Have you been browsing through real estate sites to find an ideal plot? Well, whether your intention is to build the house of your dreams or simply invest in real estate, as a potential buyer, you must be waiting around for the right time. If you could relate to this thought and you’re confused with numerous concerns clouding your decision, this article is just what you need right now!
Let us just begin with acknowledging that your concerns are absolutely justified. Buying a plot for any reason is quite a long-term commitment. In fact, making any haste decisions in this regard can cause regret later. However, when it comes to the search for plots for your dream home, don’t let your doubts keep you away from the right property. We understand your state of affairs and thus we’ve narrowed down 6 factors that you might want to consider before deciding the right time to buy a plot to build your home.
Finances
One obvious and non-ignorable factor that is capable of influencing your decisions single-handedly is the state of your finances. Before making a purchasing decision or the right time, make sure to analyse your present state of finances, the present and future needs of your family, your financial stability or instability, emergency funds and other financial factors that contribute to the cause. If you find out that you have sufficient resources to afford the home loans or to buy directly, then put a green tick next to this factor. Make sure it’s a big green tick!
Location
Location is another crucial factor that contributes to determining the value of your property. It is essential to keep yours and your family members’ present and future needs and requirements in mind when planning to invest in a property for building a residence. Thus, if your selected property is in close proximity to the most visited places by you and your family and is well-connected with other crucial places, you might consider buying the property. If you are the kind of person who isn’t fond of the hustle-bustle of the city, you might want to consider that factor as well.
Realtor
Your realtor would be the one who’d set a precedent for your property buying process. Many times people get scammed when they resort to unreliable real estate agents or agencies. Provided the present day circumstances, one can’t blame the victim! However, if you prefer a hassle-free process of buying a property without complications of illegal land disputes, consider associating with a trusted realtor like PC Realty. We’ve been surfing the land for ages now with an A1 rating in dealing with real estate with utmost integrity.
Resale Value
When investing in real estate, do not skip considering the resale value of the plot or the property as a whole. It is crucial to understand that a number of factors including location, plot size, housing structure, views and more influence the resale value of a plot. You might also want to consider the probable future plans of nearby places while considering the real estate for investment purposes. If you find more positives and a higher resale value, you may go ahead with the plot.
Property Value
It is no hidden fact that real estate is one of the best investment options to consider. However, for a healthy Return on Investment (ROI), consider knowing the ins and outs about the plot value before making a purchasing decision. Factors like the location, realtor or builder and the area of the plot determine the plot value. If you find it to be decent enough, check this box green already.
Registration Process
One of the most important factors that contribute to the immediate purchasing decision of plot buyers is the registration process and costs associated with it. It is necessary to understand the process of registration for a plot and different charges associated including the registration fees and stamp duty. This may not seem much when circled out but can influence the total cost of property significantly. For instance, the stamp duty on a property may go up to as high as 5% of the market value of the plot. Thus, make sure to check the details thoroughly before reaching a conclusion.
The above-mentioned factors are some of the most crucial ones that may influence your decision when thinking of buying a home. It is necessary to opt for the right builder in relation to your affordability. Each step in the process of buying a plot is significant as it may result in your current and future liability. Besides, one may never be sure of tomorrow and what’s in store for them. However, buying a home of one’s own is one of the most exhilarating and satisfying experiences. We understand the importance of your own roof and thus, we’ve specially designed plans for you. Get in touch with us to get customized consultations today.
