With new developments and suburbs arising all around the state (and country!), it’s not an easy choice to pick where to buy land. Whether you’re building your dream home or an investment, it’s important to carefully consider which suburb will offer you the most value. While there are many reasons that will sway a decision, here are five things to consider before closing a deal.
A selling point for most homeowners is the suburb’s proximity to everyday amenities. Shopping centres, schools, banks and hospitals are just some of the amenities that are convenient to have close by. Another factor to consider is the land’s proximity to public transport – bus stops and train stations – and even an airport! If you’re looking at purchasing land in a new suburb, it’s worth researching what the Council has planned for the area so you can know what to expect.
Growth In Value
The property market isn’t a smooth line on a graph, but certain suburbs are sure to have land that increases in value more than others. Take a look at growing suburbs versus existing suburbs and consider how much your property could be worth if you were to sell it in the future. This will differ from suburb to suburb, depending on the major amenities in the area as well as the demand in buyers. Keep in mind that the size of your land will play a big factor in its potential to grow in value.
If you’re building a new house as an investment, speak to professionals who can estimate what the expected rental income is. The New Edge Homes Sales Team will be able to advise on the Greenfield areas in NSW. For a second opinion, you could approach real estate agents in the area and get a comparison for what other properties are on the market. Even if your new build is your forever home, it’s a good idea to look into this research anyway to know your property’s potential.
You want to be sure that you’re getting the most bang for your buck. If you’re seriously considering one particular area, take a look at its surrounding suburbs too. It could surprise you and show a major price difference or that a larger lot may be available for a similar price. On the contrary, you may find that the nearby suburbs aren’t as family-friendly as you’d hoped. Consider all aspects, negative and positive.
Environment & Climate
Our beautiful country is one that’s not shy of some extreme weathers. While the bushland has a gorgeous backdrop, you may need to consider its likelihood of bushfires. On the other end, you may need to take into account that some areas are prone to flooding. Explore the area and make yourself aware of the hazards. It is also worth noting that these areas may inflict a more costly cover with insurers. The most important thing is that you ensure the safety of yourself and your family.
Are you after the peace and quiet of acreage? Or do you want the entertainment and bustling nightlife of a city? Perhaps safety and recreation for a young family. Consider the type of lifestyle you want and the things that you prioritise that make life most enjoyable. Investigate the suburb up for discussion and reflect on whether or not you see it being where you want to spend your time.
If you’re unsure of the new and growing areas in NSW, get professional advice from our expert Sales Team. Call 1300 230 463 or visit newedgehomes.com.au to build in an area that’s right for you.