Things to Keep in Mind While Buying a Plot

Written By: Sanya Kaushik

Most people foolishly assume that buying a vacant plot is easier, or less strenuous, than buying a house. Building your own house, to your own specifications, has got to be easier than looking for a house with the perfect design, the perfect size, the perfect internal amenities, basically perfection at its best- right? Not really. While you may have done away with the internal aspect of it, you still have a whole multitude of decisions to make.

If you’re a novice plot buyer, here’s a check list you should use as a guide to buying the perfect vacant lot:

Location:
The real estate industry has a longstanding adage that location is everything in the real estate world. Whether it’s a house or a plot, you need to look for the best location in terms of proximity to amenities, closeness to the city, ease of commute etc.

Shape of the plot:
Make sure the plot is square, or at the very least, rectangular. This makes construction relatively very easy; plus, a rectangular plot will appreciate more than will an oval one.

Ownership: 
You need to decide what kind of plot you want: government owned or privately owned. Each has its pros and cons. If your main interest is investment, government plots are cheaper and yield higher returns; if you’re looking to construct a house on the plot and live in it, privately owned plots are the safer bet in terms of security because they’re usually available as part of a larger residential community.

Infrastructure:
Access to well-developed roads is very important, especially if you’re buying a plot for end-use. In the rural areas, where land is cheaper, road networks are rarely developed and are usually cut off from a major highway or the main road. Make sure you buy a plot that enjoys excellent access to the city and basic amenities like hospitals, schools, supermarkets, pharmacies etc.

Corner plots:
If at all possible, go for a corner plot. They cost a little bit more in the beginning, but will appreciate in value much more than will the other plots in the same locality.

Utilities:
Water supply, gas, power and electricity are some of the primary utilities you should take into consideration when buying a plot. If these are not already present, you’ll have to spend some money to install them.

Future prospects for development:
You should find out what kind of development, if any, is going to take place in the general vicinity of the plot you’re interested in buying. This development would include road construction, residential and commercial buildings, hospitals, group housing communities etc.

Keep in mind these tips, to help you make the right choice.