Buying a plot of land is a vital decision and should be based on several factors. If you are considering buying a Residential Plot in Lucknow, here is a list of pros and cons to help you decide.

Pros:

1. More privacy.

You can build your home according to your needs as you do not have to follow any architectural guidelines or restrictions that are common in gated communities or apartment buildings. You can design it the way you want and make it just like how you imagined.

2. No need for renovation.

Most of the new homes built today come with modern fittings, high-quality materials and advanced technology that will ensure that you do not need to renovate for at least 20 years or even more.

3. Customized space

There is plenty of room on the plot for all your outdoor activities so you can customize according to your needs like having a garden, installing an outdoor kitchen, putting up a gazebo for entertaining guests or even planting trees and flowers.

4. Increased value:

When it comes to investment, land is always going to increase in value over time whereas other assets may depreciate in value so if you plan on selling it at some point then there are chances that you can get much more than what you paid.

5. You have freedom.

You can design your house the way you want it to be. Whether it is modern and minimalist or traditional and royal, you can choose. You can make structural changes such as adding extra rooms, a second floor, etc. There are no restrictions as opposed to apartments where you have to follow strict rules and regulations and cannot make any changes unless permitted by the housing society.

6. Lower Cost.

Raw land is often bought at much lower prices than developed property, making it an affordable investment for many people, especially if it’s cheap plots in Lucknow which is bought in installments. Many sellers offer financing, which allows the buyer to make payments over time instead of having to pay all at once. Lower cost gives the buyer more freedom and options in their search for the perfect piece of property.

7. Opportunity for Growth.

Property values tend to increase over time, so buying raw land now could be an opportunity for growth in the future. Investing in raw land is a long-term investment that can reap big rewards down the road when it comes time to sell.

Cons: 

Insecure investment: An under-construction property is not only risky, but also insecure as it can be a subject to market forces. Also, if you are buying an under-construction property and a builder fails to complete your project, then you may lose all of your investment made in that property.

Macroeconomic factors: Macroeconomic factors like inflation and interest rate affect housing prices. Inflation is a general rise in price level whereas interest rate is the amount charged by the bank for lending money to the borrower. The rising inflation and interest rate can cause the property prices to fall.

Rise in construction cost: There may be different factors such as increase in construction cost, land rate or additional taxes on construction which may lead to cost escalation of your project. You have to bear this extra cost for completion of your project.

Hidden charges: Some builders use different tactics to attract customers by charging them less for their under-construction properties in order to make them invest more in their projects. But later on, these builders charge you with hidden charges like development charges, premium location charges or external development charges which you have to pay.

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