Hot tips for buying a block of land in Mandurah
30 Mar 2010
Current land price competition in Mandurah is the result of an increase in families moving to the area who are deciding to build new homes.
Those who are considering purchasing a block of land in the Mandurah area should consider the following points:
- Mandurah has a lifestyle-driven-real-estate-market so there is always strong demand for blocks located near the ocean, estuary or in areas which have lifestyle facilities such as golf courses.
- It is wise to register with a number of local real estate agents who specialise in selling land within the local area. A good real estate agent will immediately notify potential purchasers when a suitable lot becomes available.
- Estates which have developing social infrastructure such as new shopping centres, medical facilities or schools are always a good choice for future growth.
- Land releases in more inland areas of Mandurah such as South Yunderup and Ravenswood are relatively more affordable and should benefit from the construction of the Mandurah bypass.
- Be patient, do your research and avoid purchasing a lot because it’s the cheapest. Buying a cheap block of land can prove a financial headache if it requires substantial site works. If the block is sloping or has limestone under the surface then site works can add more than $20,000 to the overall cost of the home. Get advice from a reputable new homebuilder before deciding to buy a block.
- If planning to rent a home in Mandurah while your home is being built, ensure that you secure a suitable rental property as soon as possible because the rental vacancy rate in the area is now very low.
- Many people building a new home in Mandurah, underestimate the overall cost of building their new home and as a result do not consider extra expenses such as installing carpets, tiling and window fittings. Ask your new homebuilder to detail all of the costs of building a new home before deciding on a final budget.
- Ask yourself how long do you propose to live in your new home in Mandurah? Many people building a first new home choose a smaller space and later decide to renovate to cater for a growing family. It is much more cost effective to build a larger home initially rather than building home extensions. Deciding your future needs can save you money in the long term.
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