The method of procuring a plot for the first time is going to be really intimidating. At the end you will have a feeling for own a small share of our Planet Earth. Even though there are many pitfalls, procuring a land is mostly less complicated than procuring a property. It may also be lucartaive at times.
When procuring the land it is mandatory to keep some key elements in mind, without which the entire exercise of making a sound investment will not be as you had planned earlier.
Key factors you want to check before procuring a plot
It is necessary that you simply confirm the plot by considering its proximity to the nearby areas within the vicinity. Don’t get lured by lands being offer at throwaway prices in faraway areas with least development.
2. Invest time in researching the market
There is a huge variation in land values being perceived at present,starting from1500 to 2500 per sqft, All prices are based on the location and quality, You need to have an understanding of the current. Market and then arrive at a conclusion of what will be the fair price for this piece of land.
3. Ensure that the survey for the land is properly done
An empty field might not look as if it has to be given one more attempt for examination by an authorised surveyor. However, there are potential hidden snags with land purchases, from boundaries and rights of way to flood risks and overhead power lines.It’s continuously best to get on the safe side and to ask the right advice.
4. Verify the builder
One might typically hear that ‘the piece of land is disputed / under litigation’ or has other problems. Hence, it’s suggested that you simply do a cross-verification of the landlord / owner (in several cases it’s the builder). You’ll presumably verify the past or the current land / plots involving the current builder or perhaps post your queries on the web property forums. this can also provide you with some plan concerning the builder worth, quality and reliableness.
5. Approvals from the local Authorities
Ensure that the Local Authorities have given you all the clearance for the plot of land you are planning to invest it. They also might be able to throw some light on the land owners.
Before investing in the said land just make sure that it has all the amenities without any compromises.