3 Things to Consider Before Buying Land to Build A Home#1: REMEMBER: IT’S ALL ABOUT LOCATION, LOCATION, LOCATION
This is, above everything else, the most important consideration when buying a lot.
Aside from just choosing the right location on a macro scale (i.e. the side of town
you want to live on), it’s
also important on a micro scale as well: for example, if your lot is part of a
bigger real estate subdivision, is it going to be on the side that has a nice view,
or the side that’s right next to a
highway? If you have children, you’ll want to think about nearby school districts.
If you are still in your working years, you’ll also want to make sure you don’t
build a house that’s so far
from work that you have a commute time that’s longer than you like. If you are
retired or retiring, you may want to look into nearby community amenities including
medical services, recreational
facilities, clubhouses, fitness centers, etc..
#2: APPROVAL AND LICENCES:
Once you zero in on the property, check the builder's paperwork ranging from
commencement certificate for work, environmental clearance and approved building
plans. Also ask for the status of the land
title and see if the builder has bought the land or has just development rights for
it. Here is a list of documents you should check. (A). TITLE DEED: Check whether the
builder has a right over the
property. While buying a plot, see the title deed of the land to confirm if the
builder has the full right to it. You can also take help from a lawyer to get the
deed examined.
Divakar Vijayasarathy, Co-founder, MeetUrPro.com, says, "A mere NOC (no-objection
certificate) from the panchayat or the local body does not constitute approval by
the authority."
(B). RELEASE CERTIFICATE: If you are buying a property in resale, remember that it
may have been pledged to get a bank loan. In such a case, you will have to get a
release certificate from the
bank, which will prove that the loan on the land has been repaid. CHECK ENCUMBRANCE
CERTIFICATE: It is also important to verify that the land is free from all legal
dues.
(C). VERIFY LAND USE: Verify the land-use zone as per the city master plan for the
plot. You can get the plan from the local body office in your respective city.
(D). APPROVALS BY LOCAL BODY: Make sure that the entire layout has been approved by
the development corporation and the local body of the city.
(E). PROPERTY TAX RECEIPTS: If you are buying a property in resale, ask for previous
property tax receipts from the seller along with other bills. This way you can
ensure there are no pending bills.
#2: TRY TO PICTURE YOUR NEIGHBORHOOD IN 5-10 YEARS
The biggest mistake I see people make when they buy real estate land is that they
often get into a “house fever.” By house fever, I mean they fall in love with some
aspect or feature of the
property that they forget to ask some of the biggest questions.
For example, what developments and properties are likely to be set up around the
area in 5 to 10 years.
#3: KNOW THE PROPERTY’S SETBACKS
What are the setbacks on your lot? (If you are not familiar with the term,
“setbacks” are the guidelines that state how close to the border of your property
you can build.) Your local building
department or owners association will have the answer to this question, and it may
affect where you put your house; on smaller lots, setbacks may even dictate the size
of the home’s footprint.
Topic: 3 Things to Consider Before Buying Land to Build A Home (Read 4157 times)
