If you are a first-time land buyer, the process of purchasing the right plot can be quite a daunting task. Purchasing land can be far more romantic than buying mortar and bricks. You feel as if you are obtaining your very own share, however small, of Planet Earth. And although there are some pitfalls, purchasing land is usually simpler than purchasing a property. It can also, potentially, be just as profitable. The following are given top tips on what to consider:
1) Be Certain About Why You Are Buying the Land
Possibly you see land as a better investment than shares and stocks or other assets. Maybe you want a site to build your own house, or perhaps you want to become a smallholder. You absolutely need to have some long-term plans for the plot because it will determine what and where to purchase.
Naturally, property location is also significant. Research and examine the area to learn more about local jobs, schools, entertainment, and medical facilities. Searching a lot in a desirable area will provide you with a greater return on your investment.
3) Spend Some Time Researching the Market
As a fact, there is a huge variation in land values being achieved at present, ranging from 5 lac to 10 lac per acre, entirely depending on location and quality. You need to evolve a feel for the market and for what it is reasonable to pay for your piece of land. That is why, properly research the market and determine the trend of various lands.
4) Shop Around
There is normally plenty of land on offer at any one time, although not all of it is publicly advertised. There are experts land agents dotted around the country. If you are prepared to move swiftly, land auctions are another option. But you must also be alert to other potential sources of land, e.g., house owners happy to sell a piece of land at the edge of their property.
5) Focus on Areas with Growth Potential In Future
The ‘location, location, location’ mantra applies to land as much as to properties. Pay attention to areas due to benefit from improved infrastructure, such as transport links. Always remember that price is greatly affected by location. If you are not personally familiar with the area of your search, spend some quality time to observe and get to know it to see if it really does meet your standards.
6) Learn Whether You Will Require Planning Permission for Any Building on the Land
Some plots of land are to be sold with planning permission already given, although this is often only ‘outline’ planning permission. You will need to clear the ultimate details with the planning authorities. Be cautious of restrictive agreements or other legal restrictions on your freedom of maneuver. In brief, planning issues are so closely linked to your decision to buy the land that it is necessary to appoint a solicitor with expertise in this specific area.
7) Be Certain to Get the Land Properly Surveyed
An empty field might not seem as if it needs to be given the once-over by a chartered surveyor. But there are possible hidden snags with land purchases, from boundaries and overhead power lines and rights of way to flood risks. It is always better to be on the safe side and to get professional advice.
8) Properly Check Where Your Plot of Land Starts and Ends
Admittance to land can sometimes be more problematic than it seems. You need to be careful of land, which is separated from a public highway by a so-called ransom strip.
9) Treat the Land as a Long-Term Investment
You are not likely to make a swift profit on a field in the present climate, so it is rational to play the long game and try to judge the optimum time to develop on the land or even sell it.
10) Identify the Proper Agents Who Can Help With the Search Process
A great agent will want to have an understanding of your concerns and needs. Though everyone has particular requirements, and a skilled agent will tailor their services to deal with them.
Purchasing land will apparently feel a bit unfamiliar at first and might take you out of your comfort zone. But do your homework thoroughly and do not lose heart.