Buying a block of land for your future home can be an exciting time. There is a lot to consider ¬– the suburb, area, views, lot size, transport options and schools are just some of the elements to think about.
Outside of these factors, there are also plenty of technical considerations. The below elements can prove costly if not estimated correctly.
• Is the land registered? If your block of land isn’t registered, this could severely delay and increase the cost of your construction. The registration process can take up to two years, due to various issues, so it may be best to wait until closer to registration before finalising a builder.
• Access: Access applies to not only the land, but the surrounding area. Can the roads accommodate trucks for deliveries? Can cranes work without being restricted by overhead power lines? Is there good parking on the street for vehicles?
• Position of Land: If the land is near the ocean or water, it can be classed as a marine environment, which means extra costs for fixing and finishes. If your land sits on a hill or exposed to the elements, winds can also become an issue.
• Bushfire: If you are close to trees or bushland, a bushfire report will be required, which rates your risk factor for a bushfire. The most severe is a flame zone and can add in an excess of over $90,000 to the cost of the build.
• Flood: The land could be in a flood-prone area, which means having to raise the floor level above the flood level.
• Soil Type: Different soils react at different rates to wet or dry periods. Your land’s soil type will determines the type of foundations required to support your new home.
• Services: Are your services already available? Amenities like sewerage, power and gas can be expansive to supply if they are not readily available.
• Covenants: Developers or councils may have covenants over areas, which require a certain style or type of construction. This can become expensive if the covenants are restrictive.
Instead of buying your block of land and then dealing with these issues, avoid these problems by start your building process with an early and quick discussion with a builder. By reversing the traditional process, you’ll be able to make an informed decision.