Buying Land for First Time What to Check ?

CI on 25/08/2020 - 00:26
Last edited 26/08/2020 - 03:33

All I am buying a piece of land (recently demolished house and converted two plots). However, I have little knowledge what is required to be carried out from my end, since we are not going for a loan and buying outright should I still get the following done:

-Apply for a mock loan so bank sends an evaluator for the land value
-Source my own private evaluator to confirm the value I am paying is realistic
-Engage a conveyancer to verify the site area and pegging locations

Apart from land value and conveyancing is there anything additional I should look at doing before we sign the deal. What about confirmation of utilities connection, since the plot has been divided to two do I need to confirm water meter, NBN and electrical conduit has been supplied for the new plot ?

I am an engineer so the soil test and site slope will be covered by me when it comes to build.

Update 1: We haven’t signed anything but have received the draft contract. I have completed a services check and nothing of concern picked up thus far. I have also asked a conveyancer for a quote to handle the contract.

Update 2: Conveyancer wants $1200 - checked around and seems reasonable.

Update 3: land is costing about $928/m2 3.5km to Adelaide CBD. Seems good value hence why we got interested in the first place.

General Discussion

Comments

  • Flowerbomb on 25/08/2020 - 00:40
    +2

    Have you considered waiting a few more months, you might get it at a cheaper price.

    • CI on 26/08/2020 - 03:34

      Yes definitely considered however the location is such that future land is dire

  • [Deactivated] on 25/08/2020 - 00:42
    +11

    Engage a conveyancer to verify the site area and pegging locations

    Do you mean a surveyor?

  • [Deactivated] on 25/08/2020 - 00:47
    +2

    get the 88B Instrument from the conveyancer it will have all the restrictions and anything that is on the land which may inpinge on your house build.
    eg there could be a sewer going up one side of the property

    • CI on 26/08/2020 - 03:27

      Already done through Dialb4youdig at work

  • Dundundunnnn on 25/08/2020 - 06:37
    +9

    Bushfire, mine subsidence, landslip, flooding maps from Planningportal.nsw.gov.au and also the 88b instrument from the real estate (which will form part of the contract for sale documents) and any developer restrictions/design guidelines. Also check available services. Do a dial before you dig and look for NBN, gas and power and ask the real estate for the sewer and water plan. Where is stormwater running? Street? Pit in the back yard? Easement on neighbours property? I've been doing this for 9 years and still managed to buy a block of land without water and had to pay 5k to get the council to drill a water line under the road as the service was on the other side.

  • JIMB0 on 25/08/2020 - 06:53
    +2

    Make sure you have street access or a helicopter.

    • jackinyourbox on 25/08/2020 - 08:12

      Or magic gumboots

      • pjetson on 25/08/2020 - 08:17

        Tell me more about these "magic gumboots" of which you speak, I'm intrigued.

        • jackinyourbox on 25/08/2020 - 11:29

          Ask grandma gummi. She knows

  • moneyhungry on 25/08/2020 - 07:15
    +4

    If you plan to build, speak with the local council and do an online search to check if there are any caveats, easements or special overlays.

    Speak with a local architect in that area to give you an idea what can be built checking allowed setbacks, building heights and open space requirements.

    Research past property sales in the area on plots similar to yours and minus the building costs to get an idea if you are paying too much for the land.

    The water, electricity and nbn connections are normally arranged by your plumber and electrician during the build process.

  • Quantumcat on 25/08/2020 - 08:20

    The value will nearly always come back conveniently at the exact amount of your offer. It would only be less if there's a major issue that you probably already know about, or if you offered something ridiculously high. So I wouldn't worry about getting that done. Checking easements and the ability to build and the ability to connect services is more important.

  • ihbh on 25/08/2020 - 09:33
    +3

    I am buying a piece of land

    To avoid any confusion, are you just looking or have you just made an offer or signed something/exchanged contracts or settled?

    • CI on 26/08/2020 - 03:28

      We have received the draft contract. Nothing has been signed.

  • [Deactivated] on 25/08/2020 - 10:15
    -2

    I am an engineer so the soil test and site slope will be covered by me when it comes to build.

    🤦‍♂️🤣

  • beathy on 25/08/2020 - 11:02

    Seeing as you are doing the soil test, etc. yourself you should already be aware of these. But just in case you aren't, ensure you check for hard rock formations, sewer pipes, sewer pipe connection and easements.

    • CI on 26/08/2020 - 03:29

      Yep have completed DialB4UDig

  • nephilim on 25/08/2020 - 11:31

    Biggest added cost is loser tradies that will see a empty block, then start throwing rubbish, large amounts of soil on it and building materials (like 1x1 wooden boards).
    Rubbish is okay, easy to remove but soil is a headache as every builder will charge you a premium to remove it.

    conveyancer will get everything you need to know about the land honestly.

    • ihbh on 25/08/2020 - 12:00

      You mean his builder/tradies is/are too cheap to pay for a skip or other tradies that drive past and do it?

      • Seraphin7 on 25/08/2020 - 12:25

        Drive by dumpers.

  • mskeggs on 25/08/2020 - 12:20

    Asbestos contamination.

    • wittyusername on 25/08/2020 - 16:53

      Or contamination in general - not sure where OP is but WA have a contaminated sites database. Can use that to check for contamination on the property, or on surrounding properties too.

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