10 Top Things to Consider Before Buying a Plot
In quest of a plot somewhere? Well buy a plot for sure but wait for a moment. Here is a list of ten top things to consider before buying a plot. Look all these points before you sign a cheque in return of a plot.
1)Purpose
Well the first ask is definitely why? Why you need to purchase a plot? Do you want to build a house on it and then reside? Or you want to build a house and then sale it? Do you want to build a commercial plaza and then sell it out? Or do you want to erect a commercial plaza and then earn rents. The choice of plot totally depends upon the purpose. You can look for a corner plot if you want to reside there in future or a big piece of land if you want to erect a commercial plaza. So first decide, what you want to do with that piece of land?
2) Location
It's a very old saying, Location, Location and Location. Very true indeed. The first question about a property often asked is: “Where is that plot which you have bought?” The worth of the property starts from the location. A plot of 20 marlas in DHA Lahore may be of more worth than a plot of 40 marlas in Lohari Gate Lahore. So look for the location and then decide that is the location worth your investment?
3) Costs
The big issue! How much amount of money you have to invest in the plot. You definitely afford a certain amount of money to be invested in property. Look for the sector which suits your investment. Lets suppose if you have got 5 million in your pocket, you may look for a plot of 7-8 marlas in Sector B of Bahria Town or otherwise make a survey of any other area.
4) Facilities around
Facilities around are always a matter of worth and worry in every case of your purpose. If you want to reside in future after building a home on plot, then you need to have all the auxiliaries around you, like market, schools and shopping center. And if you want to sale it in future, you need to have all the facilities around, to make property worthy and further appreciate it's value.
5) Type
Plots are different in their nature. Some are suited for residential purposes and others for non-residential or commercial purposes. Residential plots are located in between the cluster of houses while commercial plots are mainly located on roads, bit away from residential areas.
6) Source of financing
Definitely you need to arrange funds. But from where? This is a big ask. You may have to arrange it from the savings you have put aside or apply for loan from a financing institution like a bank or HBFC. A loan can also be taken from a family member or a friend.
7) Timing
It is better to buy a plot at the time when rates are relatively low and it is the time, when people are a bit afraid of investing in property, fearing a loss in future. So when all others are fearing, it is time for you to dare!
8) Old sales
How many times this piece of land has been sold and bought previously? Who were the sellers and buyers? And what were the probable reasons of sale? These all questions need to be answered before you buy the plot.
9) Execution
Will you perform all the matter through an agent or yourself? It is better to contact an agent as an agent knows all the legal matters and procedures and are better executors of the sale.
10) Plan B
Everything may not work as you thing. There may be some unforeseen circumstances. So make a plan B as well to use, in case Plan A doesn't work.
Keep in mind all the above points before you intend to buy a plot.
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About Author
Ammad Ashique is an expert of real estate marketing and also has passion to write about real estate investments, real estate marketing and real estate tips and guides. Follow him on Google +.