Are you considering buying land to build a home? Perhaps you’re thinking of an attractive scenic place and an affordable rate. Well, any real estate agent will tell you that location is the most crucial aspect to consider. You might come across a big piece of land for a lower price, but if it’s located in a non-desirable neighborhood, it beats logic to make a purchase.
What should I consider when choosing land location?
Land in the outskirts of the city is likely to attract buyers with a limited budget. Such plots are lowly priced, and the neighborhood is less crowded. However, building in such a place can be difficult. For instance, if the place lacks essential amenities like transport, you may find it challenging to transport building materials to the land. You may then end up spending more during construction. Other considerations to keep in mind include;
The best land location is near facilities like hospitals, schools, shopping malls, churches, roads, and more. All these should be within a reasonable distance from your land. For instance, when you tour the land for sale in Tarneit, The Grove, by Frasers Property, you’ll discover that it’s close to many amenities. The land is a few kilometers from Melbourne CBD, schools, stadiums, playgrounds, and more.
Again, most land or home buyers consider such aspects when buying property. The amenities will also determine the resale value of your land or home. If you buy land that’s far from such amenities, it’ll fetch a lower price in case you plan to sell it later on.
Safety is yet another factor worth considering. You want to buy land in a safe neighborhood with minimal crime and burglary rates. Why acquire cheap land in an insecure place? You may risk losing your valuables once you build your home. Also, if you buy land in a remote place, it may be harder to get help in case of an emergency.
Disputes may come up on any piece of land. If buying in cities where land reforms are still in progress, you may be buying disputed land. Get to know the legal issues in the area and ensure that there are no disputes in the said land. The landowner may not reveal all the truths about the land. So, do your due diligence before any engagement.
Why is location key in real estate?
Location determines the resale value of your land. You can change everything about your home but can’t alter its location. Multiple location factors determine the value of your land; these are;
- Security& Crime rates
- Amenities- schools, hospitals, transportation, roads, social joints
The location also determines the future appreciation potential of the land. Most real estate investors think of the future value of their investments, and location dictates demand. With a good location, the demand will be high, which translates to a high appreciation potential.
The bottom line
No matter your land location, get to know the zoning requirements before undertaking any projects. Visit the local authorities and learn of the policies in the area. This way, you’ll know the building requirements and avoid being penalized due to violations.