- August 24, 2020
- Posted by: Credit Hub Australia
- Category: Finance, Inspiration & Lifestyle, The buying process
The option of buying vacant land is often overlooked by many property buyers. While as a matter of fact, many Australians buy vacant land to build their dream house. As a matter of fact, there are a number of benefits to buying vacant land as the start of stepping into the property market. No matter whether you are looking for a block of land to build your own dream house or are looking to buy land for investment purposes, it’s ideal to buy vacant land, especially in the current COVID-19 situation. For those first home buyers who feel struggle to afford a new or established property, vacant land is definitely worth considering.
It seems like vacant land is popular for a good reason. So, what are the benefits of purchasing vacant land? Here are 5 advantages of buying vacant land.
Affordability – Low entry price
First and foremost, buying vacant land is almost always cheaper than every other option. If you are really want to enter into the property market but feel struggling to buy a property as the property prices in Melbourne are quite high. In this case, buying vacant land does offer you an easier and more affordable way into the market. For those young first home buyer, it’s far more affordable in comparison to land that has already built on. One strategic way is to buy the land today and build on later, which buying you enough time to prepare for the budget. A perfect way to build your dream house step by step.
Appreciation in the long-term
Another important thing to consider when purchasing vacant land is that land usually remains in the state in which you bought it, which means, generally speaking, vacant land tend to appreciate well over the long term, especially in areas that arent’s appealing to homebuyers at present. If purchased correctly, there will be future developments including infrastructure developments and commercial developments, like a train line or a shopping complex, making land in that location more valuable as demand will rises. Normally, land stores better long term value than developed properties if they have periodic improvements.
Flexibility – opportunity to build your dream house
A great advantage of buying land is that the land is yours and you can build whatever you like, and that’s why many Australians purchase a block of land and build their own houses. No one will know better about your wants and needs, even the greatest developer cannot build the perfect desirable house for you. There is always some unsatisfaction parts if you purchase an established house. This greater degree of flexibility can make the land very appealing to buyers as it sounds so attractive to build your dream house.
Low costs and lower maintenance
Vacant blocks of land are very low costs and low maintenance and they are often described as a “hands-off”. You will have lower rates, insurance and property taxes. Besides, a low entry-level requirement for buying a land. You will also have very low maintenance that is required in comparison with keeping a property in good condition. Since vacant land requires less time, less costs and less stress, making this choice also a great passive income tool in the long-term.
You don’t need to see it – perfect to buy during Coronavirus
This reason seems very important in this stage – Stage 4 lockdown. Basically, unlike new or established properties, there are many things that need to check and you will feel much secure if can physically see the property, as you don’t need to see the land in order to purchase it. It’s really easy today to buy the land over the phone or the internet, as long as you have provided with all the required information.
When it comes to buying vacant land, we always recommended our customers to seek advice from the experts in order to choose the right area and land, and that’s hoe your land is more likely to grow substantially over time. Talk to us for more valuable information, we can definitely help you find the perfect land for you.