One of the more popular and by far the safest investment option in India is Real Estate. Despite many different types of properties like apartments, individual homes, commercial spaces, and more, Plots are easily the ones with the highest return on investment. Land buying comes with its own set of rules and problems that are slightly different from those concerned with other properties.
If you want to buy Plots for sale in Tambaram, then it requires due diligence and you will need to avoid the following common mistakes that most plot buyers make.
Not engaging a Realtor
The question that ran through your mind as you read the title of this section was definitely – ‘Is hiring a realtor worth it?’
If you are buying land for the first time, we cannot recommend hiring an expert enough. This is not the time to be thrifty, especially when you have zero experience in the nuances of buying a plot. One can hire a real estate expert and broker for a fraction of the amount that the mistake of buying the wrong land would cost you.
The experts know the market value of the land in different locations. They are also aware of the legal complications, if any, of the concerned land, as they make it their business to know all the details. They can warn you when a developer is overselling you and encourage you to quickly close good deals. They also handle most of the negotiation, for a small commission of course.
Real estate experts come in handy when you don’t have the time and patience to do all the research yourself.
Skipping land inspection
You can now buy everything online. There are hundreds of property listing sites on the internet. All you need is to type in ‘Plots for sale in Tambaram’ and retrieve all the listings for plots in that area. Although it is comfortable and convenient to shop online, the land is a physical asset and warrants a drive down to see it for yourself.
Even if you still want to process everything online, it is still wise to make a trip to the land and inspect it physically. You never know when you are going to walk into a scam. Use the internet free to do any research regarding the location, market rates, realtors, and even catch a glimpse of it on Google Maps. But never ever buy before actually seeing the land for yourself. You would do well to actually measure and confirm the dimensions too.
A physical visit will also give you an idea about the land’s location advantages and how far facilities are located from it. It also helps explore the road conditions and commute difficulties to get to and from the place. You can also talk with people in the neighborhood and check on the land value, water, power, how the area fares during the summer and rainy season, safety aspects, etc. you can also see if the locality is maintained well by the corporation and the surroundings are kept clean.
Not all plots are buildable
Yes, contrary to popular belief, not all plots are buildable. Most land buyers are not even aware of how much the soil properties can affect their plans for it. Any construction requires that the land be authorized for construction by the local governing bodies. It also depends on what kind of structure you want to raise there, be it for residential or commercial purposes.
It is essential that you check the physical attributes of the soil. Soil quality, the type of soil, depth of bedrock, presence of water aquifers below the plot, etc, are some of the factors that directly impact construction execution and the structure in the long run.
Plots with bedrock at greater depths will run a huge bill of construction in the foundation stage itself. Soils with certain chemical compositions can leach the chemicals into the structure and weaken it. Similarly, soil with high waterlogging is not suitable to build disaster-resistant structures.
Not checking for hidden and additional charges
When buying land, most buyers just calculate the total value of the land by the rate per square foot. For example, there are plots for sale in Tambaram, that are 20 ft x 50 ft. The total area is 1000 sqft. The rate per sqft is advertised as Rs. 1200.
The buyer calculates the cost incurred to be 1000 sqft X Rs. 1200 /sqft, arriving at Rs. 12,00,000. However, there are several additional charges, some of which are hidden in the total plot value declared by the seller.
The seller might charge separately for amenities and infrastructure development in the plot community. There are significant costs involved in registering the land in your name. Permits for building a home or commercial space will again add to the costs. Then there are taxes that you have to pay.
Since buying land can be expensive, it is better to be prepared for expenditure on the higher end. Spend some time online or with a real estate expert and acquaint yourself with all the charges involved in purchasing a plot.
Signing without reading the Sale Agreement
Property Contracts and other documents can run for pages and pages. There is too much legalese involved and it is hard for laymen to understand the terms in it. Most buyers make the mistake of signing the documents by just checking the land area, location, and value in it.
However, there are terms and conditions that can put you in legal trouble which the seller conveniently includes to their advantage. Hire a legal expert, specifically those with a background in real estate law, and get them to green signal the documents for you. Only sign if you are completely satisfied with everything specified in the agreement. You can always ask the Seller to change certain clauses in a way that benefits both of you.
Investing in land is a dream come true for many. Raunaq Foundations is one of the top builders in Chennai. We have premium land for sale in Tambaram, that is a comfortable residential community. We lessen your work by investing in land that is free from any legal complications and has been certified by the government for construction activities. Our legal experts will guide you through the entire land buying process, clearing all your doubts. Reach out to our team for a site visit.