To purchase a plot of land is one of the biggest investments one can make in life, however, what factors influence this investment? Finding a location for home construction or property investment is not as simple as choosing a piece of land that one gets attracted to. The phrase people give me is ‘measure twice, cut once’ and this holds well when attempting to purchase land. As with so many other projects, legal clearances down to basic amenities – you have to check it all. Below are eleven that you ought to consider looking at before you make that important decision.
Real estate sales are very capital-driven, so many of them are likely to be risky if proper attention is not paid to them. So, what to do in such cases?
Ease of access to important facilities such as schools, hospitals, and supermarkets among others should be considered while choosing a location. Still, buying lands in the developing regions may be constructive with little prospect for expansion and the lack of infrastructure.
It may be a daunting task to go through all the paperwork when one intends to purchase a plot of land. There is also the need to ensure that the plot of the project has been approved by the local authorities to avoid legal issues.
While buying a plot for investment, one should not just take into consideration the gains that he or she is going to get immediately, but also have to think about the future of the piece of land. In other words, one has to evaluate if the area in question has the potential for development. Is the plot going to become more precious in the future? Researching the future growth of the location can be a good way to determine the value of the plot in terms of ROI.
Sometimes it is tempting to get enticed by offers that may seem sweet but without the right analysis and research, you may regret purchasing a product. Do not be in a hurry to enter the market to have the plot, there is a need to also look at the current market rate and other benefits that come with the plot.
The location of the plot and the size of the plot are important especially if you are thinking of constructing your house. Make sure that the plot is big enough to cater for your future needs whether for residential or commercial purposes.
As it is evident that there are so many legal problems that may emerge in property transactions, the integrity of the builder or developer should always be checked. This will make you have confidence in the genuineness of the plot you are buying and also eliminate any possible future disagreements.
Besides deciding on the location and size of the plot, it is necessary to evaluate its appropriateness for your requirements. For instance, if you are to put up a villa, then the plot has to be in an area that allows such structures. Another factor that plays into the selection of a location is the landscape of the land, it should be flat with available sources of water and electricity.
To eliminate problems of taxation, ask for receipts and bills of property tax from the seller. These documents prove that the seller has complied with the tax laws to ensure that there are no charges on the plot by the government. Having these records will guarantee that there are no other costs that can be charged once you have bought the land.
If you intend to pay for the purchase through a loan, it is good to know that banks provide land loans. However, banks normally insist on the fact that the plot is in a legally approved development or society. This assures that the land is legal and free from any legal(buttons) hurdles hence safe for investment.
Are you looking for a “land loan” or a “land purchase loan”? You can connect with covenant banks and monetary to get help. institutes provide “Land loans” or “Land purchase loans”. However, they might inquire that the land you are buying is for business or house purposes. If it’s not lawfully safe, you won’t get the loan. This states that the
The last process is to go and record the plot in the local authority after you have purchased it. The process of registration of the sale deed is very essential as it legally establishes your ownership right on the property.
We would advise that getting into a rush to acquire a plot is never a good idea. It is very important to spend a lot of time and energy in coming to such a decision and does require a good amount of research. Selling or acquiring a property entails more than one can imagine—that is why take our help! SEL Tiger offers valuable insights, efficient research and unyielding help to find the right plot for you and will deliver the best TMT bar for all your construction needs.
Confirm legal issues such as development permits, permits and other requirements like the title deed and encumbrance certificate.
The best plot is one that has possibilities of developing in the future, has approval from the local authorities and has necessary utilities such as water and electricity.
SEL Tiger TMT presents the optimal combination of metallic strength, elasticity and corrosion resistance. The quality of the buildings constructed using them is better and long lasting hence ideal for any construction thus adding a lot of value to property development.
