How to Buy Vacant Land in New South Wales

Local councils, such as those in the Blue Mountains in NSW, Australia, may require geo-technical reports

The purchase of undeveloped land offers an opportunity for potential homeowners to build the house of their dreams. Located on the southeastern region of the Australian continent, New South Wales is the most populous and industrialized state in Australia. The capital of NSW is Sydney, which is an important global financial center and also home of "one of the world's great seaports," according to About Australia. Purchasing vacant land in New South Wales is a procedure that is fairly straightforward.

Instructions

1. Locate the potential lot. Available land in NSW is found by either working with a licensed real estate agent, visiting Internet listings of land for sale in NSW or driving through the areas of interest to locate land for sale. When looking for land to purchase in NSW, consider the following: availability to schools; distance from shopping centers, medical facilities, community parks and clubs; and availability of public transportation.

2. Evaluate the land. Consider if tree or large stone removal will be required---tree removal is often costly and requires local council permission. The local council may also require geo-technical reports. Evaluation of the stability of soil on the land is also recommended. Find out if the area is prone to flooding, because NSW lenders and insurance providers may be reluctant to provide services in this case.

3. Check the boundaries and restrictions of the land. Have the boundaries measured by a licensed surveyor. The surveyor will measure and peg the area. Visit the local council to find out about the zoning specifications, possible easements or covenants related to the property that will restrict any aspects of constructions. If you are working with a real estate agent, they will obtain this information on your behalf.

4. Purchase the land. It is often difficult to secure land loans from the major mortgage lenders unless it fits certain cost requirements, or is accompanied by a construction loan granted by the same company. In NSW, it is very common for sellers to do what is known as "vendor financing." This allows the buyer to render a down payment to the seller, who holds a note for the remaining balance, which is amortized over a specified time period. A real estate agent can assist with finding area lenders who will finance land purchases.

References

• NSW Government: Buying Land and Building a Home [pgs. 5-7]
• NSW Office of Fair Trading: Buying Rural Land
• About Australia: New South Wales Facts

Resources

• Your Estate: Land: NSW
• Real Estate Association of NSW