Buying a plot for residential development may not be the same as buying a house, but similar rules apply. You should always know what you're getting yourself into and how much it costs to build a house.
To start with, there are plenty of reasons to buy a piece of land. If you buy a house, it's probably so you can live in it; but with land, you could choose to build your own house or use the property as a long-term investment. Property also introduces a host of issues you don't normally face when buying a house. Knowing how to buy land can help you determine whether it could be the right path for you.
Before making any decisions, ask yourself the following questions:
In Zambia, the process of buying land usually begins by contacting a real estate company or engaging an experienced agent. Look for a company or professional who is familiar with the area and who has experience in land sales.
Residential Development means any development on private land that provides living accommodations for one or more persons. This category includes, but is not limited to: single-family homes, multi-family homes, condominiums, and apartments.
Tips for Housing Development
The definition of residential is something related to a dwelling or location where people live. A college that offers dorm rooms is an example of a place that offers residential accommodations. A neighbourhood made up of single-family homes where people live is an example of a residential neighbourhood.
Residential area means land used as a permanent residence or domicile, such as a house, apartment, nursing home, school, child care facility or prison, land zoned for such uses, or land where no zoning is in place.
However, you will always need capital to outlay if you want to purchase property to develop. This shouldn't be a hindrance to your ambitions though, however peculiar that might sound. You can't invest in property with no money, but you can become a property developer with no money.