Things to consider before you consider purchasing a vacant land

Purchasing a new home or vacant land can be a very exciting time when starting out on your own or with family.

However, at P&B Lawyers, we believe that before making any type of decision in terms of property buying/selling, special considerations and determinations need to be made.

Choosing the right block of land that sits within your budget and needs is essential to achieving a safe and comfortable living arrangement with minimal risks and concerns now and in the future.

Therefore we believe the top things to consider before purchasing a vacant land are:

  • Checking the contract: Ensuring that you understand the type of contract your land is sitting on is very important. The contract would need to be something you can manage and afford before making any type of financial decision.
  • Understand the lay of the land: Establishing whether or not you will be spending thousands on garden repairs, slopes and rock damage due to extreme conditions is very important.
  • Zoning and town planning: You should consider whether or not your chosen vacant land is near any new town developments or busy areas that may not be suited to you and could in turn increase pricing.
  • Stamp duty: Determine straight away whether you need to pay stamp duty costs and be prepared as you want to minimise your borrowing costs.
  • Measure your land: Measure the size of your land and determine whether it fits your needs and if it is possible to work with in terms of the size of your home and other aspects before you make any decision.
  • Do your homework: Learn about the area in which your land is, neighbouring towns, locations, repayments, conveyancing pricing and more. Managing all aspects including financial planning when purchasing a vacant land is very important.
  • Rates and Taxes: Determining the estimated costs for rates and taxes is very important. Plan ahead before you even consider purchasing your land to ensure you are prepared to take on any financial obligations.
  • Building costs: In addition, it is also important to factor in your building costs associated with your vacant land to make sure all aspects are covered.

At P&B Lawyers, our team of legal professionals are highly trained to assist you with any concerns or questions you may have when it comes to purchasing vacant land.

If you are looking into purchasing a vacant land and are unsure of what to consider or how to plan ahead to ensure you are making the right choices in purchasing your new land to avoid any issues, both now and in the future, we are the team to assist.

Please feel free to give us a call on: 9692 9888 to speak with a member of our team today.

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COVID-19 Update

COVID-19 Update

Please be aware that due to the spread of Covid – 19 and on the recommendation of Government the decision has been made that from 5pm Wednesday 8 July 2020 to close the office once again to help slow the spread of the virus.

During this time our team will continue to operate remotely and can be contacted by email, on their mobile phones or through our website. All ongoing files will continued to be worked on and new work is always welcome.

We ask for people’s understanding in these uncertain times and hope everyone stays healthy.