If you’re seriously considering buying land but have been holding off for one reason or another and waiting for the ‘perfect’ moment to arise, it could be time to steel your nerves and hit ‘go’.
After all, when you’ve done the hard yards and saved your deposit for your land, know where you want to buy and have your finances in order, in all likelihood delaying your purchase may mean you’ll pay more for the same land – if it’s still on the market further down the track.
When the right land in the right location comes up – especially in popular areas – making the strategic move to secure your homesite now could protect you from rising land prices. What’s more, buying sooner rather than later means that you have more time to build capital growth.
Land sales specialist Nathan Tertis says while most people tend to buy their land just before they’re ready to build, some astute buyers are land-banking to get their dream block and secure their future. Mr Tertis, who is the Land Sales Manager at Torhaven in Deebing Heights, says some buyers are getting in now while prices and interest rates are low, and taking the opportunity to pay down some of their asset before committing to build.
‘Despite the challenges with borrowing at the moment, interest rates are low, construction costs are low and land prices in the Ripley Valley area are still very affordable.’
One big advantage of buying land now is the time it gives you to save for a substantial deposit for your home – which could make all the difference to the size and style of home you build. After all, the bigger your deposit, the smaller your mortgage and mortgage insurance premiums.
Buying your land and saving for your build later also gives you the choice of land in a development as soon as it’s released – think wide frontages, blocks with views and blocks with great aspects. Jumping in now also gets you on the property ladder and means you can set a building agenda that suits you.
‘The first lots in Stage 2 ‘Greenrise’ have just been released, and there are still a handful of lots available near Torhaven Park in Stage 1. I think the land prices at Torhaven represent great value in the area, and we’re offering some larger blocks too.’
Right now Torhaven Deebing Heights is offering a bonus $5,000 incentive towards building your new home on a small lot, if you sign up before 30 June 2019. With house and land packages starting from just $328,390, enquire now, or go to www.torhaven.com.au/bonus for all terms and conditions. Disclaimer: Prospective buyers should seek independent advice.