Experts opine that when real estate prices are down, it is a good time to pick up a second property to use someday for vacation or retirement. And if you have decided to buy land then it is any day an asset for you.
Having said that owning, a land is a difficult task in itself. Indeed it is a feel good factor, dreaming of buying a plot of land or a home, although the process demands lots of effort to realize this dream.
Here are few factors that you need to take care of before buying a plot:
Location: Determine the location you want. Also be clear of what you want to do with the plot. If you have decided to buy the land to set up your holiday home business, then you might want to buy in an area which is tourist destination. Do not fall for less priced land out of tourist destinations. Also make sure that the land is not in the midst of a crowded area. Although it is a tourist destination, travelers ideally love to stay away from the hustle and bustle of the city, yet in its vicinity.
Size of the land: Calculate how much land you would like to use as built-up area of your house. Think whether your dream house will fit into that land. Topography and soil are the two vital factors that you should consider before buying a plot.
Type of land: Majorly two type of land exists, one is developed and the other under-developed. Developed land has all the facilities like proper sanitation, water supply and power supply. Whereas, when you choose an under-developed land you will have to bring in all the basic facilities to it. So, choose accordingly. Many countries and specific areas do not allow foreigners or residents outside these areas. So make sure that there are no such restrictions in the area where you are looking for a plot of land.
Title deed of the property: The title deed of the property includes basic information like, name of the owner, location and other such details. Being a buyer you should ask for title deed papers to know complete information on the property. Title deed of the property will also let you know if the land has any litigation or disputes.
Encumbrance certificate: This certificate is available at the area sub-registrar’s office wherein the deed of the land is registered. This is very important as this certificate will reveal the prevalence of legal disputes, if any. Also the history of land transactions can be known through verifying these certificates.
Value of land: Always consult a couple of real estate experts to know the exact value of land instead of rushing blindly. After all these initial checks are done, you can negotiate on price of the land.
Documentation: Consult a lawyer and get the land documents ready. Make sure all the details are accurately mentioned in the document before you make any payment.
Registration: Make sure fresh documents are written and do not pave way for duplicity of documents. The land will be registered in your name at the sub-registrar office. Land rate and the registration expenses should be registered in the document.
Here are some tips to buying the best land for your holiday home:
1. Never make a deal on your first visit. Don’t make an offer before you have thoroughly gathered all information on the plot.
2. Visit the land on a miserable day – probably when it’s raining or there is snowfall. Look for water logging problems, drainage of the area, and basic civic amenities available in the area, etc.
3. Also visit the site at night and on weekdays. Is the area well lit? Are there any regular traffic snarls? Look for the noise level of the area or and external odors that might be coming from a factory nearby which you didn’t know that it existed.
4. Never confide in a real-estate broker or agent who is working on behalf of the seller. Never reveal your finances or your best price. Never tell such a broker or agent that you love the seller’s property or that you need to have it.
5. If there is already a house in the plot, ask both the seller and his agent to disclose in writing all material defects, both latent and manifest, in the property and its title that would negatively impact your possession, use and enjoyment. You can also read our article on: Tips to buying an old home and renovating it