Before you decide to buy land, you first have to realize that this is a major decision that can potentially affect all aspects of your life. It doesn’t just take financial stability to own a piece of property. Potential buyers need to consider the following factors before making the purchase: 1. Purpose ‘ Why do you intend to buy land anyway? Is it for investment, or are you looking to find a better home for your growing family? Buying land or properties is not something you decide on overnight, it takes a lot of thinking before you even take the plunge.

What’s important is that you’re certain about the reasons why you’re planning to purchase property. This will keep you focused on the type of property to look for, and you’ll have an easier time dealing with brokers when you know what you want. 2. Location, location, location. ‘ This is an age-old factor that can make or break your success in finding the right land for you. When you check out properties, don’t just focus on the house or lot your broker is telling you about. Do some research about the schools, hospitals and other important facilities in the area.

Is it a safe neighbourhood? What kind of neighbours will you have? Is the location relatively safe from natural forces such as floods, earthquakes or tornadoes? Sometimes an honest neighbour is all you need to get all the crucial information about your future property. 3. Financial capability ‘ Once you’ve found the perfect plot of land for you, it’s time to see whether you can afford it, and still live a comfortable life while paying for mortgage. Your broker would be most happy to help you sort out documents and financial requirements. The rule of thumb is to pay no more than 30% of your monthly income (alone or combined with a spouse) to mortgage. This way, you’re not way in over your head when it comes to payments. 4. Long term development plans ‘ If you intend to stay in the property for the rest of your life, then be sure that it can accommodate changes that may happen in your family, such as additional children, relatives and even pets.

Is there enough room to expand, or would you need to spend even more money to buy land around your property? 5. Resale value ‘ Also look at your property’s resale value. Would you get a return on your investment when it’s time to sell and move up to a better place? Looking at these 5 factors will surely help you buy land or property that’s suited to your needs.