Buying a house then make sure you do a documents checklist
With property and home loan rates at an all-time low, there's no better time than now to invest in residential plots. If you are planning to build a spacious house, then now is the right time to take that leap of faith and buy that piece of land!
Need more reasons?
Read on to know why you should make the most of this opportunity right now.
FREEDOM OF OWNERSHIP
According to Bhushan Nemlekar, director of a real estate developer, one of the significant advantages of investing in residential plots, is the freedom to build your dream house at leisure. He shares, "You can build the house of your dreams at your own pace." In stead of spending your money at one go, you can plan
your expenses over a period of time so that it doesn't cause any undue financial strain.
A house is built to last for a lifetime, therefore it's important that you have the means to design it in a way that matches your personality and lifestyle, feels Rohit Poddar, managing director of a real estate development company. He adds,"When buying an apartment, buyers are often limited to the architect's vision of a home. They can rarely make changes to the property or the layout of a home. In case of a plot you have the freedom to design it from scratch, add elements that are important to you and even use your choice of materials."
What's more, Nemlekar suggests that if building a house is not viable, the plot can always be sold to interested buyers for either commercial or residential use.
NO EXTRA MAINTENANCE
A residential plot requires little maintenance and minimal visits to the property. Poddar maintains, "Whether you see yourself living in your pre-construct ed apartment or not, you will still need to pay maintenance charges. Some of these charges are of regular frequency, for example, the maintenance fees is sued by housing societies. However, with a plot, there is virtually no maintenance required. Even the most inexperienced investor can purchase land without having to worry about regular maintenance."
HIGHER RETURNS ON INVESTMENT
Over the last few years, land has been appreciating much faster than residential property. Manju Yagnik, vice chairman of an autonomous real estate developers' association, enlightens, "Plots always have a higher yield and appreciate in value over time. If the location is perfect in terms of infrastructure and price and size of the land, then consumers can expect higher returns. The quality, space planning, maintenance, valuation and many other factors of the apartment or bungalow depend on the kind of plot that consumers choose."
Source: Mumbai Mirror