Real estate tips for first-time land buyers- Part 2
Now that we have decided our real estate needs and budgeted our costs, it’s time to figure out whether hiring a realtor is necessary and where to find the right property.
Select a Realtor (If necessary)
Finding a real estate professional to assist you in locating properties will save you time and legwork. Your Realtor will be able to guide you in determining a fair price for the property in which you are interested. But you should keep in mind that having a realtor comes with extra costs (Agency fees), and you should be sure to include them in your budget if you decide to go the realtor way. Please note that if you are dealing with land selling companies like DENKO Properties Ltd you do not require a realtor to assist you in acquiring land.
Finding the right plot
Land for sale is generally categorized as follows:
- Brownfield – land that is or was occupied by a permanent structure that has become vacant or derelict and has redevelopment potential.
- Greenfield – undeveloped land, such as parks, forest, and countryside.
The first port of call for many people who are interested in purchasing land is a specialist land agent or estate agent.
However, there are more options, and it is always worth looking around and asking local developers or land selling companies if they have any individual plots for sale.
In today’s property market where new home sales are significantly weaker than last year, many smaller developers who have over-committed themselves to projects and now unable to complete them are looking to offload parcels of land at competitive prices, to free up cash. The internet also provides a rich source of land-buying opportunities.
The time-honored mantra of position applies equally to land acquisition as it does to developed property. Whether using the land for a self-build project for personal use or redeveloping it for profit, one should always have an eye on resale.
You are far more likely to achieve a higher resale value if the location of the plot/development is convenient to transport links, shops, and amenities.
If the land is needed for residential redevelopment in a rural neighborhood, the property usually has to have exclusivity and uniqueness to realize its full value potential.
Surveying the land
A proper survey of the property carried out by a qualified land surveyor is essential and will highlight all boundaries, services, overhead power lines, public or other rights of ways, flood risk, etc.
Land surveyors also perform a vital function in carrying out feasibility studies, or environmental impact assessments on potential sites to assess whether plans are workable.
One key advantage of having land adequately surveyed is that you are more likely to avoid issues such as old title deeds and boundaries and changed boundaries.
A bright, unambiguous land surveyor will define the lay of the land to avoid any doubt, negating potentially costly neighbor disputes down the line. When choosing a surveyor, look for those who are fully qualified and who are ideally members of the survey of Kenya institute. DENKO Properties can recommend some reputable surveyors with whom we have comfortably worked with if need be.