Buying a plot or site is difficult investment decisions for any investor. If you are buying a plot for construction purpose, you need to consider some key factors before buying a plot. There are number of factors to consider while investing or buying a plot.
Many people prefer to buy a plot and build a house of their choice, as it can give much better returns than an apartment flat. If you can get a plot of land in an upcoming residential area, its value may increase many times; it may even go up to 5 or more times. This is the reason people prefer to buy a piece of land rather than a built property.
There are many things you will need to take into consideration when buying land in India. Here My reality India list, 10 Things. other ten things in ' Things to consider before Buying a polt of Land Part -2"
1 Budget
If any one buying a plot for constructing home, need to consider budget. Unlike buying a house or flat, it is important to set out your budget in advance and work out the costs from the beginning. Buying a plot for construction purpose need budget for buying plot and budget for construction. It is also important to set aside some surplus cash for unforeseen cost. Some areas, guideline value is more than market value, that situation you have paid more amount for registration. so, set aside some extra amount,
Same time, check for rate of property currently going on in that location by asking few people or agents, so that you will not land up putting up more money in the deal.
2 Location
If you want to start a book stall or a restaurant it is important that you choose a good location for your business. It is also important to choose a good location when you buy a plot of land.
3 Infrastructures
Before you buy, be sure to know what Infrastructures utilities like water, electricity, sewer, gas etc.have been brought to the house. This includes power, water, gas, telephone and cable. For many properties in more rural areas, water is not available to be run into the property so you will need to drill a well and install a septic system.
While the cost and effort of bringing utilities and roads onto your plot is something you need to take into consideration in your planning. Infrastructures utilities fix the price of plot.
Choosing the location of plot is vital if you are planning for investment or constructing home for letting out for rent. Proximity to center of the city is always the best location. Check out if there are good schools, Hospitals and transport facilities such as distance to bus stops, railway stations, Bank and supermarkets etc.
4 Soil Condition
While all plots may seem to suit the construction of house, it is essential that you determine how much of the lot can be built upon. Does that portion meet the needs of the house you and your family want to build? Topography and soil conditions are two vital issues. Poor soils can affect the concrete footing size and the cost of construction, also height of the building and number of floors. Please avoid poor soils if the rate is less.
5 Developed or Undeveloped plot
There are two types of land There is land that is developed, which has the utilities brought to the site and roads built. The second is undeveloped land. If you buy undeveloped land, you will be responsible for bringing the utilities to your plot and in many cases, you must build and maintain the roads into your plot.
There are pros and cons to each type of plot of land. Knowing what your priorities are and what money you have to spend is essential to determining what type of property fits you project best.
With undeveloped land, you may have to build a private road or driveway in from the public thoroughfare. If so, will you be responsible for maintaining it? Also, do you have access to the public thoroughfare or is there a recorded easement in place which will allow you to access the property?
Even some developed land includes a private road you may share with others in the development. When this occurs, you and your neighbors will be responsible for the maintenance of that road.
6 Costs to develop the plot
Once you know what land you want to buy, take into consideration the costs involved to develop it before you make an offer. If you are looking at two pieces of land for approximately the same price and size, but one will require a well and septic system and significant excavation to meet the needs of your home, will the extra costs still be worth it to you and your family? It may well be, but be sure to have all the facts before you sign on the dotted line
7 Zone
In addition, take a look at the land that surrounds the property you are interested in purchasing. Ask your real estate professional or local planning commission tell you what the plans are for it? While you can’t foresee everything, with a little homework you can make a more informed decision on the land you want to purchase.
8 Layout Approved
Verify whether the layout has been approved by the City Development Corporation and the local body. Do not buy unapproved plots.
9 Measure the land
When looking at a plot of land, look for the iron pins or cement poles at the corners of the property, or whenever the property line makes a turn. Some iron pins are also found in the center of the road. If you are at all unsure as to the boundaries of the property, look at an existing survey or have the current one updated. You need to be sure of the boundaries in order to place your plot in the correct spot.
Get a recognized surveyor to measure the plot and see that the dimensions, area, four borders (South, North, West, East), etc. are accurate as stated by the seller.
10 Paperwork
If you are planning to buy a plot of land either for investment purpose or to build a house, be careful while doing paperwork as purchasing a plot can be problematic. You must need to cross check all documents because it might be possible that the plot on sale may not be approved to be used for residential purpose or it may be involved in any legal dispute. Unfortunately, most people are not aware of the paperwork involved and sellers exploit the buyer’s ignorance.
Now a days, it is always advisable to consult a lawyer to verify all the documents before you purchase a plot.
Happy plot of land buying..!
Next Article
Things to consider before Buying a plot of Land Part - 2
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