We sat down with Ian Horne, General Manager of Land Development at Connekt Urban Projects and Sales Consultant Richard Joy, to pick their brains about the questions you should be asking when considering buying a block within a land estate. We came away with 5 key questions that we think everyone who is doing their research, should have answered!
Who is the land developer?
When you consider buying into a new land subdivision, it’s important to know who the developer is and to consider a number of key questions: Do they have a proven history and financial capability to deliver the infrastructure, amenities, open space, recreational facilities, landscaping, etc. to the quality they are promising? Over what time frames? Connekt only partner with developers who can deliver, and Greenhills Victor Harbor is a perfect example of this. This project is being developed by a group of very experienced local and interstate developers, who have successfully completed many residential and commercial projects.
Is the land already titled and infrastructure work underway? Or is the developer relying on obtaining a number of pre-sales before they can fund the infrastructure?
The Greenhills developers are delivering the infrastructure, roads, power, water, sewer, without relying on pre-sales. The development is on schedule for Stage 1 to be fully constructed by Autumn 2018. The process of creating individual titles for Stage 1 is also underway and these are expected to be issued late March 2018. This means that anyone buying at Greenhills will not have to wait for a prolonged period to start construction of their new home.
Is there a build time limit?
Do people have to start building within a certain time-frame? The Greenhills encumbrance states that construction must commence within 36 months of settling on the land. While the land is selling quickly, it means buyers won’t be living on a building site for an extended period of time.
Is it a good investment?
If it’s a family home you are building to live in, this may not seem like a relevant question – but it’s good to know that by buying into the correct area, you not only have a great place to live, you are also creating an asset that will grow in value. Factors to consider include future investment in the area, roads, schools, infrastructure. Also consider the size of the development – smaller developments tend to appreciate more than larger ones. Simple supply and demand. With only 69 lots available in an area that is always in demand, we expect to see strong growth at Greenhills.
Do you know what you want?
The options for home designs are endless, and to ensure that all homes within a community work together to reach a high standard of neighborhood aesthetic and functionality, most land estates include encumbrances and design guidelines – you can access ours here. If you don’t quite yet have a home design in mind, keep an eye on our page for upcoming house and land packages which will take all the stress out of matching up your home design and allotment.
There you have it! You may have many more questions and we are ready to answer them all – contact our agent Richard Joy on 0439 504 440. Stay tuned for more valuable information which will help at every step of the decision-making process when buying your new home or investment!