Buying a plot has in a way become a thing of the past these days particularly in big cities because land has become a rare commodity. Every vacant land parcel is grabbed by builders to construct high rises, leaving very little room for people to buy independent plots to build their home. People who want to buy their own plots are hardly left with any option than to check out properties available in the outskirts or suburbs. This is the usual state of affairs in real estate in metro cities like Delhi, however, in places like Mohali, people still have the option of buying plots within the city.
Mentioned below are some of the tips to follow to buy plot in Mohali or any other place where land parcels are available for sale:
· Just like home loans that you get to purchase a ready apartment, you can also get a loan from a bank for buying a land. However, the rules for getting loan for lands may differ and therefore, it is important to talk to an expert before starting with the procedure.
· When buying a plot, make sure that the original Deed Title, Encumbrance Certificate and Property Tax Receipts and Bills are in place. Also make sure that any previous loan on the plot is paid off with a release certificate.
· It is always recommended to purchase land near upcoming or prime growth areas as this means your property has a greater chance of increasing in value at a faster rate. Thus, when buying a plot, check the area for building codes, zoning, and other regulations to ensure the area will maintain its value in the future.
· Buying property from a developer or builder can be a cost effective option and thus, when planning to invest on plots make sure that you are choosing a reputed real estate developer.
· Check a property’s legal documents to ensure that you can use the site and build the home the way you want. HOA rules, Restrictive agreements, historic districts and environmental conditions such as wetlands can affect the use of a property. Therefore, it is vital to check all restrictions related to plot before finalizing on the same.
· Find out how much land you would like to use as built up area. Think whether your dream home will fit into that land before buying a plot.
These are some of the tips to follow when buying a plot.
It is important to note that a land is always an asset and owning a land can become an easy task provided you follow the above mentioned tips.