Common Risks to Watch Out for When Buying Land for Sale in Brisbane
While Brisbane is a fine city for both movers and investors, it doesn’t hurt to be a little cautious when you are buying land for sale here. After all, any big purchases you make, particularly real estate, come with certain risks. The success of your land purchase greatly depends on how well you manage those risks. So here’s the price you might pay for not being careful with your purchase decisions.
Wrong Zoning Classification
Imagine building a home in a seemingly quiet neighbourhood only to wake up one morning to the deafening sound of chainsaws and masticators. That’s what could happen when you get too excited to buy a property without knowing its zoning classification first. Each parcel of land has a particular zoning classification based on the highest and best use of the area where it is located. The property you are buying may be sitting in an area zoned as commercial, industrial, or agricultural for all you know. To be certain about your property’s zoning classification, call your local planning and zoning department.
Unclear Presentation of Topography
One of the reasons why it is imperative for property buyers, especially land buyers, to visit the property before making decisions and promises is that the photos they see online don’t show a detailed topographic view. What seems flat and hard in the photos might actually be steep and muddy. It’s only when you visit the land can you tell whether or not it’s worth buying. So do yourself a favour – before agreeing to anything via phone or email, visit the plot and investigate. If possible, have the soil tested and angled to know how steep it is and what potential issues you might encounter when you start building.
Competitive Price but High Tax Bill
Have you ever come across land for sale in Brisbane that looks stunning but has a surprisingly low price? Deals like this usually come with some kind of catch, and that catch is usually a high tax bill. Before going down to signing any documents, make sure you know how much tax the property generates annually. You don’t want a property whose tax bill goes beyond four percent of its full market value. That will give you a lot of financial drag down the line.
No Access to Public Utilities
Whether you are using your newly bought land for residential or commercial purposes, you will need basic utilities, such as water, sewerage, electric, gas, and phone. If the land is too far from the main pipes and lines, chances are you are going to have to improvise to have your property supplied. Unless you are willing to fork out unbelievable sums of money for line installation, consider rethinking your initial decision and go look for another property that is closer to basic utilities.
Your best bet for a successful land purchase is to partner with a trusted realtor in Brisbane, such as Lion Land Marketing. Not only do they have firsthand knowledge in selling land all around the city, but they also know how you can save money and increase your leverage in the process. They also have an expansive network of property agents and listing services that can help expedite your search for the most desirable parcel.
Source:
https://retipster.com/truthaboutlandinvesting/
