5 Tips before buying a plot of land
Most buyers purchasing a plot of land are doing so for the first time, hence they may not be exposed to what to pay attention to. Learn the top 5 tips before buying your plot of land:
1. Soil Survey
From hidden snags, flood risks to overhead power lines, the risks to your construction can be various and consequently cause budget overrun. Therefore, a proper survey to understand the real market price could be useful in many cases to ensure you are obtaining the best value for money.
The soil quality and composition impact your new home in various aspects but most importantly the cost of construction due to foundation costs, earthworks, stability and land retention.
2. Zoning Restrictions
It is very important to understand the zoning restrictions set in your surrounding and for your own property. You may want to know if there are commercial spaces close by in case you end up becoming the neighbour of a warehouse that may cause a lot of noise, pollution and trouble.
3. Utilities Source (Water + Electricity)
Do you know how your property connects to water sources, waste or electricity? If you purchase a plot whether as investment or personal use, it is crucial to know where the nearest utility connection is. This is of extreme importance for the value of your plot if you wish to sell or construct in the near future.
Imagine having to waste more money into water connections or electricity poles rather than the actual land value or building works. And simply because your land is too far from the nearest utility connection.
4. Know the climatic conditions
From heavy rainfall to high or low temperature, these are factors that may affect your construction price hence crucial to consider when purchasing your land. The climate may affect the way you insulate your home, types of landscaping, type of drainage, most appropriate bricks, energy-saving equipment applicable, waterproofing and many more.
5. Legal Restrictions
It is imperative that everything goes through a notary who will do the needful to ensure there are no liens, prescriptions or legal disputes on your land before concluding the transaction between the relevant parties. And whether your land is really located to where it says on your site plan.