Suppose you want a luxurious land in West Vancouver with an ocean view or a piece of land in trading areas like the North East of Timmins. Buying land in Canada for sale can be both a challenging and an exciting prospect, especially if it’s your first time. There are several factors to consider when buying land in Canada. The factors range from topography and surrounding infrastructure to local laws and regulations—making it essential to take your time with the process and do as much research as beforehand. For more information on buying land for sale in Canada, consider the crucial factors below.
1. Location Is Key To Your ROI
When buying land for sale in Canada, you need to consider where you want it depending on your target clients. What’s more, where do you like it? Proximity is important because location can either boost or undermine your plans. Some areas make access more manageable than others, while some are harder or more expensive to reach. Access isn’t just a geography question; there are other considerations. If your site has easy access but lousy infrastructure, that won’t do you much good; conversely, excellent infrastructure will go to waste if getting there is a hassle.
You should also consider how long and costly it would be to get building permits and hook up water and power utilities if they aren’t already present. The location of your land can significantly influence how much money one must spend to build on it – especially in urban settings, how fast you can sell the piece of land and your returns. Location matters! Is it rural, semi-rural, or suburban? Within municipal limits?
2. Buy an Undeveloped Lot
Lots are a great way to go if you’re looking for something affordable and flexible. A lot gives you all of the space you could ever want, but it won’t be complete until you develop it—usually with a home or business. If that sounds like a hassle, lots can also come pre-approved for things like a Recreational Vehicle (RV) or mobile home, meaning all you need is power and water.
However, you can make more returns without developing the land depending on how long you are ready to hold on to your undeveloped property as it gains more value over time. For more flexibility, look into purchasing a smaller undeveloped property; these range from 1 acre (0.4 hectares) up to 50 acres (20 hectares), with many options in between.
3. Pricing Can Vary Widely
While it may seem as though prices are always higher in Canada, land can vary quite a bit. Some regions are more sparsely populated, making them less desirable to developers and urban planners. You may find large plots of undeveloped land for sale at lower costs in these areas. Urban areas, on the other hand, tend to be highly desirable due to their proximity to employment opportunities and cultural amenities—these properties usually carry a hefty price tag.
For example, if you’re looking to buy land for sale in Toronto, expect to pay upward of CAD 1 million per acre; that’s more than double what you might pay in rural Alberta. Take your time shopping around so that you don’t end up overpaying!
4. Consider Hiring a Professional Land Company
There are many factors to consider when purchasing property—things like zoning, location, and proximity to utilities can all affect your investment. A professional land company can advise and help you weigh these important considerations against one another. Even if you already have a firm grasp of what you’re looking for, it never hurts to get a professional opinion.
A professional land company will help you acquire what you need with ease. From there, they’ll be able to point out any red flags and help you feel more confident about your purchase of land for sale in Canada. The importance of getting some professional advice comes into play here; if buying land isn’t within your wheelhouse, don’t think twice about seeking out guidance from someone who knows their way around land transactions.
After all, you can never be too careful when it comes to such a significant investment. Since you need to know what you’re doing—and every piece of property is different—make sure you consult a licensed land agent like the Dignam Land before moving forward with any plans. You don’t want troubles later on down the line!
5. Financing Can Be Tough
Financing land can be a tricky process. Unless you have a trust fund, your bank will require some collateral against which they can secure their loan. In addition, there are tax consequences that come with owning land. For example, if you use money from your savings account or take out a loan against your home equity as part of financing your land purchase, you may lose access to those funds in certain situations, such as divorce.
However, top-notch land-selling companies like Dignam Land offer guaranteed financing and take care of these details. Whether you want to build on it yourself, sell it immediately after purchasing or hold onto it for future generations (yes!), Dignam makes buying land easy and affordable.
There’s a lot to consider when you buy land. It’s essential that you find a trusted, reliable source and only purchase from sellers who are transparent about precisely what you’re buying and can help you through all of your questions. As with anything real estate related, it’s best to know as much as possible before making any significant purchases or investments. To learn more about buying land for sale in Canada, reach out to Dignam Land Corporation, and you will be happy with the best vacant land offerings and country land for sale at affordable rates.