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Buying a plot of land is indeed the best option for investment, especially when compared to other types of properties. But of course, purchasing a plot tends to be a one-time investment. So, it’s important to do your homework before putting your foot down on a decision.
Investing in a piece of land has its own set of challenges, precisely why one should not rush to make any purchase. Instead, it is always best to concentrate on the worth of land and take this process slowly. Besides these, there are also certain factors that one must consider while purchasing a plot of land. Listed below are certain vital pointers you should focus on:
Is the location really important?
Yes, location is a very significant factor that one should consider while deciding to purchase a plot of land. Positioning is key here so do not get lured away by cheap deals. Keeping the best interest of your family in mind, ensure the following are available:
- ● It should not be too far away from the city and with more chances of possible development in the next 10 years.
- ● The plot must be located away from excessive air and noise pollution as well as traffic. This is particularly important if you have elderly members living in the family.
- ● Ensure your family’s safety by checking if the plot is prone to flooding or earthquakes. Also, probe into whether the area is peaceful and devoid of other safety concerns.
- ● Check if the plot of land provides basic utilities such as electricity, water, sewage and garbage disposal.
- ● Steer clear if the plot is not well connected to the main routes as it would make it difficult to access basic social infrastructure facilities such as hospitals, schools, shopping centres, etc.
Does the plot of land hold enough value?
Quite often plots with minimal value are sold at unreasonably high prices. Spend some time researching the value of the land and also compare it with nearby plots to estimate the cost and value it brings. If required, consult with a real estate expert to assist you to make a well-informed decision.
Besides that, it is always best to secure a plot of land that can offer good value in the present and significant appreciation in the years to come. This will bring back better returns if you do change your mind in the future.
Evaluate the potential and area of the plot
Another very important factor to keep in mind is the potential of the plot. Different plots of land can reap different outcomes based on their topography, soil and built-up area. Hence it is advisable to understand your requirements first and then make the purchase after careful evaluation. After all, you wouldn’t want to make the mistake of purchasing an uneven plot on hilly terrain for building a home.
Approvals and licenses Paperwork might come as a daunting task at first, but once you acquire the following documents building a home on your plot of land is a smooth process. Hence never skip through this step as it is a necessity.
Mentioned below is the list of documents that you will require:
- ● Title deed – This particular document ensures that you hold undisputed legal ownership over the plot of land in the future. Always make sure that there are no unclear deeds and if the transfer of land is questionable at any instance it is best to address it immediately.
- ● Release certificate – It ensures that loans on the property have been paid off. Secure your plot of land by requesting the bank to provide you with a release certificate.
- ● Encumbrance certificate – This certificate ensures that the plot of land is free of any legal debts
- ● Local approvals – It is never advisable to construct a building over a plot of land that hasn’t been approved by the city development authority. Hence it is necessary to acquire approved documents and permissions before you start any construction.
Although purchasing a plot of land isn’t entirely an easy process, following these pointers is sure to keep you well-informed whilst making the process as smooth as possible.