However, the rate at which the value appreciates, is totally dependent on the rate of development around the area. So, make sure that you choose it smartly.
Tips on Buying Land
Land remains the most sought after asset in the world. All things can be manufactured, but land can't. It is the most sound investment to make. It is a more secure investment than stocks or bonds. However, investing in terra firma can be quite a tricky business.
There are many issues to deal with and many things to watch out for. It can be a complicated business and one needs to carry out the whole business very carefully. Here are some tips, for those who came in late, in search of their promised land.
If water ain't there, not much is going to grow there and life will be difficult. Ensure that your land is easily accessible by road. This is very important, as otherwise, transporting building material during construction becomes difficult. Also, it's good to choose land, that is close to your place of residence.
Otherwise, commuting will consume a major part of your time. Be ready for a lot of travel, to choose your promised land. Start with real estate advertisements in papers or approach real estate agents.
Ensure Title Clearance
Ensure that the land title is clear and there are no legal problems associated with it. Get the legal papers checked for authenticity. Many adventurers who were careless, have been conned by false papers and duped out of their life's earnings. Take legal advice and professional help in making your purchase agreement.
Research market prices in the area before a deal and agreeing on a price. Get a real estate appraisal. Thus you can ensure that you pay a reasonable price. It is better to pay for the land in cash rather than real estate loans. Loans can be very costly, putting a financial burden. Saving money and buying your land within budget, is a better option.
Land dealings are never simple. Rounds of negotiations and bargaining go on for days, before a price is agreed upon. The process can be even more complicated, when estate agents are involved in the process. Be patient and persistent. Ensure that everything about the deal is carried out through proper legal channels and consult a real estate attorney.