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- February 13, 2024
- Building, Education, Land Banking, Real-estate
- 01 Min
MISTAKES PEOPLE MAKE WHEN BUYING PROPERTIES
- FAILURE TO DO DUE DILIGENCE
It is important to check the title deed to make sure that the seller is the legal owner of the land and that there are no liens or encumbrances on the property. You should also conduct a land search to make sure that the land is not subject to any zoning restrictions or other legal issues. Finally, you should verify the seller’s identity to make sure that you are not dealing with a scammer.
- BUYING PROPERTIES WITH WRONG ZONING OR THAT DIDN’T PASS ZONING
Zoning determines what type of development is allowed on a particular piece of land. If you buy a plot of land that is zoned for commercial or agricultural use, you will not be able to build a residential home on it. It is important to check the zoning map before you buy a plot of land.
- PAYING TOO MUCH FOR THE PLOT OF LAND
It is important to pay a fair price for a plot of land. If you overpay, you could lose money in the long run. There are a few things you can do to determine the fair market value of a plot of land; Compare the prices of similar plots of land in the area, Get an appraisal from a qualified real estate appraiser and Negotiate with the seller to get the best possible price.
- NOT HAVING A CLEAR UNDERSTANDING OF THE PURCHASE PROCESS
Buying a plot of land can be a complex process. It is important to have a clear understanding of the steps involved, such as; Negotiating a purchase agreement, Obtaining financing, Conducting a title search and Signing the title deed. If you are not familiar with the purchase process, it is a good idea to work with a qualified real estate agent who can guide you through the process
- NOT WORKING WITH A QUALIFIED REAL ESTATE AGENT
Working with a qualified real estate agent is the best way to avoid making mistakes when buying a residential plot of land.
A good and qualified real estate agent will be able to; Help you find the right plot of land for your needs and budget, Negotiate the best possible price on your behalf, Guide you through the purchase process and Protect your interests.
- Over anxiety and desperation
- Failure to learn about local market
- Underestimating hidden costs
- Emotional sentiments
- Not working within your budget.
- Greed
- Overlooking infrastructure
