The Complete Guide For The Process of Buying Land and Building a House
The process of buying land and building a house is still very commonplace in Australia. Even though land is at a premium in and around our capital cities, there are plenty of exciting new areas that are ideal for budding home owners.
So if your ultimate goal is to pick up a block of land and then build the home of your dreams on it, follow this guide to make sure you get exactly what you want.
Draw up a List of Inclusions
Once you’ve decided that buying land is the best option to get the house you deserve, it’s important to write down what’s most important to you for the lifestyle you want. You don’t want to compromise on lifestyle, so start by asking yourself a few key questions:
- How close is the nearest public transport station?
- Which schools are in the catchment?
- Are there shops and amenities within walking distance?
- How many parks and recreational areas are in the vicinity?
- How far do I want to be from work, friends and family?
This will help you decide which suburbs are the best options, meaning less time searching and more time customising your dream home!
What’s Your Budget?
Unlike buying an established property, buying land first and then building a house on top of it means you’ll have to take into account a few different costs. That’s why it pays to organise your budget before you start searching for that prime piece of real estate.
Think about extra costs like state taxes, duties, fees and of course conveyancing. You’ll also want to have an idea of your budget for the home design and build. Speaking to a mortgage broker at this stage can make your life easier, and they will be able to advise you on whether it’s wise to get pre-approval before your search begins in earnest.
Top tip: Since you’ll be building a brand new home on your block of land, you may be eligible for your state’s first home owner grant which can significantly boost your budget.
Get The Lay of The Land
The cheapest block of land isn’t necessary the best for your budget. You’ll want to consider its size and shape, the fall of the lot, whether it’s close to major roads or train lines, and if things like trees and rocks will need to be removed beforehand (which can be an added expense).
Buying land in a new master-planned community like Savana means you’ll have all this information in one location, backed by an experienced developer who can walk you through all the minor complexities.
The Most Exciting Step: Choosing a Home Design
If you do decide to buy land in a new development, you’ll be able to choose from a range of high-quality home designs from builders and designers who have already been vetted.
More importantly, unlike buying an established home where what you see is what you get, with a brand-new home build you can customise different elements to match your lifestyle. You’ll be able to work with a consultant on things like colour design, interior fixtures and fittings, and all the finishing touches to ensure your house turns out the way you always dreamt it would.
Paperwork and Deposit
Now it’s time to go through the building contract in detail – this includes both the written contract and the final contract plans. It’s recommended you have a legal professional work with you at this stage to make sure nothing flies under the radar and everything is included in the paperwork.
Once your contract is signed, it’s time to pay your agreed deposit and send all the contract documents to your financial lender. Make sure to keep a copy for yourself in a safe place. Or even better, if your purchase is completed by signing an e-contract, that means you can save it to your personal devices and keep it stored in the cloud forever – so it’s always somewhere safe.
Meet the Community
Depending on where you are buying, you may get a chance to meet members of your new community before your home is even built. AVIDConnect, for example, is a customer service program for all of AVID’s master-planned communities.
AVID Property Group welcomes residents at official events to meet their future neighbours following settlement. AVID is also available throughout the entire process, so if home owners have any questions or concerns there is a national customer service manager available. They will also send customers construction updates and drone footage to monitor their neighbourhood’s progress.
All The Action at The Site
After your block of land has been titled, work can get started on constructing your new home! There may be a soil test before the workers arrive on-site, but then building is broken down into a few key stages: pouring the slab; putting up the frame; lock-up; fixing; and the final step is finishing.
You’ll want to stay in touch with your builder throughout the entire process, plus there will be a final inspection before you sign off on everything.
Inspections, Settlement and Move-in Day!
The build is complete and it’s almost time to start living your new life! Start by conducting the practical completion inspection and make sure you check every nook and cranny before signing off on the paperwork. Once you’re happy, it’s time to pay the final settlement and book in your move-in day.
Don’t forget about setting up your water, gas and electricity services with a utility provider. Then once settlement day arrives, you can take the keys and enjoy a brand-new house no one has ever lived in before.
Content originated from Savana.