Hidden Costs To Look For When Buying Land
There are plenty of advantages to buying land and building your home - but what hidden costs should you be on the lookout for to make the experience as pain free/ cost effective as possible?
When buying a block of land, there are several key areas to focus on, which will ultimately save you a lot of heartache in the long run. Here’s our top tips to maximise your land selection:
How much slope is on the land? A sloping block can often mean the need for retaining walls, additional fill, or costly design modifications may be necessary to create a strong foundation for your home.
An easement is a section of land registered on your property that gives a person or entity a legal right to use someone else’s land, in this case your land. Easements are a no-build zone such as a shared driveway, overland flow, storm water or trees.
Is your land in a flood zone? It’s important to understand the likelihood of flooding in your local area. If your land is within a flood zone, you may be required to spend additional funds on sufficient drainage and the diversion of excess water from your land.
Covenants apply when there is specific neighbourhood planning in an area requiring certain criteria to be met regarding the external design and appearance of the home. If you are building a home in an estate, the developer should provide you with a covenant outlining their design guidelines.
Proximity to Main Roads
Is the land within ear shot of a main road or highway? You might need to carry out an acoustics report which could determine that you need to increase the glazing on windows or thickness of doors and walls.
Identification pegs are used to identify property boundaries. Are there identification pegs on the land? If pegs cannot be located, an identification survey may need to be conducted.
Has a soil test been carried out? The levels of reactivity of the soil on your block is important as it will determine the level of engineering and reinforcement required to support your home. Soil testing enables you to find the makeup of the soil on your land. Please note: Whilst soil tests are an accurate way of determining the reactivity of your soil, they cannot identify the presence of rock, which can also increase costs.
Will a traffic management solution be required by council during the build process? If your land is located on a busy road, near a school or through a main thoroughfare, you may require traffic management to direct traffic during various stages of the build.
Are there any encroachments on the property that may affect the construction or your rightful title to the land? For example, the neighbours retaining wall or fence line may fall through your property boundary.
Whilst this may seem like a lot of areas to consider, Bendella Group can provide guidance on these areas and we are more than happy to visit potentially suitable lots with you to help with your decision making process.
Now that you're all across land selection, be wary of shortcuts some builders take!