Advice on buying land

silkysmooth on 29/01/2017 - 13:46

Hey people,

Just need some advice as my wife and I are considering buying land as we have noticed prices only rising. I just wanted advice should I wait and buy a house or would it be smart buying land and building in a few years.

I build my current house about 4 years ago for 350k got 200 k left on the loan. We have 2 young kids and only I'm working on 80 k a year. We live in Epping area in Vic. Hoping wife would go back to work in a year's time or so.

Our current house is small and will out grow it in a couple years. We want to rent this place.

I'm just not sure if the market will crash or be in affordable in years to come.

General Discussion

Comments

  • chumlee on 29/01/2017 - 13:59
    +1

    A vacant block of land in metropolitan Melbourne has no income generating prospect. Either buy a bigger house and rent it out for now, move into it and rent your current one out or just wait til your wife goes back to work

  • ms_caz on 29/01/2017 - 15:22

    You might find that if you buy a block of land you will be required to build on it within a set time frame - which might not fit with your plans. If you do investigate available land, do make sure you clarify this.

  • [Deactivated] on 29/01/2017 - 17:27

    You will also have to pay land tax on a vacant block. It adds up, too.

    • silkysmooth on 29/01/2017 - 19:04

      Land tax . What's the average amount

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