All Topics / Help Needed! / Need advice on purchasing land then building

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  • Profile photo of dank78dank78
    Member
    @dank78
    Join Date: 2006
    Post Count: 30
    September 15, 2009 - 7:22 am

    Hi guys

    Just after some general advice on purchasing land within a new estate and not in a new estate

    I was browsing some land in NSW north and south coast on realestate.com.au notice some relatively good prices 902m for $235k with water views and was wondering the pros and cons about purchasing land and then at a later date (no more than a year) build a house. Possibly sell soon after or rent it out for a while.

    Please post your thoughts, much appreciated

    dan

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 15, 2009 - 8:06 am

    Holding costs is a problem. You will be paying interest and rates etc but not getting any income in. This all adds up.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674
    September 15, 2009 - 9:18 am

    Check out if there are any restrictions on the land.
     I know of some sea side land in Victoria that had an environmental covenant on it
    so no bull dozers, two blocks were required to be owned side by side to build.
    Low level houses.

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