Buying land is a process, one that should be done with lots of care to ensure you are getting the best deal in the market. Whether for residential or commercial use, you want to make sure you are buying in the right place (location), at the right price and from the right persons (company or individual).
Check out: 5 things to consider when buying land.
A site visit is an important step of doing your due diligence when buying land. Most people who end up regretting after purchasing land often times are those that overlooked the importance of a site visit.
When conducting a site visit, that is your time to use all your senses. You want to see, hear, or smell things that could cause potential issues in the future or enhance your need for investing in the said area.
To make your land investment worthwhile, avoid being duped and get the best land deals you need to make sure you get the answers to the following questions right when attending a site visit.
1. Who was the original owner of the land?
This question seeks to establish the history of ownership of the land you want to purchase.
You want to make sure that the vendor of the property legally acquired the land they seek to sell or that the land was properly transferred from the previous owner to the current owner.
If all the documentation is in order, the chances of your getting into future wrangles are often reduced.
2. Does the land have a title deed?
Most real estate companies will often buy large chunks of land and subdivide them into small pieces of 50*100 or 40*80, which will then have individual title deeds.
If you are buying from a real estate company ask that you be shown the individual title deed of the plot that interest you and not that of the whole block.
Go a step further and conduct a land search to help establish whether indeed the vendor is the rightful owner of the land.
3. What other charges are included?
Apart from the purchase price, you need to ask the vendor of the property of any charges you might incur in the process of purchasing the land and transferring the documents to your name.
When buying land, other charges may include but not limited to legal fees, stamp duty, capital gain tax among other charges.
Talk to the vendor to be sure you understand what charges apply where and who is supposed to pay for them.
4. How long should I wait for the title to be processed?
When it comes to land, a title deed is everything. It proves your legal ownership of the land. With it, you can use your land as collateral to secure a loan and build your dream house.
Though the vendor may not be in control, of this be on the safe side and ask, especially in cases where you want to buy the land and use it as collateral to secure a loan for construction of your home.
Companies issue out title deeds differently. Some will issue on an individual basis once a buyer clears paying for the property whereas others will wait and disburse them out at once after all the plots have been sold out.
If you want to pay for the land at once, those that choose to do so in installments of say up to 12 months should not make you wait that long to get your title deed.
5. What are the zoning regulations in place?
Zoning regulation defines how different properties should be used.
When looking for residential property, you do not want to end up buying a commercial plot, which will cost you more and deny you the comforts enjoyed in a residential setup.
You need to ask the vendor if there are any construction and zoning regulations when attending a site visit before finally committing to purchase the land.
All these will ensure that you get the best deal and that the property you purchase actual matches your plan for the property.
Book a for a site visit today to our plots by texting your name to 0799001155.