Friday, March 25, 2016

Factors to Consider When Buying Land

The real estate industry is a booming business worldwide. In many places, people are looking for land to buy in order to build houses or apartments which they can sell or rent out. Whether you want land for real estate, to build your own residential home or for other purposes, there are factors you should consider. Some of these factors include:

1.       Location
The location you choose for your land will depend on what your needs are. If you want to use the land for commercial purposes such as building apartments, buy land where there is high population.

2.       Access to Water and Electricity
Land that has water and electricity is more expensive than one that does not have them. If you are in the real estate business, it would be better to buy land with water and electricity as it is more marketable and it will be cheaper to do so. It is very expensive to dig a borehole to get water or connect electricity when no one else has done so around the area. However, if you are not planning to use the land for some time, then it would be okay to buy land without these necessities. After some time, it may be cheaper to connect them in future.

3.       Soil Texture
For many people looking for land to build their own residential houses, they may also like some space to farm. Developed areas with fertile soil are more marketable and may be more expensive.

Another reason to consider the type of soil in an area is that it affects the cost of building. That is why land in red soil areas is more expensive compared to land in areas with black cotton soil

4.       Area Development
Facilities such as schools, hospitals and supermarkets are considered by many before moving to a particular place. If you want to build apartments or houses to rent, land closer to these facilities will be a better choice.  Proximity to schools is even more important since parents wouldn’t want to live very far from their children’s schools.

5.       Main Road
The distance from the land to the main road is a very important factor. Land that is closer to the main road is usually more expensive than land that is far from the main road. Additionally, property near the main road is usually safer. Those who leave for work very early may prefer to be nearer to the main road.

These are some of the factors to consider but there are many others.

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