Key Things to Consider When Buying a Plot

Posted by Ashok Nandavanam on April 13th, 2021

It can be a real challenge to find a perfect house that matches all your needs. The good thing is that there is always the option to look for a piece of land and build your dream home there. This way, you can construct and create everything as per the wishes of you and your family. Buying a vacant land or plot is also considered to be the best area for real estate investment as plots attain better rise in value as compared to other segments in the real estate in terms of returns on investment.

Plots do not require extra involvement and concerns from buyers, so can be a passive long-time investment. However, it is crucial to find the right piece of land as there may be some challenges and chances of getting conned as well.

Here are a few important things you need to consider when looking for plots for sale in Thirumazhisai, Chennai, or any other city in India:

Location

The first important aspect to consider when buying a plot is its location. In the real estate market, location plays a crucial role in determining the worth and ROI of the property. Thus, you should look for a plot in an area with chances of development in the upcoming years. It is vital that you decide the location of the land by checking its proximity to the major areas in the city. The locality must have some basic social infrastructure facilities in proximity, such as schools, hospitals, public transportation, and shopping centres.

Size of the Plot

No matter you are looking for land for investment purposes or for building a house, you must understand your requirements. It is recommended to categorise and segregate the boundaries and obstruct the access to the land for others. Make sure you assess how much built-up area you need to build your house in the future.

Value of Land

It is compulsory to check whether the cost of the plot is reasonable and matches the real worth of the property. The costs of properties may vary, but you do not need to pay an additional amount to buy a cheap piece of land. You should try to find out the costs of the nearby lands offered by diverse builders to estimate the price that you want to pay. In case you find it difficult to do the market research on your own, you can contact a real estate expert. Once all the initial checks are done, you can think about negotiating the price with the seller. Make sure you avoid rushing blindly and take your time to spot the best property.

Verify the Builder

Plot investment is an area that has the probability of getting conned. So, it is crucial to do a cross-verification of the seller or builder. You can determine the status and reputation of the builder or developer by verifying their present and past projects. It will help gain some ideas about the builder’s reliability and status in the market.

In addition, you should check that the plot does not have any complaints and legal dues. Whether you are looking for plots for sale in Thirumazhisai, Chennai, or any other city, make sure you remember the above-mentioned tips and do proper research of the market.