Maybe you are in not in the market for real estate, but you don't want to get a house you want to get a vacant lot. Buying a lot is not the same thing as buying a house but there are some overlaps where same rules may apply. Before you start your adventure into the market of vacant lots you should always know what you are getting yourself into.
So, let’s lay down some ground rules and tips that everyone that is in the Singapore Real Estate Property hunting like lots, or other residential pieces of land.
1. Decide what kind of community you want to join
It’s the same as with housing, if you want to buy a lot and make something on it, you have to decide what kind of community you want to be a part of. For instance, if you want to make a factory you can’t just go and buy a lot near a residential area as you will get resistance from the people that live there. At the same time if you want to open a restaurant you can’t go buying an empty lot outside of the town as you won't make your invested money back. To figure out what is the best place for you, you need a real estate agent, but before that, you need to figure out what kind of community you want to join.
2. Get a professional builder
Whatever you decide to buy make sure that you have a professional builder helping you in your desire to build a certain thing. It may seem good that a local firm can help you with your request, but if you are unsure of their professional mark don't hire them. Instead, hire the more expansive professionals and you won't ever have to worry about losing money on your lot.
3. Research restrictions and city limitations for that lot
Every piece of land belongs to a certain part of the town. As the town has already made some plans and laws on what is allowed to be built in certain places, it's advisable that you check that information before you buy a certain piece of land. This will save you money and time before you make a bad choice.
4. Review present and future road access
Every city has certain plans on where they are going to build roads in the near future. If your lot does not have a road, it does not have to mean that it’s a bad purchase. For instance, a road might be built at the end of the year so it's a good investment to buy property now as it will only go in value in the future.
5. Check all the available utilities
This is one thing that many people forget to check. Utilities are an important factor for every piece of land as it might be cheap to buy that piece of land at first, but if you want to have all the standard utilities brought to the lot you will have to pay a hefty sum of money. So sometimes it’s better to invest more money into a lot that already has all the utilities than to buy a cheaper one and then look how much additionally you will have to spend to get the basic utilities.