Wednesday, 2 September 2015

Land acquisition: the dos and don’ts

No one can deny the importance of land in real estate; it is an integral part of the realty sector. Its importance comes to play manifold while opting for a property. Below mentioned are a few things you need to keep in mind when you are scouting for a land to build your property on.

  • Zoning Ordinances- This is an absolutely essential aspect to buying a land. What you essentially need to do is check and validate with the local authorities for the zoning ordinances. It is quite necessary to find out if you would indeed be allowed to construct the house that you have in mind on the property of your choice. Some lands might not have the necessary permit for certain types of construction and may forbid it, which would come in direct line of conflict with you. It is therefore, a wise decision to find out such information in advance. Another thing to note here, the future roadmap of infrastructure in the area. It will only help you access the future credibility of the land you are going to purchase, in case you want to sell. An improvement in infrastructure will only add to the salability of the lan
  • Disclosures on Natural Hazards–keeping in mind the natural calamities is also a good idea while trying to purchase a land. Therefore, you need to touch base with the local authorities and procure the disclosure on natural catastrophes to find out if the land is natural disaster safe. It will help you know whether the land you have chosen is ideal for building purposes or not. Natural catastrophe prone lands are best avoided. Below is a checklist to follow for verification:-
    • Check for the elevation of the land
    • In case of proximity to hill, weightage to percentage of chance for tectonic movement
    • Vicinity to water bodies- in case of which, you need to raise the foundation for the building. Also, it will be wise to secure a flood insurance
  • Proximity to utilities – in order to lead a comfortable life, there are a few essential requirements that cannot be done away with! Water is one of the chef ones. This being the case, some areas might not be able to facilitate digging wells. Thus, you need to inquire about the water table prior to buying. Otherwise you might end up with a land and a house where water is a scarcity- a most unwelcome scenario in most households.
    Another major concern should be electricity; lack of which can prove to be disastrous! Therefore, find out the availability of power in your area and how much it would figure out in your monthly expenditure.
    Sanitation, in other words- sewage system is another aspectto making a healthy and hygienic living! This is the reason it is wise to find out about the same. Calculate the charges for installation of a septic system; and the ease of use. You would not end, in the long run, want to end with an overflowing drainage around you house, or a faulty and failing septic system.

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