Buying land, and developing on that land, is an avenue of wealth attainment in a majority world. Whether you are buying a rural property, or buying a house, it is very important to have your expectations and goals defined.
Before you set out to buy land, you need to consider what expectations you have with regards to the land you are buying.
Points to Consider to Define Your Expectations
Before buying land, here is a list of points to consider. These will help you better define your goals and expectations.
Cost of the land that you want to buy.
Function of the land being bought. Whether you want to buy land for building a personal home, apartment/ condos, or a commercial location.
Amount of privacy the particular plot will offer.
What view does the land have.
Locational advantage with regards to schools, and other facilities.
Features to Note Before you Purchase Land:
Once you have set your expectations of buying land, the next step is to note the salient features of the land you want to buy. Whether you are buying land for investment, or buying land to build a home, there are some points that you need to keep in mind.
Where do you see the neighborhood going in the next five to ten years? Before you decide to invest in land, or buy an existing home from an owner, think about the possible developments that can take place in the coming years. It's not possible to understand all of the factors at first glance. That is why it is good to take your time, and do some research, before making the final decision.
What kind of soil does the land have? Are there signs of soil erosion? What is the consistency of the soil? These are important factors, that can affect your building later on.
Slope, vegetation, and water table of the land, and its surroundings.
What is the use of the surrounding lands? Consider the immediate, as well as potential neighbors, developments, and zoning activities that may take place nearby.
Costs to Be Considered When You are Developing
The cost of land isn't the only cost that you will be incurring when you set out to buy land for building a house, or for investment. There are many other costs involved:
Water Costs: Make sure there is enough water to meet all your requirements. Get an estimate of the total cost for hooking up to existing systems, installations.
Costs for utilities: Consider the cost for getting utilities such as telephone and power.
Property lines: Be aware of your exact property lines.
Required permits: Make sure your have all the required building permits.
Get Professional Advice: You may become tempted to do it all yourself. But, it might just lead to future headaches. That is why it is best to consult professionals before buying land and developing.