Five steps to buying land
There is no right or wrong way to go about building your dream home, whether you pick your block of land first, or start with your perfect house design. Buying land and building, especially that very first time, can be daunting, but don’t let that stop you.
Step 1: Confirm your budget and finance
Once you decide to buy a block of land, knowing your budget is key. Things to take into consideration include extras such as conveyancing fees and stamp duty on the land. If you’re obtaining finance, now is the time to sit down with your financial institution or mortgage broker so you know what you can afford to spend on your land, and ultimately your home build – the total picture.
Obtaining pre-approval at this stage can make things a lot easier moving forward and gives you clarity from the very beginning.
You may also be eligible for rebates and government grants. You can check these out here:
Step 2: Land selection
Now it’s time to find your perfect block of land. Keep in mind:
- The cheapest block can tip your budget over the edge. Always consider the fall on the lot, the shape and size, and check for easements, all of which can result in higher site costs.
- Take into consideration lot orientation, proximity to any major roads, public transport and/or parks, as these can add value to your home over time.
- Investigate the Design Guidelines and any covenants so you’re aware what impact these may have on your desired home design.
- Is your preferred lot already titled, and if not, when will this occur? It’s important to remember until your lot is registered, you can’t start to build your new home.
Step 3: Purchasing non-registered land at Sovereign Hills
Once you commit to buying a particular block of land at Sovereign Hills, this is when you are required to fill out an Expression of Interest form and pay a $1,000 holding deposit which is 100% refundable should you decide not to proceed.
Step 4: Contract is issued
Once your land contract is issued to your legal representative (conveyancer) you will have 30 days to conduct your due diligence and to exchange contracts. At this point you are required to pay 10% of your purchase price.
Step 5: Settlement on your land
Once your block of land is titled (officially becomes registered land), you will have 21 days to settle and pay the balance of your block purchase price. Then the next phase of planning and building your new home can begin…
Disclaimer: Sovereign Hills reserves the right to amend or change the above process and steps to buying land at any time. The above steps are a guide only (as at November 2017). Prospective purchasers should always make their own enquiries.