There are now many more facets associated with Residential Land, arguably more so than any other property sector. Making a right purchase decision is crucial for any buyer.
All costs associated with securing a successful transaction should be under constant scrutiny to keep timescales and expenditure to a minimum, whilst ensuring both a competitive offer and best value is achieved.
MAKE SURE THE LAND DEVELOPER OR AGENCY HAVE THE EXPERTISE
Take proper advice from a specialist property agent to ensure you get the best possible deal from the outset. The Residential Land market is a specialist area with many developers employing in-house land buying teams who deal in nothing but the subject matter. There are very few property agents who solely specialize in residential land alone. Ensure the preferred agent has the expertise and most importantly experience with a proven track record as well as excellent industry contacts.
KNOW THE RIGHT VALUE OF THE LAND BEFOREHAND
Make sure to know the exact value of the land by asking enquiring the prices in the adjoining areas and the degree of appreciation growth witnessed in the recent times. A full detailed financial appraisal is undertaken, level of profit expected by the market. Each opportunity, however, has its own unique circumstances usually associated with costs and therefore the net receipt/offer can vary considerably.
ENSURE THE PROPOSED SCHEME MAXIMISES POTENTIAL AND VALUE
Due to immediate location and ever changing demands, many opportunities have inappropriate planning consents in relation to number, layout, density and type of unit accommodation. It is important, therefore, that the right mix of accommodation is proposed to ensure best value is achieved.
ENSURE PLANNING CONSENTS ARE IMPLEMENTABLE
Planning decision notices, conditions and agreements should be thoroughly reviewed to ensure they are indeed implementable from both a land developers and the government plans. Specialist planning consultancy advice is often required and is essential in most cases.
GET A DETAILED INFORMATION ON FULL RIGHTS OF THE LAND
A detailed discussion must be done to know about the property rights (Most important when the land is purchased on Installments or a bank loan) will you be able to sell it to other parties if yes, will it be possible to transfer the loan or instalments if no, how much you have to pay to settle the final price including interests and final registry charges.
ALL TECHNICAL INFORMATION SHOULD BE ASSIGNABLE TO THE PURCHASER (FOR DEVELOPERS/SELLERS)
All too often, transactions are delayed at the last minute due to technical information not being assignable to the purchaser. It is good practice to obtain reliance letters from all consultants involved at an early stage.
MAKE SURE TO GET A COMPREHENSIVE INFORMATION PACK
In order that all offers are submitted/received on the same basis a comprehensive and full Information Pack should be obtained to know even the minute details about the property.
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