Purchasing a block of land is one of the most exciting life events you can experience. As the start of your new home journey, a block represents the canvas on which you will build your new life. But why is it important to consider ‘titled’ land?
With the exciting news about the $25,000 HomeBuilder stimulus being currently offered by the Australian government, the importance in finding a titled block has never been greater. But what is titled land? How quickly does it allow you to start building? And how does it affect your chances to get the new HomeBuilder stimulus? The team at Thornhill Park are here to help. Below we have outlined some of the reasons you should consider titled land.
‘Titled’ vs. ‘Untitled’ land: What is the difference?
The terms ‘titled’ and ‘untitled’ land simply refer to whether the land has a registered title or not. If the land does not have a registered title, it is classified as untitled land, and if the land has a registered title, it is classified as titled land. If you’re looking to build sooner and take advantage of the HomeBuilder stimulus, then titled land should be the option for you. Purchasing untitled land is common within new communities and new land releases. When purchasing untitled land, you are required to sign a ‘Contract of Sale’ document with the developer who will develop and register the land on your behalf. Purchasing titled land means that the land has been developed, registered, and is ready to build on. Titled land presents the opportunity to start planning for your future without the prospect of waiting for a stage release and potential title delays. When you purchase titled land at Thornhill Park, you could be eligible for the new HomeBuilder grant and our own New Normal offer to save up to $55,000*.
When does land become ‘titled’?
For land to become titled, in particular residential land, it undergoes a civil construction process so the land can become ‘home-construction’ ready (a.k.a build-ready). The civil construction process generally takes up to 12 months from the start, to issuing titles and settlements. The timeframe and expected title date must be communicated to all prospective purchasers and purchasers of untitled land, as well as any delays that prolong the titlement and settlement of the land. You can view the construction process at Thornhill Park on our live Community Portal.
Thornhill Park has a large range of titled land with a varied selection of house and land packages to suit, allowing you the freedom of selection. The unprecedented HomeBuilder grant presents a unique opportunity to own your new home while saving up to $55,000* – there has never been a better time to build.