Successfully Buying a Vacant Lot

Posted on Nov 19 2018 - 7:51am by Business Day TV

Land for saleThere’s a thrill in getting a raw, untouched piece of land where you can build a house of your dreams from the ground up. It gives you the leeway to choose the layout of the home and customise it to meet your specific needs. With such possibilities in mind, most people tend to rush through the process, often with terrible results.

Picking the best lot for your home can be a bit more complicated than you anticipate. When you chance upon a master-planned estate around Whittlesea, Victoria, remember these pointers:

Don’t Skimp on the Research

Before drawing up an offer letter, you need to have all the details necessary to make an informed decision. For starters, you need to check the local zoning laws. You might want to build a residential house, but the zoning restrictions designate the area for industrial, agricultural, or retail use. You might be left with a chunk of earth that doesn’t fit the bill despite sinking a considerable amount of money into it. Have a look at the public records in the local zoning office to be safe.

Do the Math

It’s common for land buyers to get fixated on the selling price that they ignore other associated costs. Before you can commence with the building process, you must get the site ready. You’ll need to clear, grade, and excavate the lot before you can build on it.

The shape, size, terrain, and soil type are some of the crucial factors that influence the cost of site preparation. Failing to make these considerations when buying a lot can increase your construction bill.

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While buying a piece of vacant land gives you the luxury of building your dream house from scratch, you need to tread carefully to get all the benefits. Only by addressing some crucial factors can you get an estate that suits your needs without incurring a fortune in costs.