In this article, we look at the very important self-reflective question of – Are you a serious buyer of land?
Let’s first define who a serious buyer is. A serious buyer has the following boxes well-ticked:
1) An arrangement of sources of funds
2) A clearly defined purpose for buying land
3) A timeline within which to purchase
An Arrangement of sources of funds – A serious buyer is one who has understood his/her financial situation. This person has funds to make a down payment and often a steady and reliable source of income to make a strong case to take out a loan from any leading banks. We can also see serious buyers who have sufficient funds to purchase property without taking out a loan. But, such buyers may not be first-time buyers. Such buyers are typically creating assets in the form of land. Our experience tells us that in the emerging real-estate markets of Bangalore outskirts, a loan-taker property investor occupies 75% of the customer base. The question is, are you part of the 75% who has figured out funding streams for investment in land?
A clearly defined purpose for buying land – A serious buyer, besides holding a fair idea about arrangement of funds, has a reason to buy land. Typical reasons include immediate construction of a private home within a secure layout, future construction of a private home, first investment for future liquidation and non-primary investment for future liquidation. A senior buyer may purchase land to pass it on to the next generation – a very typical reason to secure the future of the next generation. Since with inflation, cash gifts over time lose value, land appreciates at unprecedented rates. A serious buyer has their reason well imprinted. Such a buyer has a long-term vision in mind.
A timeline within which to purchase – A serious buyer has a clear idea of when to hold ownership of the land. Since funds and reasons are in place, the logical third question is by when do I want to own the land. A buyer like this has a realistic time line, and sufficient time to ensure each step of the process has his/her full attention and concentration. A serious buyer is often not in a rush and doesn’t over-research about options. A serious buyer goes into the market with a clear set of thoughts and looks for a company and location that can offer him the best within the framework of budget, timelines and location.
Ask yourself – Are you a serious buyer? Do you want to become a serious buyer? The research about availability comes at a later stage. Approach buying land in a systematic way to ensure your investment in terms of time is wise and you get the best deal.
Best Residential developer In Bangalore – Sizzle Properties