Looking for a landed property to build your dream home? Don’t sign that deed of sale just yet! There are various factors that must be taken into consideration before you purchase a property. You’ll need to assess your own situation, and gauge whether it is time for you to buy a property and build a house as you make your decision. Purchasing Landed Properties-
For most of us, buying a property is a milestone few can achieve. However, not all properties are considered worthy investments. While it may be tempting to purchase a property in the outskirts of the city due to their relatively cheaper price, you have to consider the long-term effects of Purchasing Landed Properties
In this article, we have a few tips on the considerations in buying a landed property. Check your own situation, and see if these apply to you before you make that big decision. Always take time to assess major decisions, especially something as big as purchasing a property.
Table of Contents
1. Land Ownership Regulations
Land ownership in some areas have heightened restrictions on who can purchase properties in the area. Some countries offer limited spaces that are sold as landed properties for foreigners, while other areas may only allow rental properties to foreigners. If you’re looking to purchase land in a different country, check their regulations and laws first before buying.
In your local area, on the other hand, you may experience different sets of regulations that you need to follow. One of the important things to consider is whether you can build your dream home in the area, as some areas may have restrictions on the height, construction noise, or materials used in building homes.
2. Experienced Contractor- Purchasing Landed Properties
Have you hired an experienced contractor yet? You will need to discuss terms with a reputable contractor when it’s time to build your house, but don’t wait until the last minute to scout for one! You will need to factor in the costs of building your home, as well as the costs of hiring a build and design team, into your budget.
Additionally, getting the cheapest contractor may not be the best option for you, especially as you expect to keep your dream home for years to come. The most expensive contractor may also be a hit or miss, as the most expensive option is not always the best. Find a contractor that works with your budget, and has experience building the kind of home you’re looking for.
3. Home Design
The design of your home should be discussed with you and your family beforehand. You can either choose to fit your home design to the existing shape of your property, or find a property that fits your dream home. The latter might be more difficult to achieve than the former.
With a proper home design, you can go ahead and plan out the rest of your project, such as the construction proper, the timeline, materials needed, and interior design. Your design may change as you proceed with the project, but as long as you stick to your personal requirements, things should go smoothly.
4. Costs and Budget
The budget is that one factor that many people plan for, but few stick to. Your budget is there for a reason: for you to avoid overspending on your property and construction. Too many new homeowners bury themselves in debt trying to create their dream home, with most failing to realize they will need to pay off their loans somehow.
Identify the costs of buying a property and building your home, including the hidden fees that you may incur later on. Stick to your budget. It is very important to avoid piling on your debt for the sake of reaching your milestone. If you can only purchase the property now, build later, that’s a better management of your expenses than just going all out.
5. Property Location
Identify the location of your potential property. Is it in a favorable location, or will the area make it difficult for you to feel safe, get to your work, get the kids to school, and so on? Assess the property not just in the micro setting, but look at the entire neighborhood as well. This way, you’ll have a gauge on what kind of area you are getting into.
Also check for seasonal effects such as heavy snow, intense heat, flood, and more. Look around the property for signs of environmental damage. It may be a good idea to hire a property inspector in this case, as you may not know what you’re looking for.