Purchasing a residential property is thrilling, especially to first time home buyers. It will be one of the most significant milestones that they will experience in their life. However, it can also be one of the riskiest moves for some people.
If you are planning to purchase a home, especially in Australia, you need to be well-prepared. You have probably heard a number of recommendations about home-buying. But, what do you really need to prioritise when choosing a property to purchase?
The most common advice from experts includes considering your budget and your means to sustain payment for the property. Of course, you need to prepare your finances before you can own a property. The average cost of properties in Australia ranges from $450,000-$955,000 depending on the city’s location.
The cheapest homes are found in Hobart, Perth and Adelaide while the most expensive ones are located in Melbourne, Canberra and Sydney.
Why Land Matters in Purchasing a Property
You probably think that the best option is to choose the cheapest property in Australia. Although it will be a practical move, you can lose tremendous opportunities, such as living in a prime location with beautiful amenities.
Before you consider other factors when buying a home, you probably want to check out the property’s land first. For instance, if you’re going to build your dream home in Melbourne, you have to check available land for sale here in Whittlesea, Victoria and other towns first. Here are a few reasons why:
- Lot Size – Not all people pay attention to lot size. However, it’s one of the most important factors that home buyers should consider. Take note that the lot size can give you an idea of whether you can build a huge property on it or not. You can’t expect to make a mansion in a land with a few available square meters. You can also estimate the cost of residential property by taking a look at the size of the area where you will build it.
- Zoning Requirement – Location matters when purchasing a property because a lot of people wants to buy an accessible unit. Some choose to own a home in a specific location because of the beautiful view or beautiful amenities. However, the most important factors that you should know is the property’s land zoning requirements. This means, you need to know if the land can be developed according to your preference. You also need to find out if you can build a three-story home or if you are restricted to follow a specific size of the property on that area. Consult your real estate agent for this concern.
- Quality of Land – Most people don’t have any idea about the importance of checking out the quality of land before making a purchase. People are often enticed to buy a residential property with an aesthetically pleasing appearance. Only a few people consider investing in land first. Regardless of your choice of investment, you still need to check out the quality of the land where you will build your property. Make sure that you don’t need to pay too much if authorities decide to improve or alter the land surrounding your area.
You might want to invest in a piece of land to transform into an asset or build your dream home. Regardless of your reasons, you need to make sure that you consider checking out the size and the land of your property.
Don’t hesitate to talk to your trusted land seller or developer to get more information about the best options for you and your family.