What to Expect when Buying into a Residential Land Estate

Buying land in a new estate and building a home is typically one of the quintessential Australian dreams.

Within our region there are many options from entry level land to exclusive estate releases on offer providing a range of lifestyle solutions.  Today, many estates offer more than just a foundation for your new home – community, infrastructure, lifestyle luxuries, but what is the cost?  Consider the following when looking for your dream home site and make it work for you.

Developer & Design Guildelines

Developers often implement guidelines in new estates as quality assurance for purchasers and to protect the character of the neighbourhood and surrounding environment.  These guidelines are independent of council rules and regulations and may influence the design of your new home and what you are allowed to build.  Ensure you read over the guidelines prior to purchase and decide if you are happy to oblige to the developer’s requirements; all of which will be stipulated in your contract of sale.  Common items governed within guidelines, but are not limited to may include:

• External materials and colours including façade style, fences and driveways
• Set backs and site planning
• Corner allotments (additional design guidelines)
• Landscaping (rebateable bonds, species and timeframes of install)

With assistance from your builder, the approval process can involve submissions to architectural committees, meetings and amendments to plans which all take time and some compromise.

Overall, the outcome is a beautifully maintained neighbourhood that will no doubt provide lifestyle appeal and add value to your property – potentially more value than an estate without a design committee.  If you expect a particular standard of quality and maintenance in your neighbourhood, then the guidelines work in your favour.

Owner’s Corporations & Body Corporate Fees

Some developers provide exclusive resident’s clubs/memberships to promote community and provide access to local facilities.  In most cases, there generally is a cost involved to this benefit, this may include an annual fee or dollar value incorporated into the cost of your land.  Body corporate fees may also be payable for the maintenance of open space, parks and gardens.

If applicable, consider their value to you and your family; are you happy to commit to any ongoing costs for these facilities?  There is no wrong or right answer, it’s a personal choice.

Infrastructure

A big draw card to new estates is the access to the NBN ensuring high speed internet connection to your new home.  For your enjoyment or the flexibility to work from home, land estates with access to the NBN is highly desirable by all modern day families.

Sustainable infrastructure including tapping to recycled water is another benefit to those purchasing in many new estates.

Supermarkets, schools, public transport require funding from governments or independent developers.  Have these proposals been awarded funding?  What is the anticipated time of development?  The answers may aid your decision on selecting the right land estate for you.

With the various land estates available in Geelong, Bellarine, Golden Plains and Surf Coast, you are sure to find one that suits your needs, lifestyle and value for money – happy hunting!