Buying Vacant Acreage

[flipflops]

Long time lurker, first time poster.

When buying vacant acreage with a view to building ppor, what is the difference to buying a non-acreage established house? Eg first home owners grant, stamp duty, soil tests etc. The property price is approx $1.5M. We are first home buyers.

TIA

 

[FrankGrimes]

Welcome!

- For soil, add a clause on your sale contract "subject to satisfactory soil test". I'm not sure of exact wording but your solicitor will be able to assist
- Check zoning etc with council

Advantages

- You will be able to build what you want
- You may be able to build something for cheaper than a completed home

Disadvantages

- You will have to pay for where you're living now + interest while building
- Building delays / escalations etc

Cheers

Luke

 

[Kristine..]

Hi Luke

Would you like to read the relevant page on this website for FHOG buying vacant land?

http://www.osr.nsw.gov.au/benefits/first_home/general/fhplus/

The way I read it, buyers pay no stamp duty if the purchase price is at or below $500,000. For properties above this amount, normal stamp duty imposts apply

Equally, the FHOG does not apply for purchases over the same threshold.

flipflops, all the technical information you have requested is available on the various government websites.

Stamp duties and other government fees and charges differ between the States.

The Commonwealth FHOG is $7,000 across Australia, but each State offers something extra for first home buyers.

However, there is a maximum value for the property being purchased. At $1.5million, you are beyond the scope of the FHOG.

But it all sounds wonderful and best wishes for a long and happy life in your own paradise!

Cheers

Kristine

 

[FrankGrimes]

I stand corrected!