Have you only recently begun your hunt for a plot? Or do you have a wish list of projects you’d want to invest in? In either case, you’re bound to feel overwhelmed by this massive decision you’re about to make.
You’ve probably heard that real estate is an evergreen long-term investment and offers a high compound annual growth rate. It is true. However, not all projects are created equal.
While some plots can provide excellent returns on investment, others may prove to be flukes. We’ve put together a list of five tips to assist you to pick winners:
Don’t Buy Land in Bangalore Before Reading These 5 Tips
#1. Start with the Why
Before purchasing a plot, make sure you know why you’re buying the plot. Are you investing in a plot to sell it for financial gains? Or are you investing to lay the foundation for your future home? Or do you have some other motive? Seek clarity.
When you’re clear about why you want to invest, you’ll prioritise some factors over others. For example, for long-term investment purposes, you’d go for plots in underdeveloped areas with high-growth potential. For residential purposes, though, you’d prioritise basic amenities and connectivity to landmarks.
So, having clarity can help you understand what you’d need and shoot for the stars!
#2. Prepare Yourself Financially
Plots for sale in North Bangalore or South Bangalore are heavy on your pockets. So, organise all your finances beforehand.
If you need to sell some assets or take out a loan, do so before purchasing a plot and get guidance from reputable builders. You can then make use of their knowledge, goodwill, and reputation in the real estate sector. As a result, your chances of being scammed are much decreased, and you can receive assistance on other essential legal and financial issues.
#3. Be Aware of the Local Rules and Regulations
Another problem area that we’ve seen buyers struggle with is legal issues. Without knowing the local rules, regulations and building specifications, you’re likely to get stuck during and after the process of plot purchasing. Whether you’re buying to sell later or build on later, you can’t afford to get lost in legal hassles.
Here’s an example of law you may not know:
You can’t construct residential buildings in regions zoned as industrial regions. Get in touch with legal authorities for further information.
#4. Keep Your Documents Handy
You will need to keep numerous crucial documents handy, especially the title deed and the encumbrance certificate. The title deed offers proof that the seller legally owns the property, and the EC certificate shows the legal history of the plot.
Apart from these two, also collect tax receipts from the seller to avoid legal issues in the future.
#5. Finally, Buy Your Plot
We’re confident that after careful analysis, you’ll find the plot of your dreams with a high potential ROI. Take note of the exact dimensions of the land before jumping the gun. This measure aids in the cross-verification of the paper measurement with the actual land to avoid encroachment.
In the End
Investing in land can be an extremely profitable choice. Yet, our excitement and thrill of owning land can sometimes overpower our judgement. So, we hope this concise guide on the factors you must consider before purchasing a plot helps.
Are you looking for villa plots in South Bangalore or plots for sale in North Bangalore? Visit Address Maker to check out the most premium plotted development projects in Bangalore. Our experts would love to answer all your queries!
