Building a home of your own is always very special, then buying a structure that has already been used by other people. Purchasing a block of land is much beneficial than buying a house because it is the land, whose value gets enhanced and not the building. Years back, lands represented about one-third of the value of a moderate new house. But today, land majorly represents about half the total cost a new house.
While every land has a particular value, there are some blocks that certainly worth more than all the other blocks. Consider the following factors before buying a land for your new home.
The land’s scarcity is typically measured by its geographic features like how close it is to the nearby lake, hills, oceans and rivers. Only a few properties have proximity to these geographic features and thus, the demand of these lands or properties are much higher in the market than all the others. These become the market leaders and can likely command on their prices.
Size of the Land:
Every inch of the land has a price. So, bigger the size of your land would cost you a greater value. Buying a piece of land always keeps you in profit because every inch of the land experiences a level up in its value with the rise in the market price. Make sure that you compare the price of similar lands in your area and then take any decision.
Proximity to the Services:
Apart from the size and scarcity of the property, make sure that you also consider proximity of these services likes water, gas, electricity, sewage etc. from the property. Proximity to these services is one of the most crucial facts that you should consider before making the purchase.
When you have already decided to buy a block of land, you should consider every facility it providing you with. Make sure that the place you choose is close to public places like shopping centres, schools, universities. It should also give you an easy access to public transportation.
Buying a land for your new home is one of the most crucial decisions and thus, carelessness and negligence can never be a part of this buying procedure. Ensure that the land you decide to buy justifies every reason mentioned in this article. There are various other factors that you many consider, but these are some of the most crucial ones.