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Are you planning to purchase property to build your dream house? Do you plan to set down roots at a new place? Do you already have a real estate agent on speed dial? If you are planning to buy property for the construction of your home then you need to be extra careful, as you will have to live there for years, especially if you drain all your savings on it and take out a loan.
Therefore, it is better if you take the following tips into consideration, before actually buying a property and then regretting it later.
1. Location
The locality and neighborhood of the property is very important. Not only are some neighborhoods more pricey in terms of real estate value, than others, but there are others factors you need to consider as well. The people living in the locality, the distance to the nearest store and hospital, the local parks and schools in the area, are also things you might want to consider before buying a plot to build your home.
2. Property Condition
Double check the condition of the property before sealing the deal or hire a professional to inspect the land. This might save you from environmental issues, wetlands, salinization, flooding and other such problems that might cause you trouble later on in construction or that might lower the property value.
3. Utilities and Infrastructure
Access to basic utilities such as clean water, gas, electricity and even a stable internet connection is a necessity for survival in today’s world. Furthermore, open roads, a proper sewage system, and other infrastructural facilities are also extremely important for any person wanting to settle down in a particular area.
4. Restrictions and Limitations
Do your homework before finalizing a property by finding out all the property limitations and locality restrictions that might hinder construction. While most of these might not stop construction all together, it may cause structural and design restrictions. Historic sites, HOA rules, and restrictive covenants are just some of the factors that might cause you trouble.
If a property has even one of these flaws then you might want to reconsider buying the property. Narrow your property search by shortlisting plots not only with these four tips, but also by your own requirements. Your own requirements and preferences are very important, especially if this purchase is more than a mere investment for you.
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