Buying a plot is a huge venture. If you are looking to buy a plot, then you should know how to avoid the common mistakes that people make and make a well-informed decision. Here are some of the mistakes you should avoid while buying plots:
1. Not considering the location
Location plays an important role in the purchase of plots. If your plot is located close to a city, the land price in Lucknow can be higher than if it is located farther from a city. Also if the plot is located in an area where there is greater development, then you can expect high appreciation in the future. Hence choose the location wisely before purchasing any plot either it is a costly plot or cheap plots in Lucknow.
2. Buying plots without checking for encumbrances
If you buy any property without properly checking for encumbrances then it can cause huge problems for you in the future. Encumbrances are legal issues that affect the ownership of property. The most common encumbrance is land dispute between two parties or tax arrears on property or land not being registered properly with proper documents, etc. You should always check properly before buying any plot and ensure that there are no encumbrances on it.
3. Not checking for an approved plan
One of the most important things that you need to do when buying a plot is check whether or not it has an approved plan. This is important because if there is no approved plan, then it will become very difficult for you to get permission in order to build a house on that particular plot. This will not only result in direct financial loss but will also cause mental stress as well.
4. Not checking with the concerned authorities
When you buy any kind of property, one of the most important things that you need to do is check with the concerned authorities regarding all kinds of information pertaining to that property. This includes checking whether or not there are any legal issues attached with it. You also need to check whether there are any issues related to taxation or other such problems which will create problems for you after buying the property
5. Not considering the locality/neighbourhood
The neighbourhood plays an important role in determining value of property or plots. A good locality will always help you reap high returns on investment and on the other hand, a bad locality can lead to loss of your hard-earned money. So, it is recommended to do thorough research on the local market, upcoming projects and other factors that can determine the value of your investment in future.
6. Not evaluating total cost
Most people fail to evaluate total cost while buying government approved plots in Lucknow which include registration cost, stamp duty, loan processing fee and other miscellaneous charges that may occur during or after completion of sale. If you fail to consider these expenses then it may affect your budget badly in future. Therefore, it is advised that you must make all these calculations beforehand and then decide whether you can
7. You buy real estate without doing enough research
It’s important to learn everything you can before making an investment. Do your homework on the neighbourhood, crime rates, school districts and more before you sign anything.
