Buying land

richo77 · 21-11-2005, 04:16 PM

Hi all,

I am interested in buying a block of land in an estate as an investment and just was after some info about the buying process from those that have done it before.

The blocks all have an asking price, my question is, what kind of offer do you put in on the block you want. There is a fair bit of demand in Perth atm so do people pay the exact asking price or do they offer say 10% less and go from there??

Any info/insights would be appreciated.

Cheers
Nathan

Mr. CVE · 21-11-2005, 05:58 PM

just my suggestion, as the agent what they think the vendor will take as it is slightly over your limit.
if they say 2k less put in a formal offer of 3k less, the worse that can happen is the vendor says no and you go the 2 k less.
can't hurt
good luck.
perth is different to melb though

richo77 · 21-11-2005, 06:10 PM

thanks mate, i guess the problem in my case is that the Agent is also the developer of the estate so they have a strong vested interest in getting as much $$$ as they can out of me.
still sounds like good advice though.

uglybob · 21-11-2005, 06:23 PM

yeah no harm in going lower - do your research, find out what they're worth, and take it from there.

the worst they can say is no! :P

GTP 320 · 21-11-2005, 06:35 PM

Just bought a bloke of land in a new estate and i had no chioce as it was a set price.
Cheers John

WizBang · 21-11-2005, 08:12 PM

Go as low as you want they can only say no but if you want a investment block first find out if you have to build a house on it as some of these estate want a house on them in the next 6-12 months as this is what I'm look around for as I had enought of of the house I rent out in Belmount so I'm going to sell it and just buy a block up the north coast and sit on it . I'm looking at 10acres in Jurien Bay which is only 3 hours from Perth for $130000 but thats the price so it's a take it all leave it thing were are you looking?

MITCHAY · 21-11-2005, 08:25 PM

Yep look for time limit for building, and you might want to know the land rates too. I know of this house which looks just like a normal house but the ULV (unimproved land value) is $2 million. Can you imagine those land rates?

Also with most things you want to set a limit on how much you want to spend. That way you can start way lower than it and work your way up. You might end up with a bargain.

max^power · 21-11-2005, 08:37 PM

it's a buyers market, do your research and then offer them below what you'd expect them to take. you may be suprised by what they take.