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Buying Land 101 - what you need to know

by Danny Murphy - 20 Apr 2012

Choosing the block of land that’s right for you and your dream home is just as important as choosing what to build on it.

How to choose where to live
Start by doing some basic sums so you know where you stand. There’s no point in finding your perfect block of land and then discovering that you can’t afford it. Make sure you check any requirements the developer has for finance pre-approval (click for our blog post on home loans and pre-approval). Also decide your suburb criteria such as preferred location, (e.g. close to family, employment, public transport), lot size, etc. These factors will help you make a shortlist.

Visit the prospective areas
When you’ve made a shortlist of the areas you can afford and where you think you’d like to live, make time to go and visit them. Have a drive round established parts of developments to get an idea of what the new areas will eventually look like. It’s also a good opportunity to look at the parks, schools, shops and facilities available in the area.

Call into the land sales office and collect the latest availability and price lists. Check with the developer to see if any building covenants or design guidelines exist on the land. These control the quality and aesthetics of the houses built on the estate and may concern:
• Driveways and fences
• The external façade
• Roof materials and pitch of the roof
• Sustainability features

LWP uses a specialist Urban Design Consultant to help ensure home designs comply with design guidelines and covenants, while helping you to maximise the benefits of your house design to suit your lifestyle.

The final selection
More than ever real estate is a long-term investment with short-term windfalls unlikely. Choose a lot that meets your criteria and has sound long-term investment potential. History shows that master planned communities with a comprehensive program for facilities and services outperform the ad-hoc subdivisions.

Visit the LWP website’s First Homebuyer Guide for a handy land estate comparison chart you can use when choosing a block of land.

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