What type of land should I purchase?
If you search for “lots for sale near me,” you’ll probably come across a number of terms you might not be familiar with. For example, it’s important to know the difference between titled and untitled land:
- Titled land already has a registered owner, so you simply need to transfer the title when you purchase it.
- Untitled land is usually still under development, so you need to wait for an ownership certificate to be issued. This usually takes 6-12 months.
Much of the land in Victoria is currently untitled, so you need to factor this into your build schedule.
You might also consider buying on an estate. A land purchase on an estate can come with guidelines relating to the appearance of all buildings on the estate – for example, only certain building materials or facades might be allowed. These guidelines are already taken into account if you choose a house and land package.
How much will my land purchase cost?
This depends on the size of the lot you buy. The average block size in Victoria is 448m², but this does vary. You’ll need to purchase a lot that can accommodate the home design you want. You can get a good idea of the size of the lot you’ll need by visiting display homes in your chosen area.
If you’re buying land to build a house, you’ll generally need a deposit worth 10 per cent of the total land price. You won’t need to pay the rest of the balance until the new land title is registered.
Don’t forget, you’ll also need to budget for surveys, the actual home building process, and all the inclusions you want in your finished home.
How can I get started?
Do you have a range for first time property buyers?
We also recognise that not every first home purchase is actually going to be a home for the buyer. Our properties are ideal for first investment property buyers, as they are modern and fitted with all the latest conveniences that tenants expect.