Whether it’s to lay down a foundation, own a land or build a home away from home, here are 8 most important things to consider before doing any of the aforementioned;
1. Understand the glossary of terms associated with acquiring a land or house; A) Certificate of occupancy B) Deed of lease C) Deed of sublease D) Land Certificate E) Deed of Mortgage F) Survey Plan
2. Restriction and Land Purpose; that is, understanding what the property can be used for (residential, commercial, industrial).
3. Location; Accessibility to commercial areas such as schools, offices.
4. Size of the Land
5. Security; What is the news about the area? Is it safe now? What is the crime rate in the area? Is it somewhere you would still want to stay in 5 to 10 years?
6. Serenity; This is more focused on buying land to build a house. If you are thinking of building your dream home and becoming your own landlord, you probably want it to be in a conducive area. If it is your getaway place after retirement, you surely want to have rest of mind and peace.
- 7. Information on the Mode of Payment; The mode of payment when buying a land is vital and might just be the only reason you are duped or not. No matter what you do, DO NOT PAY IN CASH when buying a land. You must ensure everything is properly documented from the cost of the land to the receipt of survey fees.
- 8. Consider Obtaining the necessary documents of the land or house in order to claim full ownership.
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