If you Buy An Older House On Bigger Block of Land
An old house on big land
A decision many homebuyers in Redlands need to make is whether they choose to buy land and build new or go for an older, established house and renovate.
There’s plenty of choice when it comes to building new, with land releases coming out all the time. But it’s here that size really does matter. At the moment, new land is coming out in 400-500sqm lots, and even some new land in Thornlands is half that - around 250sqm.
For buyers who are looking for more space, all the bigger blocks of land have established houses - these blocks can be a large as 900sqm. In my opinion, if size matters to you, the best way to secure a big block is to invest in an existing property.
Let’s look at the benefits of larger land size.
You can split it to build a second property
Land is the key driver in a lot of suburbs because it provides subdividing opportunities. There are plenty of suburbs around Redland City that have older lots that could be split in two - Subject to council approval, of course.
Established houses, established communities
The bigger blocks of land with older houses are in communities that are already fully established. You’re on established, leafy streets and you’ve got your lifestyle on your doorstep - coffee shops close by, schools around the corner, and more often than not you’re closer to water. The newer estates are still quite bare - everything is still to come. Plus it’s usually a longer drive to your lifestyle locations such as schools and restaurants.
Renovate to suit your lifestyle, not a magazine’s view of life
We often get our inspiration from style ideas in glossy magazines. It might look fabulous, but is it practical and will it work for your lifestyle? Your home renovation - if you are putting your resources into it - has to improve your quality of life.
But here’s the thing: big blocks generally have older style homes - sometimes 30 years old or more. So, often, there’s renovations to be done. How do you get the most out your renovation.
It might seem obvious but planning is the key. Get plenty of quotes. Don’t be afraid to spend extra time to get two or three extra quotes. Spend at least a week reviewing the quotes and design. If you have last minute changes, it’ll not only cost you money, tradesman also hate it.
Get your budget sorted
Probably the most important thing to do is adequately assess your finance to ensure you can afford the project. You don’t want to get two thirds of the way through and run out of money.