Buying a plot is not an easy task as it is a crucial, thoughtful, and attentive process. However, most buyers made many mistakes in the whole process that cost them in the long term. Further, real estate is always a fruitful investment.
Questions always come to mind on buying a plot.
- What to check when buying a property?
- How to buy a property in Pakistan?
- How much time does it require to buy a house in Pakistan?
- What is the property purchase procedure?
Similarly, if you have plan to buy a plot in 2021, keep in mind some tricks that will save you in the future.
Table Of Content:
- Location
- Your Purpose
- Legality
- Accessibility
- Know the Zoning Restrictions
- Worth of the Area
- Available Facilities
- Environment
- Payment Method
- Records of the Plot
- Legal Real Estate Agents
- Documentation
- Purchasing Time
- Fix the Agent’s Commission
- Research About Developers
1. Location
The location is the first thing that you should do to buy a plot. It would be best if you went through the land value as your profit depends on it. However, tariffs constantly change with the region.
In the last, if you want to invest your money, then choose the developing project. But if you’re going to live, then select the developed location.
2. Your Purpose
Furthermore, if you have a definite purpose in buying the plot, all your confusion will solve. It would be better if you chose whether:
- You want to rent it.
- You want to reside in it.
- You want to invest for profit.
3. Legality
It is the best step to buy a plot to avoid scams and fraud. Legality as No Objection Certificates, also known as NOC, is the crucial step. Unfortunately, many investors ignore the NOC and become the victim of scams. Moreover, they ultimately lose their money as the NOC and other documentations are vital aspects.
4. Accessibility
Accessibility is another essential element in buying the plot, whether it is residential or commercial. If you are purchasing a property, you should keep in mind the accessibility of public transport and other commercial markets. Therefore, it is the reason that why people are always choosing the developed areas.
5. Know the Zoning Restrictions
Before buying a plot, verify the land, whether it is zoned or not. It means you can’t build for residential use on the commercial property and vise versa. Along with this, you should also know the other land restrictions, like the approved floor area ratio, the height of a structure, and the maximum number of stories you are allowed to construct on a plot.
6. Worth Of The Area
Similarly, before buying any property, know the worth of the area. For instance, if you buy a 5 Marla plot for Rs 5 Million in Bahria town of Lahore, the exact 5 Marla plot costs you about 10 Million in DHA Lahore. So, it is better to decide first where you want to spend your hard-earned money.
7. Available Facilities
Moreover, make sure all the needed facilities of life in the particular area. These facilities play a vital role in life. It may consist of:
- School, Colleges, Universities & Tuition Centers
- Markets & Retail shops
- Shopping complexes/ Shopping Malls
- Hospitals & Clinics
- Parks
- Cinemas
- Petrol Stations
8. Environment
”Environment isn’t asking us to conserve her for her but our future generations.” Mohith Agadi
Besides, the environment is the topmost factor while buying a plot. Therefore, before making any commitments, you have to go there at different times of the day. Moreover, visit late at night for security concerns.
9. Payment Method
Payment method is another factor that prevents you not to taking in the scam. Moreover, it all depends on you that what type of financing you want. There are three types of payment methods:
- One-time payment
- Payment on installment
- Bank financing
10. Records Of The Plot
It is an essential step in buying the plot. You have to find out that how many times the property has been sold. Besides, this point will give you the reason whether you should buy or not. You will save yourself from any problem in the future.
11. Legal Real Estate Agents
You are lucky if you have a legal and trusted real estate agent. However, it is not an easy task to find authorized real estate agents. Finding a legal agent saves your money in the future.
12. Documentation
For owning a plot, it is essential to note that you ensure all the legal documents. In this way, the legality stuff will save you from any danger in the future.
13. Purchasing Time
Purchasing time is a do and dare element in buying any plot for all uses. It’s a trick that every investor uses it. For example, they are buying property when rates are low and selling them when rates are high. Moreover, Sometimes, it gives you a considerable profit. If you are new in the real estate market, you don’t choose this.
14. Fix the Agent’s Commission
Fixing the commission is the step that everyone should follow to avoid any dispute in the future. Furthermore, the agents usually charge a 1% commission of the house’s value from all the parties. Some agents charge 2% rebuked or even less than 1%. In the last, I strongly recommend that you should decide in advance.
15. Research About Developers
Researching about the developers is an essential factor that saves your money. If you are satisfied, then put down this on your good list. Moreover, if it exceeds the excellent index, then it is an investment opportunity.
Wrap Up
In conclusion, these 15 points are essential and will help you buy any property. Before finalizing the deal, you should follow the above steps. However, real estate always gives you a considerable profit. Furthermore, before investing, there is a need for proper research.
