Steps to take towards buying your block of land....
The very first and one of the most important parts of starting the process of considering to purchase a block of land is to sort out the money side. It's time to talk to your broker or lending institution about money. Work out how much you can borrow before you go shopping! Find out how much you can afford and stick with it.
Are eligible for the stamp duty exemption and the First Home Owners Grant? If you are a first home owner stamp duty may be exempt. The first Home Owners grant is a government initiative and provides a gift towards the property purchase.
Select and secure your dream block .Choose an area that will tick all of the boxes on your life style check list. Keep in mind the size of the lot, the size of the house you want to build, the services available and location. Ultimately the decision comes back to-How will you use the property?
How will it reflect your life style choices? What is going to be the most suitable for you personally and your budget? Once you have chosen your favourite lot, agreed upon a purchase price and contract conditions it is time to secure the lot and go to contract.
Appoint a solicitor or conveyancing agent. They can provide you with a quote and details of what their quote includes. At Amaroo Estate a contract is drafted by our solicitors and sent to your solicitor. Your solicitor will then discuss and explain to you before you sign.This way you know, every time, that all parts of the contract are within your best interests. The solicitors will look after the legal side, including transfer of property ownership, special conditions etc.
Generally the contract process takes 30 -35 days. During this time any special conditions in the contract will need to be satisfied such as organising a soil test and finance.
Sometimes the land is sold off the plan, so does not already have title. In this case the contract is subject to issue of title, generally you will be given an approximate time to expect for the completion of the lots. Settlement is effected once all of the special conditions have been satisfied, this is when the balance of payment is due, your solicitor will contact your lender to arrange transfer of funds.
If you have not already done so, meet with your builder and choose your design for your dream home. Your builder will prepare an itemised new home proposal that includes all of your delicious choices for finishes, additions and customisations to your property. Once that is completed you can then sign your Final home building contract!
Once your new home construction is ready - put out the welcome mat, move in and enjoy everything that it has to offer!