Should You Buy Land (and Build a Home) in Melbourne?

The selection would be tough, judging by the beauty of every suburb. It sure is a welcome problem, and is just one of the reasons why we’re here to help if you’re undecided on whether or not to buy land in Melbourne.

Location is Supremely Important

Yes, first things first; the suburb you choose makes a world of difference. For this, you need to consider your lifestyle. How does living close to the city centre sound? Imagine having schools, hospitals, supermarkets and entertainment hubs nearby. If you prefer a quieter suburban area, there are many options as well. 

Something you’d also want to keep in mind is the area’s growth potential. It might not seem as rich as the more well-known areas now, but look around for new infrastructure. Perhaps there are other projects on the horizon, which can affect property values. 

Understanding the Block

Get a vision of the block itself. Does the size and shape suit the design of your dream home? You’d want to factor in space for landscaping or future extensions. Note that sloping blocks can provide stunning views, but they may also require additional construction costs. In addition, consider a soil test to understand any potential drainage issues.

Hidden Costs

When building a home, it can be easy to overlook hidden costs if you’re not careful. You need to get council approval—it typically comes with a fee and may also take time. That’s aside from the fact that construction costs can vary depending on the size and complexity of your design. Lastly, don’t forget about connection fees for utilities!

Financing Your Land Purchase

Know your options when it comes to financing your land purchase. Talk to a trusted mortgage broker about which one is right for you, given your circumstances.

Building Your Dream

Perhaps the top reason for building your own home, as opposed to buying a built house, is the freedom and flexibility to personalise it. This is a complex process that requires careful planning and project management. But when done right, it’s one of the most exciting things you can experience.

Long-Term Investment

If you don’t intend to build a home, buying land in Melbourne is a wise investment. And why not? The city’s property market has a history of steady growth. Just remember that it’s still not free of fluctuation, so there’s always some risk involved. But overall, buying land wherever in Australia, is one of the best investments you can have.

The Right Decision for You

As with anything, it’s important to weigh the pros and cons carefully before making a final decision. Think of your financial situation, lifestyle needs and long-term goals. Do they align with the timing of buying a land and the style of your dream home? Do your research and plan ahead, so you’re better equipped to turn your dream home into an absolute reality.

Don’t be afraid to see professional advice. Having the guidance you need is essential to making the experience a more rewarding one.