“Lot (fate) cannot be blot” goes a famous saying. I am not an expert on fate but I can tell you with conviction that property lots, if chosen with care, won’t require being blotted. On the other hand, they would add to your sense of accomplishing something. Let me share with you a few tips here- after all, prospective homeowners can do with any amount of advice. They love it.
Visit the lot personally
Even if you are running on the wrong side of the clock, make sure you visit your lots personally. There is nothing quite like a personal inspection in my opinion. It will allow you to check the location, the neighbourhood; amenities close by, transport routes, among other things.
A walk around your prospective lot can let you see it from various vantage points. Make sure you find out whether your lot is in a walkable neighbourhood?
Learn about the rental yield
Talk to your neighbours. This way you will learn about the rental yield of the area. I know it might not interest you for the moment but then there is no legislation in place that can prevent a buyer from thinking like an investor. So knowing a thing or two about the rental yield and average property lot dimensions for the area can always help.
Don’t give into the aesthetic temptation of your lot
Sometimes a lot can inspire a lot within you- almost instantly, and there you go- you are sold to its aesthetic value. However, be circumspect against this overwhelming feeling. If you plan to live somewhere, aesthetics will only take you so far.
Utilitarian elements also come into the picture in a big way. Factors like drainage issues, extent of soil erosion, climatic crises, possibility (or lack of it) of a sun-oriented floor plan and many similar things need to be examined.
Seek the local building department
Wherever you plan to reside, there is a local building department in place. It is a treasure trove of information for you.
If you are diligent, you can find the historical and geographical strength of the area, construction projects in the pipeline, compliance difficulties, red-tape if any, and various other highs and lows. This helps in choosing/rejecting a property lot. Yes it does.
Comparable sales figure
Learn about the comparable sales figure from lenders in the area. Banks and private lenders won’t let you into it so you have to be at the top of your craft to get the figures.
This information helps you get a clear idea of the sales figure for similar lots within a short radius.
Check on your property at different times
Spend on diesel but don’t miss out on checking your property at different times of the day and different seasons of the year. It will provide you an insight no theoretical information can. You will understand how the lot adapts to the diurnal and seasonal changes.
You also get an idea of its vulnerability in winter (too much snow builds up), rainy season (rain gutter issues) or summer months (fierce afternoon heat on the western flank).
….And remember
“The most courageous act is to think for yourself” and if you don’t, no one else will. Your ‘lot’ is most truly in your own hands.
Have you talked to the local building department or the local council to learn about any easements or possible construction issues for your property lot?
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