Top 5 mistakes to avoid while buying land

First time land buyers often face an uphill task in making decision of purchasing the right plot of land for themselves. However, avoiding some classic mistakes will help you get your one step closer to making the right decision. Let’s get started.

1. Do your research before taking the plunge – Most people do a lot research before making major purchases, say a car or a television set or even a mobile phone and try to determine the worth of the product before putting in their money. The same diligence, if not more, needs to be shown while investing in a plot of land.

Not only should the prospective buyer ask a lot of questions about the plot, they should also check out the neighborhood/area where it I located.

Some of the questions may include;

1. Is the plot on/near a commercial zone or will long term construction be occurring in the future?
2. Is it a flood zone or a problematic area?
3. Why is the previous owner selling?
4. If you are purchasing in an unknown city, then are there any problem areas in the city?
5. Avoid doing everything on your own – Many prospective assume that they know it all, or that they can close the entire deal on their own. Though they might have had experience in the past, there’s no one to turn to if you get an unfavorable deal. A prospect buyer should make the most of every possible resource. Try and befriend experts who help them make the right purchase. These experts should be capable enough to bring to notice the slightest discrepancy in the process of making the purchase.
6. Avoid overpaying – This point is somewhat related to our first point of doing the homework. Searching for the right deal can be time consuming, even frustrating at times. And you finally find that plot of land that fulfils your needs, you have to make the seller accept your bid. You have to realize that there are always other opportunities out there. Even if the negotiation fails, the odds are that there is always another plot of land that will met all your needs.
7. Never underestimate the expenses – Determining the expenses prior to making the purchase is very important. There are various costs of maintenance that come along with the purchase of land not to mention the taxes associated with it. All these expenses have to be calculated in details so that the process of purchase goes smooth.
8. Get the proper finance – This is the most important part of making any real estate purchase. Getting a good finance is half the job done. Property Loans in India are generally long term loans and the interest is compounded over the years making the effective cost much higher than the actual price quoted.

These are the 5 top mistakes to avoid while investing in real estate. In such scenarios, portals like roofandfloor.com can help with their end to end property advisory. Their accurate and relevant data, and advice from their trusted real estate community and help make your purchase a smooth transaction.