Things To Consider Before Buying/Purchasing A Land: The land is often one of nature’s gifts to man. It is maybe the only asset that does not lose value after a certain amount of time. However, aside from this, there are a variety of other reasons why individuals could want to own land.
For many people, buying land so they may build a house is a good reason to do so. The majority of individuals rank fulfilling their desire to live in their dream home and own property as one of their top priorities to accomplish before retiring. After retirement, it is an assurance that they will have a place to live, eliminating the need to stress out about whether or not the next home rent is due.
For some, buying land for business purposes will increase their income. To become a landlord to others, you may opt to build a building and rent it out. You’ve assured a consistent cash stream by doing this. This is only one of the numerous reasons why individuals choose to invest in this property.
In contrast, for other people, purchasing land is a long-term investment. One of the most reliable methods to invest in the real estate sector is to purchase land. Those who invested by buying land in rural regions sometimes saw a five-fold return on their investment when those areas grew into metropolitan ones since the area is now developed.
However, there are still a few things you should think about when buying land, even if you plan to work with a real estate agent to help you identify the ideal plot. This essay is focused on the things to consider before buying a land.
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9 (Nine) Important Things To Consider Before Buying a Land
1. Budget: When purchasing land, the budget should be taken into account initially. The most crucial element is establishing a budget, regardless of where in the nation you have made the decision to purchase land. The actual question is whether you have the money to buy a piece of property, not merely if you want to. No matter how much money you may have saved, it’s always crucial to do your homework on how much it will cost to buy a plot of land and any other costs that may be involved.
By using a budget as a guide, you may manage your money wisely right away and prevent financial difficulties while purchasing land.
2. Location of the land: Prior to making a purchase, you should also take the location of the property into account because it might increase its worth.
In an area that is developed, the land will be more expensive than in a developing one. As a result, you need to be aware of how quickly the neighborhood is developing and where the land you want to buy is.
There are certain places where land is very inexpensive but may soon draw speedy development. If development occurs there, the value of such land will rise. Markets, schools, particularly higher education institutions, roads, etc., are a few factors that might bring speedy development for a region.
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3. The Size of the Land: Ensuring that the size of the land you intend to purchase matches the information provided by the landowner is another piece of information to take into consideration.
Engaging a surveyor or a construction industry specialist is one of the approaches to verify the veracity of a land’s size before purchasing it.
If the property has a survey plan, the surveyor will measure or inspect the property to ensure that the information on the plan is accurate. Additionally, in circumstances where there is no survey plan for the land, the surveyor will inspect or measure the property to ensure that the information provided by the landowner is true.
After you have acquired such property, the surveyor will also assist in creating a survey plan for you.
4. Environmental Considerations: You don’t want to live in a polluted environment if you plan to build homes on your land. To ensure your safety while residing there, you must take into account the environment in which the land is situated and understand how it impacts the locals.
Check to see whether there are any dangerous materials around, such as hazardous waste disposals, factory smoke, agricultural odors, etc. Additionally, confirm that you won’t be in danger while living in your home by making sure the land you intend to acquire doesn’t face regular floods or the like.
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5. Topography: When buying land, you should also examine its topography. When building a project on sloppy terrain, construction costs may increase. For the construction of buildings, flat tablelands are always preferred. Flooding may result from the poor topography of a place. A slope’s motions under particular conditions may promote floods and, over time, lead to erosion.
To prevent costly future events, it is crucial to examine the topography of land before purchasing it.
6. Land accessibility (Proximity to Roads): The location of the land you wish to purchase will be easily accessible thanks to a good road network. Before purchasing land, you must take into account how you will reach it from a main road.
In various places, there are instances where individuals purchase lands without paying attention to the access road and subsequently learn that the only route to getting their property is through someone else’s property. You can see how difficult that may be. Before buying a piece of land, ensure sure the access route is worked out with the owner.
7. The Soil Type: To ensure that the land you are purchasing will suit the purpose for which you are purchasing it, you need also to take into account the soil type.
A site with extremely brittle soil could not be appropriate for building development, and if you utilize such a site, you can wind up spending more money on the building process. Verify that the land’s soil type can support the use for which you are purchasing it.
8. Restrictive Covenants: The land you purchase may be subject to restrictive covenants. A restriction covenant is a binding contract that the buyer of a property must abide by. Often, these limitations “run with the land” and are binding on any subsequent owners of the property.
To preserve property values and provide the development of a more uniform appearance, certain restrictive covenants have been placed in place. They can also be used to restrict or regulate certain activities, such as in-home enterprises and house rentals, that takes place in that development.
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9. Consult a Real Estate Attorney: Make sure to consult a property lawyer in anything you do relating to purchasing a landed property. To ensure that you are purchasing real land, the attorneys go above and for you, which includes inspecting all papers related to the property and ensuring their validity.
Don’t invest in a land whose paperwork is incomplete. Before purchasing a piece of land, be sure the size stated on the document corresponds to the actual size. It is recommended to purchase from a real estate business rather than a random person to prevent this worry.
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A significant investment for you and your family is purchasing land, whether it be for your ideal residence or a business venture. However, there are cases where individuals purchase land with a certain use in mind only to find out later that it cannot fulfill that goal. Therefore, this post has focused on factors to take into account while buying land. You can pick the ideal plot of land to invest in or construct by keeping these points in mind.
Edeh Samuel Chukwuemeka ACMC, is a Law Student and a Certified Mediator/Conciliator in Nigeria. He is also a Developer with knowledge in HTML, CSS, JS, PHP and React Native. Samuel is bent on changing the legal profession by building Web and Mobile Apps that will make legal research a lot easier.