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Things You Need to Know when you buying a New Land

land investment

Purchasing a new Land can be an extremely exciting moment in your life. Not only is it the place where you will relax and enjoy life, it’s also potentially the largest investment you’ll ever make financially. With any investment comes a certain degree of risk and a Land is no different. Life is always going to throw curve balls but there are things we can do to mitigate the risk. Below are some items to consider in order avoiding being hit by a pitch!

Affordability

Before you run out and start looking for a Land the best thing you can, and should do, is crunch some numbers to see what you can afford. Not only does this help you financially, it also narrows down your search by eliminating houses outside your budget. In my previous post Is a Land a Wise Investment? I posted a link to a great calculator that helps determine a comfortable budget for a Land given your situation.

My assessment is most Land purchases are based on “how much can you afford?” rather than “how much do you need?”. The typical pattern is to buy a starter Land, then buy a bigger Land, and then buy your dream home. This is all predicated on the thought that because we have increased earning power, we should buy bigger and better. Make sure when considering your budget you keep in mind your needs.

Closing Costs

I had heard stories that I would be encountering closing costs at 2%-3% of the land purchase price when I bought my first Land and it came in right around the 3% mark. The main costs were legal fees, followed by property taxes (the seller had prepaid them for the year). There is also a land transfer tax of 1%-2% of the Land value that is assessed, but if it’s your first time buying a Land most of this tax can be waived before you.

Benchmark Developers is one of the best land developers in Pune. We offer 100% clear title Agriculture and NA lands near Hinjewadi with very attractive rates. Feel free to call us on +91 866 999 44 99 or

77 20 935 551 anytime between 8 am to 8 pm.

 

Benchmark Developers

Sales@benchmark-developers.in

www.benchmark-developers.in

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