Due Diligence
What you need to know as a first time land purchaser, is that it is important for you to be careful with how you go about the whole land acquisition process.
Due diligence is one of the delicate steps undergone by a land buyer. The process is aimed at making a confirmation on the legal status of a property. Due diligence is made up of various sub-processes and below is a summary:
Confirmation through a Site Visit
When you identify a specific property, a site visit is what you should consider to do as the first step as verification on the ground. You should visit the place and see for yourself whether the area really is what it appears like on the advertisements and if it fits the need and purpose you are buying it for.
You should acquire survey maps and through this acquisition, a valuer, or a surveyor will give a confirmation that the property is correctly displayed on the maps as it is on the ground.
Verification of Land Title Certificates
When it is down to business and you have finally decided you want to buy land, you need to be aware that only the land title certificates prove ownership of land or property, whether by an individual, or an organization.
You need to verify the titles as this is essential in helping you as the purchaser to avoid falling into the hands of scammers and conmen who will rip you off of your hard earned money and ideally sell you land or property that is non-existent.
Market Evaluation
Market evaluation determines the value of land, or a piece of property and gives a range in the profit that a purchaser is ought to experience.
It gives information on whether a specific property is worth investing in thus determines whether the purchase price is higher than what the property is actually worth. It establishes the potential profit that a purchaser will get from the area that the property is located.
Validation on Finances
When you decide on settling for land investments, you need to be clear on your investment.
You need to consider the purpose you are making the investment for. You need to consider things such as why you are getting the investment, is it for profitability purpose? If so, then is the land or property easy to maintain? No one ideally wants property that is expensive to maintain.
Basic Property Information
Before purchase of property, or land, you need to have basic knowledge and information on property. You need to get information on factors such as the accommodation details.
As a purchaser, you need to get in sync with the details of the building and attributes of the land
Personal Research
It is very essential for a purchaser to do their research on the land, or property they want to purchase. This will go a long way in guiding him on whether or not to proceed with the purchase and acquisition.
Verification on Zoning
There are areas where restrictions are active in that one cannot construct apartments, flats, or any other commercial structures. For a purchaser who may be buying land for the purpose of profit, or for commercial purposes, this type of setting would not be suitable.
When you go through the correct process of due diligence, then you are all good to go in the land acquisition process.
Ensure you engage a company that has legal documentations to avoid falling victim to fraud. Also, undertake a site visit and as many site visit questions as possible to get more information and clarity. Buy a plot in Nairobi from Denver Real Estate.
