How To: 8 Simple Steps to to Buying Land

We know that it is very exciting to build your first home – and that it can seem like a huge and overwhelming task!

We also understand that buying and building your dream home involves many big decisions and can be a bit confusing, particularly if you have never done it before.

If you are considering buying a block of land and building a new home in Western Australia, follow our simple steps and you will be throwing a house-warming party before you know it!

Step 1 / out of 8

Research

Consider where you want to live, what sort of house you want to buy, and how much you can afford. Location - Building a new home is an exciting adventure, but choosing the location of your block of land is just as important as choosing what to build on it. Start considering where you want to live and what you want to be close to. Lending - It’s important to know your budget. Knowing what you can afford will make the searching and buying process a lot simpler/ Speak to a bank or finance broker and find out how much you can borrow. Finally, get pre-approval from your lender too so you can move quickly once you’ve found the dream block.
Step 2 / out of 8

The Contract - signing on the dotted line

The contract signing process can be broken down into four main stages, all equally important: Stage 1: Signing the contract to purchase land with the land developer Stage 2: Contract acceptance by the developer (at this point you usually have approximately 7 weeks to gain unconditional approval) Stage 3: Appointment of a Settlement Agent (they organise the transfer of the title into your name and will guide you through the purchase process) Stage 4: Signing the contract to purchase a house with your chosen home builder.
Step 3 / out of 8

Finance – Apply to your bank

You will need to apply to your bank for finance, which will require documentation to prove your identity, income, assets and liabilities and past tax returns. Important: Make sure you also find out if you qualify for the First Home Owners Grant.
Step 4 / out of 8

Settlement – You own the land!

This is a super exciting part of the process where you become the owner of the land! When the land purchase transaction occurs, ownership moves from Satterley to you. If you’re a First Home Buyer and your land purchase is less than $300,000 the good news is you won’t have to pay stamp duty. If you’re required to pay stamp duty, this will need to be paid prior to settlement (your Settlement Agent will advise you how and your lending facility may include the stamp duty as part of your mortgage amount).
Step 5 / out of 8

The House & Plan Approval

Once you have decided on the house you want to build, your builder will help you submit your house plans to Satterley for approval. This is the check that the covenant and design guidelines are met (when it comes to choosing the external look of your home, there may be requirements for certain colours or materials to be used, or not used, to fit in with the overall design theme of the estate). Once approved by Satterley, your plans will also need to be submitted to the relevant local Council for approval.
Step 6 / out of 8

Construction – the really exciting bit!

Once plans are approved by Council, construction can begin. The best bit is watching the concrete slab go down and the walls go up – you will be amazed at how quickly it all happens!
Step 7 / out of 8

Get ready to move in

There are a few things to get organised before you move in – including fencing and landscaping, NBN/Telecommunications, connecting your utilities like phone, internet, electricity and gas and arranging items like rubbish bins through your local council.
Step 8 / out of 8

Move in!

Our favourite step of all! Pop open the champagne and enjoy that new homeowner feeling!