The Australian Dream Series

 
 
 

Land Location:

The general area that you choose to build in will undoubtedly be influenced by your own individual requirements.
Requirements such as the closeness to, or (if preferred) distance from relatives, travelling time to work, affordability of land, familiarity with the area and a possible myriad of other reasons that are a priority to you personally will play a major part in your decision making process.

It is important to keep in mind that circumstances can change a lot faster and easier than you can change houses. - A deciding factor such as being 5 minutes from work could possibly turn into a location liability if you happen to be retrenched or transferred to another location.
- The compromise, that you could live with the factory next door to you if it meant that you didn't have to spend 30 minutes in peak hour traffic was a valid one at the time of your decision but now that you need to sell, the acceptable compromise has become a major liability.
This may appear a radical example for some people, but it does show that not only do you need to list and prioritise your requirements, but you also need critically examine each to validate your reasoning.


Land on the Suburban fringes may be cheaper than available sites in more built up areas.
Is there Public transport close by if your vehicle is out of action?
Are there Pre School, Primary School, or Secondary Schools nearby?
Will the children need to be driven to and picked up from school ?
Are there parks or open spaces in the area ?

Inner suburban areas may provide easier access to shopping centres, theatres or public transport.
Are the rates exorbitant?
Will the traffic noise be intrusive?

The lifestyle of rural living may be appealing.
Is there a school bus that goes past or will you need to drive mornings and afternoon to pick children up from the bus point?
Is there a garbage service ?
As the children are growing up and want to 'hang out' with their friends are you prepared to drive 30 kilometres at midnight to pick them up ?

Considerations
Cost of house/land/rates
Family ties
Personal desire for a particular area
Proximity to work
Status and type of community
Proximity to public transport
Proximity to schools
Proximity to shops and other facilities
Opportunities for employment
Parks, recreational facilities
Future developments such as Freeways etc.


Examples - An investor, after looking to build in a particular area, has the choice between 2 lots.
One site is flat and the other has slopes that make it visually more appealing. Research has shown that the neighbourhood is comprised mainly of elderly retired people. As the area has the likelihood of attracting this type of buyer the flat site with easier access, less mobility restrictions for the elderly, and possible lower building costs could give a greater return on the investment.


A young couple, with primary school children, decide to buy in an expanding rural area due to the potential to increase their investment outlay quickly. Both need to work to meet loan repayments. Is there family support or neighbours able to look after the children before and after school hours? Is there a close bus service or will relations or neighbours be required to transport the children?

Think carefully about the 'location' to build in.
List both you and your partners expectations and include scenarios for 12 months, 2 or even 5 years into the future.

 

Neighbourhood Character >>