Buying a block of land can be a daunting prospect, but by being familiar with all the steps involved you can focus your attention on what’s important – selecting the perfect block and your dream place to call home in South Australia!
What are the advantages of buying land?
Land is the lasting investment underlying your new home. It’s location, proximity to schools shops and services and its orientation will impact the functionality and ultimately the resale value of your investment.
Your dream home
The advantages of buying land and building include the fact you get to live in a location you love in a purpose-built home – with details designed just for you. Plus, there will be no wear and tear from previous owners!
Location, location, location
Growth in your investment usually occurs in the land, not the home (which typically depreciates over time) – therefore it can be wise to identify your dream allotment before your dream house design and not the other way around…
If you choose the right location and the right block in a growth area, then your investment has the potential to grow substantially over time.
Stamp Duty Savings
If you buy land and build, stamp duty is only payable on the land component of your new home in South Australia. This can be a lot less than paying stamp duty on the value of the land plus the home when buying an established house.
When you buy land and build in South Australia, you may be eligible for more government grants than buying an established home – research the grants you may be eligible for here
Show me the money!
When you buy land and build, your finance repayments will be staged by completion – for example payments will be due at certain stages of the building process. This can make repayments more manageable than making one lump sum payment for an established home.
How do you choose the right block of land?
Choosing a location you love is a huge benefit of buying land in South Australia. Location and orientation of your block are important factors in securing the growth of your investment…
When choosing a block of land, check whether it’s location is convenient. In other words is it close to shops, schools, childcare, medical services and transport? Are more infrastructure projects planned for the future? These simple conveniences will not only make it a great place for you to live, but can future proof its appeal if and when you decide to sell plus grow the value of your home.
The lay of the land…
When selecting your block there are key things to keep in mind. Size and views may be an obvious factor, but you’ll also need to consider the slope of the block, trees on site, the soil quality on site and fire or flooding risks.
A sloping site can lend itself to stunning views and beautiful split level home designs, but your build could also be more costly and complex. Try and secure some leveling and building quotes before making your decision.
While trees can be a beautiful addition to your home, their removal can be costly or prohibited. If you have a tree on your block, make some investigations as to its relationship to your house design, and if it can be removed.
Obtaining a soil report is a wise idea when buying land and building. Your footings – and the cost involved – will be dependent on the reactivity and quality of the soil. Are there rocks present? Issues such as these can significantly impact the cost of your build.
Fire and flood risks can affect your home insurance policies – talk to your local council to find out if your block is at risk.
Know your developer
When choosing a block in a new development – get to know the developer. Have they got a good track history? What is their masterplan for the development? Have they got other projects that you can look at?
Lanser has been a South Australian developer since 1999, and has won several awards for their masterplanned developments. Our staff are always happy to chat to you about our plans for our communities – you can call our offices on (08) 8132 1115.
Take your time!
Like with most important decisions in life, it’s best to take your time, do your research, and find the block that is perfect for you! For more tips on buying land in South Australia visit the government’s guide to buying residential land here.