Buying land can be a great real estate investment. It can ensure high returns and fair resale value over time, along with passive income, if you build a rental property on it. There are ample other reasons why purchasing land is a good idea. A few significant ones are low maintenance costs and minimum taxes. It is a finite asset and will constantly be in demand in the future.
However, you need to tick off a few basic factors before buying land. This will help you reap the above-mentioned benefits. Further, it will turn out to be a practical, income-earning decision. So, take a look at a few things to check before taking the leap.
In India, a plot is believed to bring in happiness, prosperity and affluence if it is Vaastu compliant. So, make sure the land has the following features:
- The level should be flat. Rocky land are considered to be inauspicious.
- The shape should be rectangular or square. Irregular shapes should be avoided.
- Black or clay soil should be avoided. Red, white and yellow are acceptable.
- The plot should be fertile with, grass growing on it.
- A natural extension towards the north-east would be favourable.
Further, pick auspicious dates for registration. This can increase the chance of good luck.
Look for a company that offers plot loans for aspiring property owners. This can help finance the buying process, without impacting your savings. Work with a bank that requires only basic eligibility and documentation. The best one can also disburse loans for plot within as little as 72 hours. This can save you the hassle of multiple visits. You can easily take a loan for land in popular areas with easy access to schools and markets.
A plot might have several setbacks and litigations surrounding it. Therefore, it is important to verify everything beforehand. Check if the piece of land has any ongoing disputes with a third party. Further, verify the builder and their history. This can be done by checking their online projects, if available. It can help you save hassles later on. You should have the full right to the land and use it as per personal needs, without any interference after the sale.
Check the title deed, release certificate, encumbrance certificate, approvals from City Development Corporation and property tax receipts and bills. Further, make sure these are verified by a lawyer. Approved paperwork will help you make the best use of a plot loan and purchase a trouble-free area without any hiccups.
The land should be ideal for building a home. For example, it should not be less than 900 sq. ft, and corner plots joined by 2 roads are ideal. Further, make sure the land composition is healthy, i.e., free of debris and organic materials. In fact, it is also a wise decision to check for groundwater and check if the area is prone to flooding.
Plot loans in India can finance the buying process easily. Further, consider researching and inspecting the plot well. This can help you make a fair investment.