Buying land can be seen as a means of investing that can give proper return in the long-term. But one must be extra careful before spending a lot of money on any lucrative land which catches the eye. There have been many cases of fraud concerning land buying and the buyer had to face a lot of losses. However, a land, if bought in the right way can be beneficial in many ways. All the things which you must remember before purchasing a land is given below.
• Requirements- Before buying any land, identify what your requirements are and what you are looking for. You can start with some important questions such as your purpose of buying the land, how you will use it and what are your plans, what is your budget and does all of your costs including the cost of the land, the whole building procedure, legal proceedings etc come under your budget, and whether you are planning to re-sale the project.
• Right Plot- There are normally two types of lands, one on which any permanent structure was once built or is still there which has become dangerous and which can be redeveloped. And the other type of land which is completely untouched and undeveloped like forests, lands in the countryside etc. You have to choose which type you will go for based on your plans and requirements.
• Means of Buying- The first option is to go for an estate agent but you can also do your own research of whether there are any lands open for sale. Apart from agents, you can also get to know of suitable lands in auctions. However, auctions are conducted very quickly and so there is no time left to do any research on the land. Often companies providing utility like electricity, water, gas put extra lands for sale. You can also search for lands in the local authority as they sometimes possess lands which they want to sell.
• Things to know before making a purchase- To be on the safer side gather proper information regarding the following: Whether all the legal titles have been cleared off the property; if a reserved land is being sold in the name of ‘on-sale’ land; history of the agent; the documents you will need to proceed with the buying.
With keeping the above-information in mind you can make a step towards buying your dream land. However, the key is to do a lot of research before making any kind of big investment.