Are you considering investing in a plot of land for commercial purposes? Purchasing land can be a smart investment decision as it typically offers a promising return on investment. Unlike other assets, land does not depreciate in value and tends to appreciate over time.

This means that you can patiently wait for its value to increase and then sell it at a higher price. You can also maximize its potential by building a commercial property and earning rental income.

Buying land may involve a few complexities compared to purchasing a residential property. One major challenge is obtaining financing for vacant land.

Lenders often consider land loans riskier than residential mortgages. This is due to certain factors. This includes uncertain market conditions, zoning regulations, and infrastructure requirements.

Nonetheless, navigating these challenges is not impossible. With a REALTOR’s assistance, we can simplify the process for you. Providing a clear understanding of the key aspects involved in acquiring and financing land.

I am here to make your journey smoother and more comprehensible.

Tips for Looking for Land to Build a New House

Here are some tips to keep in mind when looking for land you can build a house on.

Consider the Lot Size

Before diving into the process of buying a Canadian property, it’s crucial to consider the size of the land you envision. Determining the ideal lot size depends on your specific needs and future plans.

Do you simply want enough space for a house, or would you prefer a generous yard area that offers the possibility of future expansion?

When assessing the lot size, keep in mind your desired property layout and potential usage. Perhaps you envision a beautiful home surrounded by lush gardens or a spacious backyard for outdoor activities.

Evaluating these requirements will help you find the raw land that perfectly accommodates your dreams.

Furthermore, it’s important to investigate if the lot is publicly owned or privately owned. Understanding the land’s ownership status will give you a clearer picture of any potential limitations. As well as regulations that may apply to your future property.

Check the Location and Accessibility

Where is the land located? Is it close to town? A good location for the land is somewhere that’s close to schools, malls, hospitals, and other important establishments.

You’d also want to check the land for road access. This is highly important if you have your own car. If you don’t, you’ll want land located near public transportation.

You wouldn’t want to walk around for half an hour just to get to the nearest bus or train station.

Make Sure You Have Access to Utilities

Another important thing to consider when looking for land is your access to utilities. It might be great, in theory, to live in a quiet neighbourhood, away from the busy downtown area.

If you won’t have ready access to electricity, water, or sewage, it won’t be worth it. It would cost you a lot to have posts or lines set up just so you can get your own access to these utilities.

You’d also want to buy land in a location that has good internet and cell service. In a technologically-advanced world, these things are becoming more and more essential.

Inspect the Topography and Climate of the Area

It might not seem like much, but it’s also important to check the topography and climate of the area you’re looking to buy land in. If you’re planning to do some gardening, you’d want land that has a good soil composition.

You’ll also want your property to have a climate that’s favourable to you, whether that’s mostly cold or warm days.

Research Property Taxes and Local Bylaws

Property taxes are also important to consider when looking for land to buy. It’s nice to take these costs into account even before you purchase the land to avoid any surprises later on.

Building codes and other local bylaws are also nice to know about, especially if you’re planning to build a house on your land. Some areas have limits to what you can build on your property, so be sure to check them out before securing the land purchase.

A Step-by-Step Guide

Now that we know what to consider when looking for land, it’s time to look into the actual buying process. Here’s a step-by-step guide on how to buy land in Canada.

Search for Lands

The first thing you should do is to search for vacant lands for sale. Try to find listings online on real estate websites. You can also look into local directories, such as the classified ads in newspapers.

Arguably the best option, though, is to seek the help of a real estate agent. Even if you’re not a first-time buyer, you’ll greatly appreciate the help that a realtor can provide.

Explore Financing Options

As said earlier, it could be trickier to secure financing for buying land. You’d usually need a larger down payment before you can secure a mortgage. This is because investing in land is riskier than a residential property.

You might find things easier, though, if you can pay for the land in cash. Then, once you start building a home on the land, securing a mortgage could be a much smoother process.

Submit an Offer

Once you’ve found the perfect piece of land for you, it’s time to submit a written offer to the seller. Your realtor could draft up the offer for you and make things easier on your part.

You can also go to a real estate attorney to ask for assistance with the contingencies you should include in your offer.

Inspect the Property

It’s vital that you inspect the property before finalizing the purchase. Bring an inspector with you to comprehensively assess the condition of the property. They can help make sure you’re getting your money’s worth with it.

Ask for the necessary documents from the seller to make sure that the title is clean and that there are no liens on the property that might inconvenience you later on.

Finalize the Purchase

Once everything is in check, you can go on and finalize the purchase of the land. Again, it would save you so much hassle if you have a realtor working with you. Make sure you’ll receive all the necessary documents upon closing the sale.

Edmonton Real Estate

The Edmonton real estate market is looking strong. Even with mortgage rates in Alberta’s capital city being on the rise, Edmonton still proves to be a market worth buying into.

It has the perfect balance between urban and rural living. So you can sit back and relax in its quiet neighbourhoods without missing out on the bustling city life in the downtown area.

You can find lots of vacant land in the area to build your new house on. And again, here are some things to consider when looking for the perfect lot for you:

• Lot size: Do you only need space for a house, or would you also appreciate some yard space?
• Location and accessibility: Is the land located near important establishments that you can easily go to in case of emergencies?
• Access to utilities: Would you have ready access to electricity, water, and sewage? Does the place have good internet and cell service?
• Topography and climate: Is the soil good enough for planting? Can you build a basement in your house, if ever? How’s the climate in the area? Is it something you can be comfortable living in?
• Property taxes and local bylaws: How much are the property taxes in the area? What are some building codes and zoning laws you should know about? Are there limits to what you can build on your property?

Once you’ve considered all these things and found a land that’s right for you, it’s time to focus on building your home. Here are the best home builders in Edmonton you might want to consider working with.

If you’re ready to buy land and explore the Edmonton real estate scene, look no further! Contact me today, and I will assist you every step of the way.

For a wealth of knowledge and insights, don’t forget to check out my informative blogs. Gain a deeper understanding of the Edmonton real estate landscape and market trends. As well as investment opportunities. It’s all just a click away!

Don’t miss out on the opportunity to benefit from my free home evaluation service. It will provide you with an accurate assessment of your property’s value. Whether you’re contemplating a sale or simply intrigued by your home’s worth, this valuable tool is at your disposal.

So why wait? Take the first step towards realizing your real estate aspirations in Edmonton, Canada. Let’s transform your real estate dreams into a tangible reality.