Land is normally considered for long-term investments. Because unless you are ready to build your estate on the property, it takes time for the price to appreciate. That’s why most people prefer to purchase land way ahead of their core investment plan. Side by side, in the context of Bangladesh, there is hardly any available land in urban areas. Most of them are either on the outskirts of the city or in suburbs/rural areas. These areas are yet to develop but people are actively buying them for, one, their lower prices and two, the demand for accomodation in the future. Therefore, if you are planning to purchase land in Bangladesh, you need to plan ahead. And since it is for a long-term investment, finding the right plot is a key factor for a fruitful investment. Let’s see a couple of land buying tips on how you can identify high-quality estates.
Accessibility & Proximity to Urban Areas
Urbanization plays a big role in deciding the value of your property. Before purchasing land, you need to understand the proximity of your plot to urban areas. Secondly, you need to consider the accessibility of the neighborhood; most importantly to your property. If it has wide roads on multiple sides and highways are nearby then, it has a higher chance of being urbanized. These two land buying tips, urbanization and area accessibility are complementary to one another. For instance, if the property has good accessibility, it may get urbanized. Also if the plot is close to towns, area accessibility might improve in the future.
Nearby Development Projects
Another important factor to identify high-quality land is nearby development projects. These projects can be flyovers, metro railways, airports, industrial areas or any other government project. Having such developments in your locality means high demand for accomodation and business space in the locality. Therefore, with the projects, price of your property will appreciate much faster. If you are not looking to sell it in the future, you can reap its benefits by renting/leasing the plot. Alternatively, you can construct your own residential or commercial estate on the plot and earn an even bigger cash-flow.
Without basic necessities, your property will lose its core benefit – habitability. Hence, before purchasing land, you should know if the property has utility connections or not. If the property is in the suburbs or away from other towns, chances are it might not have active utility facilities. In that case, you can look into local suppliers and check if your property is authorized for such services in the future. In some cases, having the authorization can also create a huge impact on the price of the property. Moreover, having utility connections means government documentation as well. Therefore, it also works as a layer of protection against illegal land grabbers.
Condition of The Ground
Checking ground condition is one of the important land buying tips especially when you are planning for construction on the property. Otherwise, land is always valuable, regardless of its condition. That is why some people prefer to purchase low-lying land, agricultural land, and ponds because of their lower price tags. Usually, large land developers take this approach to create habitable properties. But as a buyer, you must assess the land for construction. There are several aspects you need to consider during assessment. Based on these, you will take decisions regarding the foundation method and the type of the property.
Legal Background of The Plot
Lastly, and most importantly, the legal background of the property needs to be sorted out. Legal documents represent your ownership and claim to the property. A slight error in these documents can sometimes lead to an expensive penalty or create loopholes for others to take advantage of. Therefore, before purchasing land, you should check the legal documents of the plot. An indication of a solid legal background of a plot is that all the papers will be available to the original owner. But you should not rely on that alone and should do a background check of your own in the concerned land and registry offices. You must also check whether your property has any ongoing lawsuits/unresolved claims to it. If it does, it is certainly not a good choice for investment.
Share your thoughts on land buying tips or practical experiences in the comments section below. You are also welcome to share any property related queries as well.