BusinessHABFarm land: When it comes to buying land, your options tend to be fairly limited. You can choose between buying a plot of land for home ownership or a condo for rental purposes. But regardless of which option you choose, it isn’t cheap. In fact, land is one of the most expensive assets you can ever buy. If you’re trying to save some money so that your new land purchase isn’t an albatross around your neck for the next several decades, read on to learn how you can do just that.
That saying “Money makes the world go around” certainly rings true when it comes to successfully buying a piece of land and making it yours. From upfront costs such as financing and lawyer fees to hidden expenses like home insurance and taxes, there are plenty of ways you can save money on your land purchase.
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7 Ways to Save Money on Your Land
Thinking of buying your own land and building your dream home? Preparing to buy a plot of land can be an expensive affair. You need to make numerous payments, from registration, stamp duty, bank loan repayment and construction costs among others. It’s no wonder that majority of people in India today prefer renting rather than buying homes. However, if you are set on buying land for constructing your own home, here are some ways you can cut corners and save money:
Research and plan before you buy
If you’re buying land, keep in mind that it’s an investment. You have to make sure that you’re making a good decision that will last you a long time. Before you buy, research the location of your land. Look into the future and consider what could go up or down in value in that area. Once you know what’s in demand, you’ll be able to make a better decision. Likewise, you also need to know what’s not in demand and whether that area can sustain your investment. You also need to know the restrictions and regulations in that area. There could be zoning laws, or there could be restrictions on what you can build, Farm land so make sure you know exactly what you can and can’t do.
Buying during the right season
Land prices are generally higher during the monsoons and during the winter months when there is less construction taking place. If possible, wait for the summer months, when construction is at its peak, and land prices have gone down due to a lack of demand. If you have the luxury of waiting, then you can save a massive amount of money on your land purchase. Keep in mind that you may be waiting a very long time though – around 10 months on average, for the construction of a new home in India. You might also have to settle for a land that you don’t really want or like. On the other hand, if you buy land during the monsoon or winter season, you might have to settle for a less desirable location.
Negotiate on price
Most people tend to forget the importance of negotiating the price of their land because they’re excited to own it. Well, don’t forget that you’re purchasing your land from another person, who may not be as excited as you are. If the seller has listed their land at a certain price, don’t be afraid to negotiate and try to get a lower price. Whenever you’re purchasing anything of significant value, you need to always negotiate the price. Whether you’re buying a car or a plot of land, you need to negotiate the price, otherwise, you’ll end up paying way too much for something. If the seller knows you really want their land, they could push for a higher price, so always negotiate the price before you buy.
Build only what you need
Most people tend to overbuild their homes when it comes to constructing their dream home on their own plot of land. You can save a significant amount of money by building only what you need and not trying to go overboard like you would in a rented house. For example, if you’re building a small single-storey house, you most likely don’t need a swimming pool. Likewise, you don’t need to include a ballroom and a tennis court, two things that you would find in many Indian homes. These are luxuries that you don’t need in a single-storey house. Be mindful of what you’re building to avoid overbuilding and save money.
Hire a good builder
Building a house on your own plot of land can be a daunting task. If you have the funds, you can hire a good builder to construct the house for you. The problem is that a good builder won’t come cheap. You need to ensure you’re hiring someone who is trustworthy and has a good reputation. If you find a good builder, you might be able to negotiate a lower price for their services or perhaps pay in installments. If you have the funds to hire a good builder, it’s worth the money because it will save you time and money in the long run.
Don’t pay up front
Most people tend to pay a lump sum amount at the time of purchase to the seller of the land. This is a mistake because if something were to go wrong with the deal and you have to take them to court, you’ll only have your word against theirs. It’s better to pay in installments at the time of purchase. You can pay the registration fee, stamp duty and the down payment for the land at one go. However, make your first payment on the bank loan installment-wise. In this manner, if something were to go wrong, you have records to prove that you’ve paid the seller.
Conclusion
Land is one of the most important things that you can own as an Indian. It has always been important as a source of income, but it is also important to preserve our environment and history. When you purchase a plot of land, you are taking ownership of a piece of this country and joining the ranks of those who can call themselves homeowners. It can be an expensive investment, but there are ways to save money on this purchase. Before you buy, research and plan to make sure you’re making a good decision. Likewise, you also need to know what’s in demand and what’s not in demand in that area.
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