Unlike most assets that depreciate over time, land gains value. It is the sole reason for the increased demand for land.
However, if you thought purchasing a piece of land is as easy as ABC, then you are in for a big surprise. Buying a piece of land in Canada can be a major challenge, especially if it is your first time and you have no idea where to start.
Contrary to popular belief, buying land does not have to be an expensive and tedious process.
In this article, we are going to highlight a few things you should consider before purchasing land for sale in Canada.
Let’s delve into specifics
Whether you are purchasing land for residential or commercial purposes, you need one that is in the right location.
To reap maximum investment, you need to consider how far the piece of land is from basic amenities such as hospitals, shopping centers, workplaces, and schools. You will also need to focus on areas that benefit from improved infrastructure.
The price of a piece of land, be it in Canada or any other place, is greatly affected by its location. Lands in prime locations such as Ontario, are more expensive than those in undeveloped areas. If you are not financially equipped to purchase a prime plot of land, go for one that shows growth potential.
- Confirm the land is free from liens
Another critical thing you should factor in when buying land is whether or not it is free from liens. Do yourself due diligence and hire an attorney to do this for you.
A great attorney will counter check the title and deed of the land to make sure it is free from liens. Once it has been confirmed that the land is free from liens, it is when you can make a formal and fair offer for the property.
- Know why you want to buy the land
There are various reasons why one would want to buy land. For some, it is a better investment as compared to opening a business or buying stocks. For others, it may be the perfect site to have your retirement home.
No matter the reason, a potential buyer must have a clear picture of their long-term goals in regards to the land as it is what will determine where to purchase it.
- Do research
Buying a piece of land is not something that should be taken lightly. It is a long-term investment and should be handled with care.
At any point in time, there are usually plenty of vacant lands being sold around. Though not all of them are publicly advertised, you could start by doing an online search. From there you could look for specialist land agents situated all around Canada. If you have still not found a piece of land you fancy, land auctions are an option.
Also, be on the lookout for homeowners looking to sell a small piece of their land. Buying directly from homeowners is one of the best options when it comes to land purchases. It eliminates the need for land agents and middlemen, who may require a certain commission.