Land is one of the most valuable resources that man needs. Buying land is considered a great achievement because of the value placed on land ownership.Â
This has been one of the goals of every human being in order to be free from the grips of tenancy and have a shelter of their own.Â
However, the purpose of purchasing land differs from one person to another. Some people buy land to build their dream house; some buy real estate as an investment. This is a reliable way to make a profit.Â
It is important to note that despite the various intentions of purchasing land, there are important factors to consider before taking the step.
These factors will aid and prevent unfortunate situations now and in the future. It helps you safeguard your hard earned money from swindlers or fraudsters.
A lot of people have been defrauded and duped of their money while trying go get a land through friends or family.
If you are new to this or have the intention of buying land for personal use or investment, you need to consider the following factors.
1. Your budget
Buying land is quite expensive, depending on the location of the land. You need to count your costs before setting out to acquire a land property. For example, there are extra expenses that come even after the purchase of land. This includes legal fees, agency fees, survey plan fees, certificate of occupancy fees, and lots more.
After this, you might need to erect a fence to secure and safeguard your building.
All these costs come with the purchase of land, so this is why you need to sit down and consider your budget. Knowing your financial ability will guide you on what to go for.
2. Location
It is important that you consider the geographical location of the land you want to purchase. This is important for the value of the land.Â
Considering a perfect location when getting a plot of land also entails that you check out the growth of the area. Make as much research as possible concerning the land. If you aim at getting land in a rural area due to the cost, check out what the growth of such an area will be in10 or 15 years time.
3. Topography
This is the study of the features of the land. You must consider if it is flat or sloped land. Also, if the land is poor or has a high water table, it might cause flooding in the near future. This is why it is essential to make the necessary enquiries with the help of an experienced builder.
4. The size of the land
Before purchasing a land, your intention and purpose of acquiring it determines how much land you want to acquire. You must also be familiar with the terms associated with land sizes.
It is important that the size of the land is measured accurately by an experienced surveyor.
5. Security
This is one of the most important factors to consider when choosing a land. You must be sure that the land is secure from hoodlums and other external disputes.Â
It is also important that you think of the future. Is the area safe enough now and in ten to fifteen years?
Ask questions and do the necessary research regarding the security of that area. This is because the level of security will either add to or reduce the value of your property.
6. Road accessibility
This is more focused on buying a land for personal or commercial use. How far is it to the road now and even in the nearest future? The land must be easily accessible for cases of emergency.
7. Investigate the sole owner of the land
Making necessary investigations to get to the root of the ownership of the land is important. This is to avoid future disputes, especially family struggles. The land you are about to purchase might not be owned by the people you are transacting business with.Â
You can as well make further investigation as regards previous disputes over the land to be sure you are taking the right path.
8. Don’t purchase land with restrictionsÂ
If you are a risk taker, then you should be an exception. Do not take the risk of buying lands that have restrictions or warnings either by an individual or the government.Â
The implication for this might not be soon but in the nearest future.Â
9. Involve a genuine lawyer
Before buying a land, it is very important that a legal entity is involved, a lawyer especially. The lawyer will help you check the authenticity of the land documents and every other document that could cause disputes in the nearest future.
10. Mode of payment
To avoid being duped or swindled of your money while purchasing a land, it is important that you don’t make any cash transaction. Make sure your payments have evidence and proof of payment to avoid disagreement in future.
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