How to Avoid Land Buying Problems
Land investment is very lucrative these days, whether you are buying for personal or business use, it is definitely worth it and I must say a great deal. To avoid future problems, there are lands buying problem you need to avoid. This article will give you tips to ensure you do not fall prey to such problems.
Before I proceed further, I would like to share a real life short story of a land investment gone wrong.
A business man decided to set up a factory, where he would manufacture some plastic products. To achieve this, he needed to buy a large expanse of land, so, he could develop it to fit his factory needs. He was able to find a land that meet his needs, and then he decided to invest in it.
Not making enough enquiry and proper investigation, he made payment as he was excited and didn’t imagine anything could possible go wrong.
As the owner of the land, he started building and making necessary adjustments to it, but due to some controversies and unsettled issues, he lost everything. How? Some thugs in the community set his developing factory ablaze.
The man been infuriated and confused, went to the community to understand what went wrong, on getting to the community he asked questions and discovered that the land he bought was a land on dispute.
The family land was sold by one of the party that claimed ownership of it, leaving the other party outraged, they sent in thugs to destroy the property on the land.
This is definitely one bad deal and there are lots of cases like this, may not be property attack, you can buy a land that doesn’t have good soil, or the topology is not just right for you. There are so many things that could go wrong when buying a land.
This article will give you a run-down of how to avoid land investment problems.
5 Tips to Prevent Land buying Problems
1. Make sure you go for land inspection
You finally decide to buy or invest in land, after making necessary search either online or with estate agents, you find a land that fits your purpose; then all of a sudden you decide to pay for the land without visiting to inspect it.
Please don’t do that, make sure you visit the land, and ensure you inspect it before making any financial commitment. By doing so, you save yourself from a lot of land problems that could probably occur
2. Do Proper Investigation on the Land’s Topology
There is nothing as excruciating as buying a land, then when you are ready to start work at the land, you discover that the land’s topology is not good and doesn’t suit your need. This can be depressing and will lead to additional cost. This is definitely not what any land investor or buyer signed up for.
As a result of this, it is necessary that, a thorough land investigation be carried out to ensure you buy a land that is perfect for your purpose and incurring additional cost will be avoided. Also, it is necessary you go with a professional to do proper land verification.
3. Find out environmental or historical conditions of the land
Buying a land is no joke, and so, should be taken very seriously. It is not just about finding the land and making payments. Proper and in-depth research should be carried out in other to make a perfect and peaceful land investment.
Unfortunately, some land investors or buyer do not see the need to find out the historical and environmental condition of the land, they assume it is not very necessary bothering to ascertain the land condition. As a result of poor research, series of problems, which could have been avoided, come up and the solutions to those problems stress you and put you under distress and tension.
Been aware of the environment and historical condition of the land not only help prevent short comings, but also helps you know the useful features concerning the land, which in turns helps you to strategize, and make the best of it.
4. Set a surplus closing budget
Most people don’t know this, it is required that anyone thinking of buying a land, should set a closing cost aside, to avoid challenges and inconclusive purchase. Aside making payments for a land, there are usually other things that will require funds. Like land registration fee, surveyor’s fee, Appraisal Fees, Agency fee, Inspection Fees and lots more. For a smooth buying, set your budget to accommodate few extra necessary expenses apart from the price of the land.
5. Work with a Professional
Having a professional will in some many ways, save you a lot of stress and make a more hitch-free purchase. It is amazing how most people run away from this; even if you are not a first-time buyer and you feel you have gained a lot of experience, not working with a professional is a bad idea. These professionals have a lot of experience and know the tricks involved in getting you an ideal land.
They also give advice and ensure you get the best deal. One good thing about engaging the services of a real estate company is that, apart from keeping you away from bad deal and sourcing the land that suits your needs, they save you a lot of time; we all know time is money.
To assist and take the stress off you, visit Ugetproperties for genuine lands and houses. Do you find this article interesting or useful? Drop your comments and thoughts in the comment section below. Don’t forget to subscribe to our newsletter for fresh updates.