Things You Need to Know Before Buying a Piece of Land

Here’s another article in our series of articles where we guide you through the confusing and stressful process of real estate investment. By now we hope that you have a rough financial plan for the investment, an eye on the possibility of future, and you know the generic area you want land in. Now we need to figure out a way to gauge the land itself. Before making any investment, we need to have a rough idea of our needs, and whether our investment is ok on all those points. Here is how we recommend you do it.

1. Connectivity: Is the property connected well to major roads? Is there a way to easily access the property all year round, or would it get blocked the instant it rains next time? Is there a space to park your vehicle, and if not, can you construct one? How connected in the property to the major modes of transportation? Is there a train station, metro station, auto stand, airport nearby? These are very important questions to ask, because sooner or later, these things would become important.

2. Location: The exact location of the property is sometimes so important that it change the very nature and value of a property. There are many questions you need to ask here, based on your plans for the property. If the property is residential, then the accessibility of schools, hospitals, markets, general stores, shopping complexes, and leisure centers becomes paramount. If these support services are too far away, the connectivity of the property would hold no meaning. Imagine traveling 3kms just for milk and groceries! However, if the property is residential, then the needs change all together. Can your supplier easily access your property?Can your target customers reach you? Can you supply things without a problem?

3. Geography: Can the land be farmed, if you decide to do that someday? Is the land in an earthquake prone region? Is water easily available? What is the drainage situation? Would your area become a pool every time it rains?

4. Legality of the sale: This is where it gets tricky. You would need help here. With the help of a good real estate agent, ask the important questions. Is the seller authorized to sell the property? Is she/he showing you the correct documents? Get them validated with the help of a good lawyer. Nitpick every detail, check the smallest things. Even the presence of misplaced comma can sometimes change the meaning of a document. Check that all the necessary documents are present and accounted for.

That’s our basic advice on what to look for in a real estate investment. Good luck, and may you find the best land possible. Keep watching this space for more information, and you can write to us at rcplranchi@gmail.com for further information.