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5 things to consider before buying a lifestyle property (Part 2)

June 22, 2022

5 things to consider before buying a lifestyle property (Part 2)

Purchasing a lifestyle property might be a considerable step up from purchasing a residential property.

A lifestyle block might be the answer if you’re looking for lush paddocks, more area to cultivate fruit trees, or an uninterrupted view across rolling landscapes.

Before you purchase your first parcel of land outside of town, be sure you understand the obligations that come with owning a lifestyle property.

Make sure you understand your long-term objectives and the alternatives that a lifestyle block may bring.

What exactly is a lifestyle property?
It usually involves more rough terrain than a typical rural property (which means it’s more difficult to manage!).

There is no minimum size for a lifestyle house, but you could expect to pay around 40,000 square metres on average (4 hectares).

The major draw of lifestyle homes is their large gardens, fresh air, and the ability to keep animals, making them a popular choice for families with small children.
However, there are certain critical things to consider before committing to a lifestyle property.

This article will assist you in doing so by highlighting the essential factors to consider and potential constraints when purchasing a lifestyle home. Let’s get started!

What is your dream?
If you want to be successful with lifestyle properties, you must do some soul-searching.

Lifestyle blocks come in diverse forms and sizes, with various characteristics that may or may not fit your needs. Do you have appropriate pastures, for example, do you wish to house a small number of livestock?

Similarly, how long will your commute be if you continue to work in the city? Are there decent schools in the neighborhood for your children?

If you have an endless commute every day of the week and a large property to maintain, your semi-rural fantasy will rapidly turn into a nightmare.

Are the amenities up to date and in excellent condition?
While amenities in an urban home may include things like parks, stores, and transportation links, we’re talking about necessities like the septic tank and mobile phone service here.

Things you take for granted in the city may be contested in more rural areas, so it’s well worth your time to educate yourself on the fundamentals.

For example, you should determine if the property is connected to the local municipal water supply or whether you will rely on rainwater tanks or other ways of supply.

In the latter case, you’ll want to verify not just that everything is in working condition, but also whether the water is safe to drink or whether extra purification is required.

Conduct research to get ahead of any difficulties
Paperwork will also be out in place. Some significant phrases you may not have heard in the urban property market include:

Rules governing what you may and cannot do with the land They can include limits on subdividing a block, erecting new structures on it, or utilizing it in specified ways, such as housing cattle.

Easement – An easement is when a neighboring property owner has the right to utilize a portion of your land.

This might happen when laying water or sewage lines, for example. You’ll want to discover if such an arrangement exists before purchasing a lifestyle property.

How is the internet and cellphone reception? Don’t assume that the location has fast internet.

What size property are you willing to keep?
Furthermore, it is critical to investigate whether the site has previously encountered problems with landslides or floods. When inspecting the property on the ground, look for nearby risks such as neighboring rivers.

Examine property documentation with your lawyer or conveyancer to ensure that nothing vital falls between the cracks.

Whom can you speak with regarding purchasing a lifestyle property?
If you want to buy a lifestyle property, one of the finest things you can do is talk to someone who has previously done it.

They’ll almost certainly have some wonderful suggestions and advice from their own experience to share, allowing you to avoid some of the pitfalls they made or succeed in the same ways they did.

In addition, there are real estate firms that specialize in marketing lifestyle residences, such as Zea Homes.

They will be able to show you several properties that are currently on the market and, ideally, match them to your specifications. They will also be able to answer any concerns you may have regarding the reality of moving to this way of life.

Are you going to be able to maintain it?
As previously said, maintaining a lifestyle home will take far more time.

So, while looking at lifestyle houses, consider how much time you’ll need to commit to keep up with maintenance around the block. You should be able to ask the agent or seller this question, but after a while you’ll get more insight.

Before you begin your search, establish a list of all the reasons why you want to acquire a lifestyle block, since they may provide so much.

However, bear in mind that you will never get everything you desire, and if you do, the price will almost certainly be greater to reflect that.

Set reasonable expectations so that you do not wind up with a home that is just not suitable for your needs.

Lifestyle residences provide several advantages, ranging from a change of pace surrounded by nature to saying goodbye to long commutes to work.

They do, however, contain concerns that can be difficult for the uninformed. You’ll be ready to transform your rural dream into a reality if you arm yourself with the above knowledge and seek the guidance of professionals.

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