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Selecting land in an estate

Discussion in 'General Property Chat' started by macdub, 25th Feb, 2016.

  1. macdub

    macdub Active Member

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    Hi Guys,
    What things you look out for when picking a lot in an estate from investor point of view? I am listing few that comes to my mind. Please add the missing items.
    • width/depth
    • easement
    • flat/slope/site costs
    • north-east facing etc
    • whether you can build single or double storey
    • the distance in the front that you have to keep as per estate requirement
    • whether you can only build using particular builders or any
    • closer to park/school/shopping
    • not facing main road
    • corner block or no corner block
    Thanks in advance.
     
  2. Lincsus

    Lincsus Member

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    Potential rent and rental yield will be on to of my list.
     
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  3. thatbum

    thatbum Well-Known Member

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    Probably construction costs and end value of a finished product mostly.
     
  4. bashworth

    bashworth Well-Known Member

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    Court or Distributor Road . . . for people renting a house I am assuming they would have children and a court would be more attractive as safer for the children.

    Stage of release. . . . The last block in an early release has some advantages over the first block in a later release. All the surrounding houses are likely to be completed before you are built making it easier to get a first tenant.
     
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  5. macdub

    macdub Active Member

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    great advise!
     
  6. EN710

    EN710 Well-Known Member

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    • Site cost
    • Distance from amenities
    • Price, size
    How do you know whether the block is the last one of the release? Based on lot number? (trying to work out mine)
     
    Last edited: 25th Feb, 2016
  7. Lincsus

    Lincsus Member

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    The builder website generally mentions the release number with the lot numbers in each release.
     
  8. EN710

    EN710 Well-Known Member

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    Ah yes, but the lot in one stage are usually released all at once so I wonder if the higher lot number is the last release of the stage
     
  9. bashworth

    bashworth Well-Known Member

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    2 ways
    Talk to the agent . . sometimes someone has paid a reservation fee and then failed to get finance. I got a block like that last time I built.

    Check with local estate agents who might have blocks for sale. For example a couple who have gone through with a block purchase but then for one reason or another can't build.
     
    Last edited: 25th Feb, 2016
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  10. Inov8ive

    Inov8ive Well-Known Member

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    You have most considerations covered. Only contribution from me is to look at the highest point of the estate/street and run offs for water if possible. The highest point of the street is less prone to flooding or water build up in extreme conditions and the highest point also has the most privacy and best potential for views.
     
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  11. macdub

    macdub Active Member

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    What about pros and cons of corner block? What is general perception of people about corner block? I read somewhere that one should avoid but can't remember the reasons why
     
  12. EN710

    EN710 Well-Known Member

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    My cons would be the limitation based on new Estate design guidelines. Corner blocks would need to have two frontage or at least facade that accommodate both sides. Different requirements for fencing etc too usually
     
  13. wombat777

    wombat777 Well-Known Member Premium Member

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    Corner block is good in some areas for building dual-occupancy, even on a small block. Consider a fonzie flat above a garage. Dual-street or street->laneway access is good for this as well. This is good for achieving high yields.

    Unfortunately you will probably find that any blocks with characteristics above are snapped up quickly.

    High-side of street with district views is also good if you can get it.

    Some blocks have a stormwater easement at rear which restricts what trees you can plant.
     
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  14. Cactus

    Cactus Well-Known Member

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    Corner block can give more light into the house, but you have an extra side to fence and sometimes their are restrictions on the fencing which reduce privacy. You also have issues with regard to extra articulation and presentation to the secondary frontage which ultimately costs more to build.

    Other items for estates are:
    Restrictions on the plan of sub and/or MCPs (Some add cost, Some limit flexibility, Some protect values).
    Design guidelines what can you build, what can't you what are the cost implications, like even fencing can be dictated and add cost, coloured concrete driveways etc.
    Who is the developer, have they completed an estate before? is this the first stage of the developement?
    What amenities will the estate deliver and when?
    Is their a sense of pride in the estate if there are established homes, are the front landscaping being maintained are their window coverings or newspaper over windows...
    Restrictions on re-sale pre settlement or pre construction
     
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  15. Inov8ive

    Inov8ive Well-Known Member

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    You have less neighbours but more street exposure. Depends on what you prefer and how busy the corner. Generally a corner block is preferred IMO just like corner apartments or a corner office.
     
  16. Chilliblue

    Chilliblue Well-Known Member

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    Be careful of house numbering for resale
     
  17. macdub

    macdub Active Member

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    pardon my ignorance but what do you mean by this?:confused:
     
  18. EN710

    EN710 Well-Known Member

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    What's the chance of getting house number changed through council once land is titled?
     
  19. Cactus

    Cactus Well-Known Member

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    I think the poster means numbers like 4 and 13 vs numbers like 8 or 88.

    Problem is the developer doesn't even know the street numbers until they are allocated, and they rarely would tell the estate agent.

    As for getting the number changed, i'd say no chance.
     
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  20. Chilliblue

    Chilliblue Well-Known Member

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    Some numbers may be considered unlucky for some (I,e, 4 or 13) whilst others are more desirable (8's if an Asian community).

    Thinking about resale, if you are buying in area where that is important to the purchasers then you should be aware of it.