Hey Guys I am recently new to this forum and I want to say how much I love it and many thanks to people that comment on this forum. I absolutely love reading every ones questions/answers and have learnt so much.
I am currently searching for my 1st PPOR and I came across "LOT" houses for example:
http://www.realestate.com.au/property-house-vic-werribee-116161503?listingType=buy
http://www.realestate.com.au/property-house-vic-werribee-116190291?listingType=buy
I am guessing these a house & land packages being developed but my question is what does the description mean by "LOT" is the whole development and all the houses going to look the same or identical?? If so could this be a bad thing because if every house on the block look the same would it be very hard to sell in the future ??
Has anyone had experience in purchasing house and land packages like these "LOT" it's just by pictures they look very modern and affordable but I guess the marketing has worked on me.
Hi TNI,
Quote:I am guessing these are house & land packages being developed but my question is what does the description mean by "LOT"When a new development is being planned, this includes mapping where streets will go, but without street numbers allocated, they use the Registered Plan description of (e.g.) Lot # 11, RP # 123456, Parish of Timbucktu.
You will see this on Contracts, Rates notices, etc. It is what developers use probably right through the process of developing new areas. Even with street numbers assigned, I think they would continue to use the Lot #. Your current house would have a similar Lot # even today, even though it has a street number and address.
Someone else can likely give a more definitive answer, but that will get you around any adverse thinking for now. it really isn't any kind of issue.
Benny
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