6 DO’S AND DONT’S OF BUYING A VACANT LAND.
Before you make any move in investing in land or build up an apartment there consider involving your surveyor to look into it and establish boundaries if at all there are any more especially if the area has been un occupied for quite a period of time. It’s always good to take precautions.
Whether you’re buying vacant land to build a home for your family or you hope to sell the plot for a profit in the future, follow these rules to avoid buyer’s remorse.
Below are the do’s and don’ts of buying a Vacant land:
Let an Agent walk you To Finding the land
Letting the real estate agents do their work in helping you locate a good piece of land or property will be one of the best decisions you may have made. Hiring a real estate agent with extensive experience especially when it comes to negotiating the land price.
Consider having an agent that has a track record of representing both the buyers and sellers in terms of land transactions, and more important, do your homework as well and have some little background information about what you are getting into, don’t just rely on expertise on everything.
Consider the value of Homes in The Neighborhood of Interest
Always be careful when it comes to selecting the choice of apartment you are putting up in the area as it shouldn’t differ much from the rest of others.
The Neighborhood always sets the pace and you should just keep it just almost the same, because it’s this very neighborhoods that will affect the resale value of your new apartment so don’t just ignore that important aspect.
Ensure that there are Social Amenities in the Area.
Just because you got a good location to build up your apartment with a good view doesn’t mean that the rest doesn’t matter nor count.
Consider ensuring that the area has electricity and even water that runs endlessly those are some of the basic essentials that clients look into before settling on occupying an area or even you as an individual would you like to stay in an area that’s not supplied with electricity and water?
Have a Well Planned Financial Schedule
It’s important to know how much you can afford to spend before you start visiting certain properties because it prepares you in advance and saves you from small embarrassments.
If you for example want to own a mortgage that of course will be paid in a certain period of time it’s always advisable to pay in cash as this helps the seller feel confident that you have access to the money you claim to and will lend you the house without second thoughts.
Don’t Skip Environmental Tests
This basically means doing a background research of the area, environmental tests helps check the soil to see if it’s by anyway contaminated from the previous use.
It is always good to be cautious as there’s nothing wrong with doing that matter fact you are the one whose gonna reside in that area.
Don’t Forget to Run a Survey
Having a surveyor to look into the land and identify anything strange is also a very good idea. It is good especially if the land is in a neighborhood and has been vacant for years.
These guys are not expensive you can afford few coins for them.Lastly, purchasing a vacant land could be the right move for you to custom-build a house or building that meets your needs, and it could be the perfect investment as you improve the property and allow its value to increase.
But before you become a landowner, be sure to thoroughly research the plot of land to ensure zoning, utility access and building code for the area that will allow you to construct the property you want.
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