The Buying Process
By following these steps, you can navigate the process of purchasing a block of land in Tenterfield with confidence.
Purchasing new land is a crucial step in securing your future, whether you plan to build your dream home or hold it as an investment. The land-buying process involves several key stages, from finding the perfect location to navigating legal requirements, financing, and settlement. Each step is important in ensuring you get the most out of your investment.
Acquiring land early not only locks in today’s prices but also offers the potential for significant future growth, especially in expanding regions. As population centers grow and infrastructure develops, the value of land typically increases, making it a valuable asset. For many, buying land represents the foundation for future home building or a long-term investment that can yield strong financial returns over time.
Taking action now allows you to secure your place in prime locations before availability diminishes or prices rise, ensuring a solid foundation for your family or portfolio.
Research and Due Diligence
Identify which block you want: Determine the size, location, and aspect of land you want to purchase.
Obtain a Survey: Download the lot survey plan to confirm boundaries and identify any easements or encroachments.
Send an EOI
Negotiate and Make an Offer: Work with your real estate agent to make an offer on the land. Your offer can be subject to finance, due diligence, or other conditions.
Deposit Payment: If your offer is accepted, you’ll typically be required to pay a deposit (usually 5% of the purchase price).
Exchange of Contracts
Contract Exchange: Once both parties sign the contract and the deposit is paid, the contracts are exchanged. This is the point where the sale becomes legally binding.
Cooling-Off Period: In NSW, there is usually a 5-business-day cooling-off period after the exchange of contracts. During this time, you can withdraw from the sale but may forfeit 0.25% of the purchase price.
Finalising Finance
Formal Loan Approval: After the exchange of contracts, obtain formal loan approval from your lender.
Settlement Date: A settlement date is agreed upon, typically 4 weeks after the exchange of contracts.
Settlement
Pre-Settlement Inspection: Conduct a final inspection of the land to ensure it’s in the condition agreed upon.
Settlement Process: On the settlement day, your solicitor or conveyancer will handle the transfer of funds and the legal ownership of the property. You will pay the remaining balance of the purchase price.
Title Transfer: The title of the land is transferred to your name, and you become the legal owner.
Build Your Dream Home
Building your dream home at Tenterfield Rise is easier than ever with our spacious, large lots that provide ample room for your perfect design.
Whether you’re envisioning a modern family home or a peaceful rural retreat, Tenterfield Rise offers the flexibility to bring your vision to life.
Investing in land offers numerous benefits, from potential appreciation and income generation to tax advantages and portfolio diversification. With thoughtful planning and strategic location choices, land can be a valuable and versatile asset in your investment portfolio.