When buying property or plot, you have time on your side. Your decisions should not be trigger happy; otherwise you will compromise your long term goals. You must have information about how to buy a plot in resale or direct purchase. Here are 10 questions that you should when buying a plot.
1) What Do I Want a Plot For?
Do you want to build a manufacturing plant or a recreational park? Do you want to build a home for yourself or as an investment? Depending on the area of the plot, it can be used for various reasons. Consider what you want from a plot to make the search easier.
2) Should I Buy In a Property Scheme Or In Isolation?
If you are planning to use your plot for residential purposes, then you can consider buying one in a housing scheme. You can also build corporate offices on plots in housing schemes, but for that you have to get permissions. On the other hand, you can use a plot for any purpose when it’s in the outskirts of town.
3) Are There Any Restrictions on The Plot?
There are different restrictions in different property schemes. Most modern housing schemes do not allow you to build more than two floors of residential space. On the other hand, there are lenient restrictions on plot construction in isolated areas.
4) Are There Facilities Provided With The Plot?
When plots are purchased in property schemes, the development authorities generally provide facilities. These facilities can include free water, electricity infrastructure, gas, and much more. Hence, consider these factors too if you want to lower your long-term ongoing costs.
5) Are The Boundaries Clear?
There are cases when the boundaries of a plot are not clearly marked. This can result in legal disputes if someone already has a plot next to yours. Make sure the plot you purchase is clearly marked, preferably with boundary walls.
6) Is The Plot Convenient?
There’s no need to purchase a plot if it’s not convenient for you in terms of travel or usage. For example, if you purchase a plot to build a farm on it but it’s located very far from where you live, then you are only making it inconvenient for yourself.
7) Will There Be Ongoing Fees?
Plots in property schemes have yearly costs for facilities and other associated costs. Discuss all the costs that you will likely incur with purchase beforehand in order to avoid any issues later.
8) Should I Hire A Lawyer For the Paperwork?
A lawyer can quickly pick any loopholes in the plot contract that might save you from any issues in the future. If you can’t hire a lawyer because of your budget, then consider getting consultation at least.
9) Should I Pay For the Plot Together Or Go For Down Payments?
Depending on your long term plans, you should choose a payment option accordingly. If you don’t plan to invest in the plot anytime soon, then you can pay for it at once. But if you want to get work started on it right away, then you should consider a feasible down payment option.
10) Should I Buy Myself Or Hire A Real Estate Agent?
Hiring a real estate agent will help you in getting a plot of your choice. On the other hand, buying on your own can save you from additional costs. It’s a matter of getting what you want against saving some money. Hence, take your time and evaluate both options.