With the exciting news about the $25,000 building stimulus being offered to Australians, there has never been a better time to consider building your new home. While some might perceive the turnaround build time as a catch, it actually presents a fantastic opportunity to purchase titled land. But what is titled land?
What is a ‘title’ in regards to land?
A ‘Land Title’ is known as ‘the official record of who owns a piece of land, and it can also include information about mortgages, covenants, caveats, and easements affecting the land’, as per the Department of Environment, Land, Water and Planning Victoria
‘Titled’ vs. ‘Untitled’ Land
Put in simple terms, titled land refers to land that is subdivided, registered and build-ready with all civil construction attached to the block complete. For people looking to get a start on building their dream home soon, this is the perfect option.
It is not uncommon for someone to purchase untitled land in a new community, to ensure capital growth and allow time to consider building options while civil works are completed and titles are issued.
When does land become ‘titled’?
For residential land to become titled, it has to undergo a civil construction process so the land can become ‘home-construction’ ready. The civil construction process generally takes up to 12 months from the start until land settlement. The timeframe and expected title date must be communicated to all prospective purchasers and established purchasers of untitled land, as well as any delays that prolong the titlement and settlement of the land.
At The Point, we have a selection of titled land to choose from with up to $25,000 worth of savings to be had thanks to the building stimulus – learn more about the stimulus here
If you have any questions or would like to know how you can find your place at The Point, head to Café 3225 for a coffee and then pop next to visit Leonie at The Point Sales Office. Find out how you can get in touch with Leonie here