Being the most lucrative form of investment, Real Estate never fails to satisfy the needs of the involved stakeholders. There are many other reasons that keep the industry intact and progressive throughout economic crisis, such as inflation or so. There are a couple of mistakes to avoid before investing in open plots as the chances of securing your investment will get less. Therefore we curated a list of mostly made mistakes that people make before investing in open plots and abruptly pay a lump-sum amount and later complain based on the fact that they were not offered a good deal.
Since open plots have a better opportunity to be resold easily, many people prefer buying and also prioritize the location where it will be easy to resell. As the value only keeps appreciating over time, investors wait for the right time to resell their residential or commercial units. One may also construct or build a house to resell with the full-built unit.
Since plot buying is more affordable and easy to own and maintain, it is easy to maintain the reinvesting cycle for open plots. But due to the common notion that it’s easy to resell and gain profits out of it, many people end up making common mistakes like those listed below:-
Unprofessional Approach
Potential investors or property buyers go through many ads on a daily basis and inquire through filling out forms or selecting conversational options. However, upon the real estate companies reaching back out to them, they deny their inquiry and do not move forward with the conversation at all. The most important thing when intending to invest in a property is a healthy conversation with the seller so you can prioritize your investment interests.
Land Knowledge
The most made mistake is not being aware of the location or the areas surrounding the venture. Today’s easy technology has made it super convenient for people to view locations through google maps. One must ensure proper location scrutiny and shouldn’t assume anything by themselves before physically visiting the project. You can easily know about the potential it holds via knowing and reading about the future infrastructural development.
Hidden Fee
There are a couple of things that have hidden fees and most of the sellers hide from the customer to gauge more money out from the customers. The potential investors must know about all the fees and extra charges that may cost. Whether the registration fee is being included in the plot purchase, whether the security & maintenance fees are extra.. questions like such improve the relationship between the buyer and the seller. One shouldn’t make the mistake of not asking the right questions beforehand.
Ignorance of Land Laws
Every decision you make or take that involves money is governed by the laws of the country. From transactions to investing in any properties, the laws relating to land, the Real Estate Regulation and Development Act, 2016 is readily available to protect the rights of the seller and the buyer. Hence, the buyer must know about the enactments like Indian Stamp Act, 1899, and the Indian Contract Act 1872.
Wrong Location
People forget the basic difference between cheap and affordable. Instead of buying open plots at an affordable place at a premium location, they usually opt for cheaper plots that are way inside the main road with no return on investing benefits for later. Remember, always choose the right location after thorough market research. You can easily avail plots at barren lands without any hesitation but they will not reap the benefits you want out of it. Ensure proper location scrutiny before investing in open plots.
Flivv Developers is the option for investing in Open Plots currently because our team ensures proper delivery when you have a conversation with us. Our venture NS Homes is 100% safe to invest in minus any ambiguities and you, as an investor can enjoy a long-lasting relationship with us as we assist you throughout your investment journey. Be it consultations, scheduling, visits, to reselling services, we take care of it all.
