When it comes to investing in real estate, the land is the most preferred form of property. However, when buying land/plot it is important to keep some important factors in mind, without which your investment might not be that sound as you wanted it to be. In addition, in the case of a residential plot, you have a lot of flexibility and you can build a home suited to your preferences and requirements.
Here are important things to consider before investing in a residential plot:
It is important that you determine the location of the plot by considering its distance to the important areas within the city. In faraway areas with the least growth, do not get tempted by less priced plots.
Size of the Plot/land:
If you are looking to buy a plot of land for living purposes at a later stage, it is important to first understand your requirement. Make sure you verify how much land you will need to create your dream home (built-up-area). Location and soil are the other two vital factors to consider while buying the plot.
Check the real value of the plot:
It is best that you do your homework well and consult a real estate specialist to assess the value of the plot/land rather than blindly rushing in to buy a plot that seems cheaper to you. You must negotiate well with the seller on the piece of land after all the initial checks.
Do you buy from an individual seller or from a builder? Are you sure that the land is in their name if you purchase it from a builder? The first thing you want to clarify is whether there are legal rights for the seller or the builder to sell the property. This is important as there are issues where sellers and small builders sold plots that they don’t even legally own.
Approvals and licenses:
Ask the seller or builder to show important documents/approvals as proof that they have the rights on the property. Look for a sell certificate, a previous title deed, property tax receipts, a Khata certificate, and an encumbrance certificate.
Go with a reputed builder:
Ensure that you invest in a plot of land by a reputed real estate builder. This is the best way to avoid property frauds and future construction roadblocks.
The size and shape of the plot:
These factors are important not only because they affect the price or resale value of the property but also because they have a big impact on the quality of your day to day life. The ideal plots are square or rectangular because they are auspicious. Aside from shape and size, also consider the direction of the land. Try searching for properties facing north, while plots facing east and west can also be considered.