control Plan (DCP) and Local Environment Plan (LEP). Your town planner can also inform you about Development Application/Assessment (DA) and Construction Certificate (CC) costs.

   Ask the town planner about the developments they want to see in the area so you’ll know the best investments to make with the property you purchase.

4. Meet with two to three builders to identify the types of structure you can build on the land. Get a quote in writing from each one, and ask for a fixed price contract.
5. Talk to a surveyor and have them prepare a subdivision plan for you. This should include estimate costs for service connection, sewer extension, and other subdivision-related systems.

A Queensland real estate company such as Lion Land Marketing can help you establish the factors that can have a huge impact on the feasibility of the land for sale in Queensland that you’re interested to buy. Get in touch with them for a better-informed purchase.

Sources:

• How to: Tell if a development site is feasible, RealEstate.com.au
• 10 Things to Know Before Buying a Vacant Lot, HowStuffWorks.com