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Your Guide to Buying Land and Building Later in Townsville
Find out how you can secure your piece of the burgeoning Townsville property market with our comprehensive guide to buy land and build later in Townsville.
In this article, we’ll look at the process for buying now and building later, the key factors that you should consider, a guide to the purchasing process, specific local considerations for the Townsville and broader North Queensland market, as well as important lifestyle and practicality considerations that you should consider throughout the process.
Table of Contents
Why buy land and build later?
Purchasing a block of land in Townsville today with the intention of building within the next 1-2 years is an ideal way to secure land for your dream build. With buy land now, build later freedom, buyers have the opportunity to effectively separate the purchase process into buy and build – buying time to plan, save, and make an action plan for building.
The buy now, build later approach to home ownership in Townsville affords buyers greater control over finances, as well as more control over the home’s design for a tailored, budget-conscious approach. The slower pace of the transaction ensures that the final construction aligns with the buyer's vision, and there are fewer time constraints on builders so that they can source the right materials for the project.
Key factors to consider with buy now, build later
Weighing up the right place to buy and build in Townsville can be tricky. There are a number of important considerations that buyers should keep in mind, these include:
Location & lifestyle
Buy now, build later means that buyers have the opportunity to build their dream home and their ideal location. For buyers, this means finding vacant lots of land that are close to school, work, and other amenities in Townsville. With the value of land steadily increasing, buyers are also afforded the insurance of an appreciating asset should circumstances change before the build commences.
Size and space
The size of the land is a crucial consideration for buyers. Before buying land, it’s a good idea to consult with your prospective builder to understand the requirements and restrictions that may exist at your desired location. Space considerations mean understanding natural light, and specific outlooks that buyers wish to capture from different rooms in the house before building.
Local building codes and restrictions
One of the key advantages of building on vacant land is the freedom afforded to buyers. However, it’s important to consider that these freedoms aren’t limitless, and they still must comply with local building codes and regulations. In Townsville, most building and construction work will require a permit which is assessed against the relevant building codes.
Government grants
If you’re looking at building and owning your very own home for the first time, the First Home Owners Grant in QLD is something that you should definitely keep in mind. This government grant awards a sizable cash grant to those looking to buy or build their first home. As of the writing of this article, the grant amount has been doubled to $30,000 for eligible first-home buyers, making it a key consideration.
To add to the above grant amount, you can also claim a concession for transfer duty when buying a vacant plot of land to build your first home. This is done under the First Home Vacant Land Concession. When buying land that is valued under $400,000, this concession can help you save on transfer duty costs of up to $7,175.
Add both of these grants together, and you’ll have a sizable reason to start buying that plot of land in Townsville you’ve been eyeing for a while now.
Townsville-specific considerations
Buying and building on new land in Townsville comes with specific considerations for the local market. The size and positioning of the land is crucial for determining things like space and features like pools or gardens.
Orientation, where your home faces and the direction of natural sunlight, breezes, and outlook are also key considerations for Townsville’s notoriously hot conditions. Considerations such as positioning of rooms and outdoor spaces within the house are all points that you can work with a builder to determine based on your block of land.
Natural factors specific to Townsville such as land elevation, type of soil, and bushfire ratings by area are also factors that should be considered and can even be used as a bargaining tool when purchasing vacant blocks of land.
Aligning the local considerations with your overall budget and subsequent construction is crucial to ensure you get the most out of your build and can accurately project expenses once the land has been purchased.
Final thoughts
Buy now, build later in Townsville presents a lucrative opportunity for buyers to secure land that suits their building and lifestyle goals, while affording the freedom of building a dream space.
In spite of the local market’s median house prices increasing by more than 20% over the past three years, Townsville continues to offer buyers relative affordability against national averages, coupled with increased rental yields. With the renowned laid back lifestyle and year-round tropical weather, Townsville’s positive real estate trends make buying land and building later a strategic approach real estate for buyers looking to invest or live in Townsville.