Guide to buying land

Everything you need to know

Follow our 8 simple steps and you will be throwing a house-warming party before you know it!

Building your first home is exciting! And it doesn’t have to be overwhelming….if you follow some simple guidelines.

We understand that buying and building your dream home could feel a little confusing at first, especially if you have never done it before. 

There are some very simple steps to follow if you are thinking of buying a block of land and building a new home in Western Australia.  With a bit of easy know-how you will be throwing a house-warming party before you know it!

The Buyers Process

STEP 1 - Research
The first basic factors to consider are where you want to live, the location of your block and then what kind of home you would like to build on it. Other considerations may be proximity to transport routes and shops – what kind of amenities do you want to live near? Then the issue of budget is critical; how much do you think you can borrow? Begin considering the budget from the very moment you start thinking about building your house. Develop a realistic idea of how much you can afford to spend to build a new home. The budgeting phase is really about balancing your wants with a realistic assessment of what you can afford. It is a good idea to speak to your bank or finance broker and find out exactly how much money you can borrow and to seek pre-approved finance so that you can move quickly when you find your dream location.
STEP 2: The Contract - signing on the dotted line
The contract signing process has four main stages you will need to be aware of: a) signing the contract to purchase land with the land developer; b) contract acceptance by the developer (at this point you usually have approximately 7 weeks to gain unconditional approval); c) appointment of a settlement agent (they organise the transfer of the title into your name and will guide you through the purchase process); and d) signing the contract to purchase a house with your preferred home builder.
STEP 3: Finance – Apply to your bank
When you apply to your bank for finance it is best to be prepared and have ready all the documentation required to prove your identity, income, assets and liabilities and past tax returns. Also ask if your accountant or bank manager if you qualify for the First Home Owners Grant. It should only take a couple of weeks before you receive unconditional approval from your bank and loan documents will arrive for signing. Your Settlement Agent will then organise the transfer of land documents also for you to sign.
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