If you’re thinking about investing in land, have you done your due diligence yet? Investing can provide solid returns for investors but before buying land in Melbourne, do your legwork. In this blog post, we’ll look at a few things you should check when investing in land…
Land investments. They seem so simple compared to other types of real estate, right? With a house you’ll have to check on the foundation and how solid the structure is. With commercial property, you’ll have to make sure your property is compliant for the types of companies renting from you. But what about a land investment? It seems so simple, right?
Think again! While land investment can be very lucrative and is pretty straightforward, it’s important that before buying land in Melbourne, do your legwork.
(If you’re looking for land, get in touch to ask us about our ever-evolving list of land investments.)
Before Buying Land In Melbourne Do Your Legwork On The Following Things…
The topography of your land will help to determine its best use, and can guide you to find the right buyer to acquire the property from you. Land with too much clay might be better for one type of usage than another; land with thick, rich topsoil might be better for a completely different usage; drainage will also play a factor into this as well.
Check if neighbors are encroaching
Sometimes with empty land, the practical use differs from the actual owner. For example, a neighbor might cut across your property with their driveway simply because it’s shorter and no one has stopped them. Have a survey conducted to ensure that neighbors aren’t encroaching.
Check on access issues
Land can’t be moved so before you buy land, make sure that you can access the land you’re buying. Do you have to get permission from the neighbor to drive across their property to get to yours? These may not be showstoppers but you should at least be aware of them because you might be able to get to the property now but you should have a plan in case that changes in the future.
It’s easy to read this list and think, “oh maybe I shouldn’t buy land” but that’s not our intention at all. Buying land can be straightforward and profitable. However, just like every other investment, before buying land in Melbourne, do your legwork. A few minutes of due diligence before acquiring a property will help you have a more enjoyable and profitable experience!