Purchasing and owning a property at the right time comes with superior benefits, and one of the best places to put your money in is on a parcel of land. Ironically, vacant land is one of the most misunderstood and overlooked real estate investments. If you are having second thoughts on whether you should do it, scrutinising different aspects will clear your doubts. To ensure that the investment is worthwhile, consider these factors before you buy land for sale in Burnside, Victoria, or anywhere around Melbourne.
1. Property Topography
Before you invest in the land, understand its topography. Avoid areas with unpredictable characteristics such as cliffs, elevations, mountains, ravines and valleys. Such features will make it expensive to develop the land if you plan to do so later on. Do some preliminary research to find out the area’s layout. You can use free online tools such as Google Earth to see the property you are interested in. Use the site’s various tools to view the entire area as well as natural features surrounding the vacant lot you’re planning to buy.
2. Availability of Public Utilities
An ideal property has access to modern infrastructure and utilities that make for a reasonable living. Land with access to electricity, water, sewer system, and gas gains value, massive usability and marketability. It can be worth more in the future whether you sell or develop it for personal use.
3. Tax Obligations
Different properties have different annual taxes. While some have a reasonable proportion of this in relation to the value of the land, others fall in an unreasonable range. It would be wise to find out how much you could be paying in taxes beforehand and then decide if it’s worth the investment.
4. Development Restrictions
Government offices or private organisations (like home-owners’ associations) could impose restrictions on land development plans. For instance, the government can veto development plans if they compromise the environment or the general safety of people in the vicinity. Although rules are meant to maintain order and consistency in developing an area, they can be setbacks on you, the buyer. To avoid dealing with such problems, check if usage restrictions bind the property you want to buy.