Many Canadians desire to own a home, including building a new home from the ground on their own land. And for investors, buying land in Canada, especially in Ontario, is a dream come true whether they build a house, sell the land or hold it for the rising property market.
As a rule of thumb, investing money to buy good land is always worth it in the long run. While some purchase vacant land intending to develop it, others plan to let the value increase over time for a higher resale value. If you are considering land for sale in Canada, here are a few things to know, especially if you want your investment to pay off in the long run.
The land values
Understanding the land values is crucial when buying vacant or raw land in Canada. You should consider factors like nearby access to services, transportation system, highways condition, public places, and the real value of the acreage you intend to purchase. It might be a wise decision to enlist the help of a residential or commercial real estate agent before buying land in Canada.
Buying residential land
Whether you want to invest in land in Ontario for residential or commercial purposes, ensure the title is clear before making any purchase. You should engage the help of a real estate attorney and get all the legal paperwork before purchasing the land.
Buying vacant land
Apart from a clear title, you need to consider the distance and proximity to essential services when purchasing vacant land. Ensure a freshwater supply from the municipality and check if you will be operating on freshwater or a septic tank. Enquire if the installations are already in place, or you have to do them yourself, especially if you want to improve the land.
Buying commercial land
When buying commercial land in Ontario, there are many things to consider. Firstly enquire about the zoning on the land you wish to purchase. Check the zoning laws around the area and any provincial regulations that may limit developments on the land. For instance, only multifamily buildings are allowed in some residential zone areas.
Some land buying tips
Familiarize yourself with zoning laws
Understand the zoning laws of the location or area you intend to buy land because restrictions could limit your building plans.
Take environmental tests
The climate, test of soil and water matter a lot in determining the value of your land. Have an environmental test done beforehand to avoid making a poor investment choice.
Assess the nearby places
Ensure there are enough opportunities in the surroundings to grow the value of your land because the value of land relies more on its surroundings.
Look for the best utilities around.
If you are building on a new land from scratch, try looking for better utility companies such as electricity and water.
Engage a professional
You can use the help of an experienced real estate agent when buying land in Canada. Note that purchasing vacant land and an existing home differs greatly, so enlisting a pro who knows the industry well is smart.
