Buying a property is an investment, and it’s important to do your research before you take the plunge. Here are some things to consider when making land investment in India:
Location. You should always buy a property that’s in a location that you know well and that you like. You’ll have a better sense of what it’s worth when you’re familiar with the area.
Size, style, and amenities. Think about how many people will be living there, and what kind of space they’ll need. Consider whether or not there are any amenities nearby that you can use frequently — for example, if there’s a nice park nearby or a grocery store within walking distance from your home.
Rentability. You should determine how much rent you can expect to make from each unit in your building before buying it. If possible, get this information from current tenants so that you know exactly how much they’re paying each month and how long they’ve been living there (and also so that they’re less likely to move out right after closing).
Cost
Land can be expensive and there are many factors that affect its price. The cost of buying depends on the location and type of property, but generally speaking you should expect to pay between 0.5% and 3% of the property’s value as a deposit (known as ‘earnest money’), plus other fees such as title search and attorney fees.
The cost of selling will depend on whether there is any development potential for your site. If there isn’t, then you may only need to pay for marketing costs (which vary according to the area). However, if there is development potential then the costs increase significantly because an agent will have to spend money advertising and marketing your property, which may include paying for advertising space in local newspapers or even running their own newspaper adverts (which can cost thousands).
Neighbourhood
You want to make sure that the area surrounding your future home is safe and clean. If you’re looking for a quiet retreat, then don’t buy land in the middle of a busy city.
Before buying Residential Lucknow Plots, make sure you know your neighbours well enough to ensure they will be able to maintain the same level of investment and upkeep as you would like for yourself.
Know what’s on the market
There are many different types of land available for sale at any given time, including residential homesites and commercial properties such as real estate office buildings or retail stores where people can shop. You should understand the difference between these types of properties so that you can find one that fits your needs best. For example, if you’re looking for a place to build a home or office building that will generate income from rent or lease payments from tenants, then residential homesites might be a good choice.
School district
If you’re looking for a rental property, make sure it’s in a good school district where parents will want to live and raise families. That way, there will be more demand for your home and you’ll be able to charge more rent because of it.
Zoning restrictions
Find out what kind of uses are allowed on the land before making an offer — especially if you’re planning on building on it yourself — so that you don’t run into any surprises down the road when trying to sell or rent out the property, such as not being able to build
