Buying a piece of land as an investment property is prevalent in Bangladesh. However, considering all the things that could go wrong when investing in a piece of land, the associated risk with the investment can not be ignored. From determining the right price of the land, and vetting the documents to all the legal issues in every step, there are plenty of things to consider before buying land. Miss one and you can fall victim to trickery and lose everything in the process. But there are other things such as the location, nearby amenities, and the size that can affect the value of the land. This article will discuss exactly what you should look for before buying a piece of land.
Location the land
Wherever you plan to build your home in the city, it is very important to have a proper understanding of the land’s location to determine the fitness of the land for building your home. Because location matters. It is the single most important thing about the land after the land. Many things depend on the location including the size of the building that can be built on it. For example, a residential location will not be a good fit for a commercial building. Apart from that, the road by the land is also important as it determines how tall you can build.
Development nearby
As buying a piece of land in well-developed and demanding areas can cost higher, similarly due to the scarcity of undeveloped land, buying one becomes very difficult in those areas. To tackle this problem, many people move away from the city so that they get more options. But there is a catch. Not all the available land will fit your needs the way you want it to.
That is why one of the most important things to keep in mind before buying land is to know what kind of development work is going on around the land at present or will be in the future. It is also important to consider whether there are wide roads, markets, shopping malls, educational institutions, hospitals, etc. Otherwise, it can significantly affect your future investment.
Suitability of the land for house construction
Talking about things to consider before buying land, you have to take the land’s condition into account. Whether the soil of the land is appropriate for constructing a building, whether the land suffers from waterlogging, or whether you have to spend extra money for the upkeep must be considered very seriously. Besides, it is important to know whether there are any problems in any part of the land and whether the necessary channels for water-electricity-gas lines can be arranged.
legal documents Verification
This is one of the most important things to consider before buying land. Before buying the land, all the documents should be scrutinized and their authenticity must be verified. Because once the land is sold, there is nothing you can do if the documents are forged. And so to avoid any future confusion, before buying the land, check whether all the documents of the land have been prepared properly, check whether the ownership document is correct, and the sale permission is there if required.
Amenities and facilities nearby
Before opting for buying land you should get a good idea of the available amenities and facilities nearby. Especially communication and transportation facility is very important in that regard. That is because if there are no proper transportation facilities in those areas, it will be challenging for people to commute to their destinations. It’s important to have an overall idea of the area regarding what is going on and the future plan for the area so that you don’t have to face any hassle after moving to that area.
Apart from that, it is important to have an idea of whether the area has necessary utility services such as electricity, water, and gas or not.
This is just a brief overview of the things to consider before buying land. But it is important to remember that the points discussed in this article are not exhaustive of all factors you should look for when buying land. So, if you plan to build your home on a piece of land, you can start with the things we just discussed.
