Buying land is considered one of the most important accomplishments in one’s life. In South East Asia, owning land comes with pride of ownership, while in the Western world as well land has been associated with prosperity and well being.
While in earlier times, getting land was a matter of inheritance or dowry, in the modern world one can purchase land if they do not own it. There are many laws and provisions present to govern the use of land trading. These laws and provisions were made so that the land exchange trade could be fair and equitable, especially when there was so much illegal work happening in the department.
While the laws surrounding land reforms and selling of land has resulted in fair practices, it has also made the trade hard to comprehend for first-time buyers and those who do not come from real estate background. This has deterred many people from investing in the land because the laws surrounding it can be daunting and hard to understand.
A negative effect of this phenomenon is that people have assumed that land is a risky property to invest in while all their fears are rooted in misinformation. It’s is important for people to be familiar with how to land trade works so that they are able to make the best choices for themselves.
Over the years, people who have invested in the land have found great returns and made huge profits. With new townships coming up to accommodate new the growing population, land in all states is it Texas, Maryland, or Montana is useful and precious.
It is wise to invest in every state and any sign that says Colorado land for sale or Montana land for sale should pique your interest. However, at the same time, you should be conscious about the same and check if the property or land being traded is legit.
Here are a few points that one should keep in mind if they have any doubts about the capacity of land purchase and it’s benefits.
Land is finite.
Like all natural resources, the land is a finite resource. It is available in limited quantity and hence can’t be produced more. With a growing population, the use of land is set to increase in the coming years. The land will be used for housing, industrial complexes, farming, and commerce among other things.
If you purchase land today, in coming years, it will become an important asset for development projects. Even if you buy land at a remote place with the underdeveloped area, the land that you have will become a prime property in coming years and get developed. Since land is not going anywhere, and its use is inevitably set to increase, the investment is legit and will always be fruitful and rewarding.
Land is tangible.
Unlike the share market, land can’t be reduced or taken away, which makes it a secure property to invest in. The tangibility gives it some sense of security and people feel easy about it. Even though the land, like any other resource, can be encouraged on, it is still a safe asset. If you keep a check on your land and keep a watch on encounters, then it will be safe and easy to manage.
Other than basic fencing and keeping the paperwork intact, there is not much maintenance needed to maintain the land.
Land increases in value
Over the years, land which is not desirable right now will be valuable. The value of land is definitely set to increase in coming years so it is desirable to hold on to it while you can. A smart investment is identifying which piece of land will yield the most profitable results in coming years.
Land gives you freedom
Once you are secure in the knowledge that you have invested in land, you will feel a sense of financial freedom that is rare to get. One might be very anxious about their investment in share market but with the land, they don’t have to constantly keep up with the constant updates.
One just has to keep up the paperwork in place, and the rest of the upkeep of land is easy.
Important things to keep in mind to make sure that your land investment is safe and profitable:
Make sure that your land is in the right shape:
Often time people do not pay attention to the shape of the property and fall prey to buying unusable land. Even if the total area of your land is large, if its shape is not proper and erratic, then the land will be useless. A crescent-shaped and narrow strip of land is not fit for a lot of construction even if it’s total landmass is huge.
Make sure your land has all environmental clearances: There is no point in buying land on an environmentally unsafe or contested ground. Many times brokers have sold legally contested land, land that falls under the property of tribals, or land that comes in a no-construction zone to unsuspecting people. It is often too late when people realize that they have made a wrong deal. Hence, one should have clarity about what kind of land they are getting. One should particularly check if their land falls under the wetland area or has any underground water sources which might cause flooding in future.
Know about the land use eligibility criteria before buying land: It’s is best to call the land zoning department and know the current status of the land. A little background research goes a long way when it comes to ensuring the validity of your land. If you buy land which intended for agricultural use, but on legal terms, the land is registered as commercial land, then your purpose of buying land will not align with your needs. Similarly, you can’t farm on land situated in a residential colony.
When you are researching about the usage and construction eligibility of your land, make sure to include questions about maximum height of construction, norms related to sewage discharge, water pumping, and construction material usage. These regulations should also be kept in mind.