After saving money for many years, you are now ready to buy your first plot of residential land. Being the smart person that you are, you surely don’t want to make a wrong decision, which led you to this article. It takes some time and experience to get a grasp of the entire real estate buying process. But following this simple guide on what you need to know before buying land is an excellent first step.
First Things First
Before delving into the buying process, there are a few things you need to know first. By understanding these things, you can easily piece together the buying process as it unfolds.
There Are Plenty of Benefits to Buying Land
Buying vacant land could bring you a significant ROI without maintaining it. Just leave the property alone, and you will see that it appreciates as the surrounding area takes off. If there’s a specific structure you would like to build someday, it’s wise to secure the parcel now and worry about construction later. Competition is pretty low compared to the housing market, so the chance of finding the right plot is higher.
The Existing Boundary May Not Be Accurate
Don’t underestimate the size and dimensions of vacant lots. Most of them are slightly bigger or smaller than how they appear in survey maps. Such inaccuracy is particularly possible if the last identification survey took place decades ago. With real estate prices increasing annually, every square inch of the land matters. So, even if it costs you a bit more, have the land surveyed again to make sure you’ll get what you’ll pay for exactly.
Each state implements zoning laws to control the physical development of its land. These laws specify zones where residential, industrial, recreational, and commercial activities are allowed to take place. Check with the local engineering department to know the zoning in the area where you are planning to buy land.
Conveyancing Is a Lengthy Process
The land buying process is lengthier and more complicated than it may seem. You will realize this once conveyancing starts. Conveyancing is the part where the owner formally transfers the ownership of the property to you. It consists of many steps, starting with making an offer and signing of the formal contract of sale, and ending in the payment. The paperwork in between can be overwhelming for first-time buyers.
Tips for Buying Land
You are a few steps away from making one of the most critical decisions in your life. It’s alright to be meticulous. Here are some of the crucial factors you should consider when choosing and buying land in QLD:
Property listings usually come with photos to give interested buyers like you a glimpse of the parcels for sale. While these photos do confirm claims of sellers, it’s not wise to base your decision to buy an acreage in Queensland entirely on them. Most of the time, these photos only show the best parts, which make up a tiny fraction of the whole property. It’s best to visit and inspect the land to confirm if all the claims are correct and if there’s any catch the owner hasn’t revealed.
Regardless of what you intend to use the land for, you will need access to a water source. It is particularly critical if you are planning to turn the land into a farm. You must have a steady supply of irrigation and drinking water for animals.
That said, you also need to take into account existing community restrictions on water use. Each state implements specific water-saving measures, and each city may comply differently depending on its available resources. Some target between 15% and 30% conservation rate, while others push the bar up to 40%. Compare that to the minimum amount of water you think you will need and decide whether to continue with the purchase and make adjustments or look elsewhere.
Soil Quality and Composition
Whether you are building a house or a farm on the plot you’re planning to buy, it’s important to consider soil quality and composition. You want to lay your building’s foundation on stable ground. You also want to maximise the soil’s potential for growing plants. Not just crops, but ornamental ones, too. Hire an agriculturist or an engineer to have the soil tested before finalising your construction or farming plans.
How far is the plot from the main road? Is the road leading to the property big enough for your vehicles? Maybe no path leads to the property, and you still need to go through the complicated and stressful process of obtaining an easement.
Elevation and Slope
Is the land below or above sea level? Is it tilted? At what angle? You need to ask these questions to determine if the land fits your desired purpose for it. This way, you can get a sense of the amount of earthwork required when you start developing it. Of course, you can choose to cut and fill to level the land.
This article is just an overview of the land buying process. You need to do your research to understand how it works. Or, you have the option to hire a realtor like Lion Land Marketing that specialises in land for sale in Queensland. They can take the snag off the buying process and present you with only the most critical data where you can base your final decision.