When it comes to investments, one thing that will always be a safe bet is land. The reason for this is land is constantly appreciating in value. Thus, the return on investment is almost guaranteed. In fact, a report by land experts Strut and Parker revealed that in the period between 2006-2008, the value of rural land doubled. If it’s anything to go by, a person that bought land over that time has land that’s valued almost eight times more today. Still, buying land for sale can be quite the headache with risks like cheats, sly sellers, being duped into buying unproductive land among others. This article discusses some of the important factors for consideration when buying land.
Have your requirements defined
Often predetermining the reason why you are purchasing land for sale is fundamental in helping to avoid all manners of under dealings and for a smooth process. Why are you buying the land? Is the purchase meant to serve as an alternative investment? Are you buying it to gift someone or are you perhaps purchasing land to develop flats or a new house for quick profit? Identifying this reason is very pertinent as it mitigates risk by ensuring you are clear about the purpose of buying the land such as the suitability of the land for your intended purpose, the cost of the land in question. Any additional costs like survey costs also determine whether the land may bring profit in the event of a re-sale.
You need to have budget
The price of land even of the same size often differs significantly from place to place. It is all dependent on different factors such as location, proximity to transport, etc. Other important players in determining the price also include general state of property market which is uncontrollable given that it fluctuates. Therefore, have your budget and determine what suits you.
Consider the location
When acquiring any of the new house and land packages Central Coast builders offer, location is the key. Its proximity to a transport network, school, hospital and other amenities are very crucial. Further, the land should always provide an option for resale and have a resale value that’s high as then having it located at a spot that offers convenience in terms of transport links, and other amenities will be prudent.
Carry out a land survey
Before you purchase any of the new house and land packages Sydney builders offer, it’s important to make certain that an extensive survey is carried out by a land surveyor that’s qualified. This is to help highlight the necessary boundaries, power lines, rights of ways as well as the flood risks. What’s more, land surveyors conduct feasibility studies so they can assess if the plans you have can work out. Also, surveying enables you to check on the outdated land titles and the ever changing boundaries to prevent any possible disputes.
The planning and legal processes are all important when it comes to making a purchase of a land for sale and what this means is that time and diligence should be dedicated. For more information visit http://www.edenbraehomes.com.au.