Purchasing a residential property is pretty straightforward. However, the process of acquiring one can be complicated. In Australia and even in other parts of the world, first-time homebuyers find it difficult to purchase a property. Data revealed that large cities in Australia saw a significant decline in the number of sold residential properties. The number of sold properties in the country decreased by 24%, which is from 632,680 in 2002 to 477,101 in 2017. This shows that a lot of people prefer not to buy residential properties anymore. One of the most common reasons is the incredible increase in property costs. Thus, the thought of owning a new property remains a struggle for the people in Australia.
How to Have Your Dream Home
You don’t have to lose hope when it comes to buying your residential property. You can even take a look at houses for sale in West Melbourne if you want. However, there is another way to help you build the home of your dreams without spending too much. You can try and look for vacant land instead of purchasing a ready-for-occupancy property.
Benefits of Buying a Vacant Land
- Affordable—It’s costly to purchase a property, especially in major cities such as Sydney, Melbourne, Brisbane, and Adelaide. If you still want to own a residential property in those areas, you can first purchase vacant land. This way, you don’t have to spend too much. You can even buy small land and purchase more as your budget increases.
- Low Competition—There is lower competition in buying land compared to purchasing a property. With this, you will have a chance to negotiate lesser costs from buyers.
- Low-Maintenance—Another advantage of buying vacant land is that you don’t need to spend too much on maintenance. You can purchase a piece of land and leave it for as long as you want. You can develop it and build your dream property when the time comes.
Factors to Consider
Before purchasing vacant land, make sure to consider the following first:
- Zoning Requirements—Ask from the local authorities whether they allow construction of residential property in that area before you purchase a land. Keep in mind that some areas are strict when it comes to the types of properties allowed to be built in that area. So, ensure that you won’t have any issues if you plan to build your dream home in that place.
- Natural Hazards—Find out if there are soil problems by securing a natural hazard disclosure. Don’t forget to check if the area is a fire hazard. If you observe any issues, make sure to reconsider your plan of purchasing that piece of land.
- Utility Services—Ensure that you will not have any problems with utility services. Check if there is a source for potable water as well as stable electricity. If the area doesn’t have steady and usable utility services, you will be spending a lot of money to get your source of utility services.
After ensuring that the vacant land has no issues, you can now start planning your dream home. You can contact a land planner and a home builder. They can assist you with building developing the land and building your property. Consult professionals to help you get to know more about the process of building your dream home after purchasing vacant land.