The land development process is an important process of building a new home or investment property. This process can be slightly different in each state. One of the biggest differences is that in Victoria and New South Wales, blocks of land will be purchased before any work has been done to connect the block of land to power or water services. In other states they already are, or will be shortly following the purchase. Here is an overview of the timeline of your land estate from buying your land, to receiving title.
1. Find Land for Sale
The beginning of the land development process will involve browsing options and sorting out your finances. This is something that we can assist you with at iBuildNew. Speak to one of our expert consultants on 1800 184 284 or book a call online. We can help analyse your needs and match you to developers and builders that will be the best for your build.
2. Make an Offer for Land
Once you have figured out your finances, you can make an offer on land. This might involve an unconditional set amount that you are prepared to pay, or a conditional offer that may require certain circumstances to take place first, such as the selling of a current home.
3. Exchange Contracts
At this stage a legal advisor can be of massive benefit to ensure that no mistakes are made during the contract exchange process. Before the exchange is made, check whether the land is already titled or whether it remains untitled and the developer is still waiting for a certificate. This can affect your settlement date so it is important that you know in advance.
4. Pay a Deposit
Once everyone is happy, a deposit (usually 10%) will be required after the exchange of contracts and an agreement has been made. This deposit will then be held until the settlement date.
5. Land Preparation
This may involve excavation – involving the removal of trees and anything else that will be in the way during the building process. This can also involve soil tests and other preparative tasks for construction. This is also the time during which you can start doing some more of the fun stuff! This includes home designs and finalising building contracts that will get you one step closer to your building your new home.
6. Preparing the Estate
This will include the developer organising the land so that it can be registered by the council. This will involve the connection to water, sewage and electricity, as well as other requirements related to factors specific to your build and design.
7. The Titling Process / Settlement
The final amounts for your land will be payed off and the title will be exchanged to you. A conveyancer or solicitor can assist during this process to ensure that all paperwork and legal requirements are handled correctly. This will prevent any mistakes being made. After this point, the land is yours and it is time for the construction process to begin. Time to celebrate!
How iBuildNew Can Help
If you are looking to compare house designs and builders for your new land make sure you try our compare function on our website. It allows you to view features, facades, floor plans and inclusions side by side. For further information, speak to one of our expert consultants on 1800 184 284 or book a call online. We can help simplify the land buying process.