Land is a very valuable resource which can be obtained through inheritance or a purchase. With time a piece of land appreciates making it a very good investment. Before purchasing a piece of land here are some important factors you ought to take into consideration.
The use to which you are going to subject the land to is the first thing you need to take into consideration. Land can be put into many uses such as agricultural, industrial, commercial or residential purposes. The characteristics of the land you are purchasing ought to be clearly defined as they will play a great role in determining the activity you have in mind to practice on the property. Other than the prevailing climatic conditions, look into the soil characteristics such as the soil type, its water retention capacity and is depth. It is highly recommended that you have the soil chemistry tested if you are purchasing a land for agricultural purposes.
The location of the land you are willing to purchase is the second factor you ought to take into consideration. Location is a great determinant of lands value and also on the use to which you can put the land under. Value for land near urban and industrial area settings is quite high due to the proximity of the prime areas. The best place for establishing residential property or an industrial complex would be on land near urban areas. For arable purposes, go for land away from urban areas as large tracks of it are needed.
The amount of money you are willing to pay for the land and how you are going to get the money is the third factor you ought to take into consideration. Purchasing land can dig deep into your finances as it requires a large amount of capital outlay. The best way of financing a land investment would be by acquiring a lump sum loan from a bank and repaying it slowly once the land has been purchased. This way you can acquire the land before its prices shoot due to appreciation. Avoid paying for the land in cash but go for ban transactions which can be traced as proof of payment. Land acquisition opportunities are quite rare and for this reason, take any opportunity which presents itself for you to buy land.
Following all the required legal procedures are highly recommended as the land acquisition process is quite sensitive due to the amount of money involved. It is necessary that you involve a lawyer specialized in land transactions to help you through the transaction process. There are many legal documents involved, procedures and transactions fees involved in the land acquisition process which the lawyer can help you with.