Finding your dream home is not going to be easy. From scouting online listings to participating in open houses, you explore a lot about communities and neighbourhoods but still come back empty-handed. Well, it might be that you are more comfortable investing in vacant lands and building homes.
If you are keen to know the best place to live in Okanagan, you must connect with the realtors of that area to find out which piece of land is your preferred option. The last thing you want is to avoid nasty surprises after closing the deal. So, be sure you are aware of the zoning restrictions, sustainability, and easements from the realtor and come out of major obstacles of buying vacant land.
Here are the dos and don’ts you need to know to accomplish the construction of your new home.
Do’s of buying vacant land
· Work with an agent
You need to work with a real estate agent to work up the minute details of the deal like negotiating the price, conducting due diligence, and closing the deal. When buying vacant land, you must confirm that the agent has a good deal of experience when it comes to negotiating land deals specifically. So do not fall prey to a plot of land in a location that is less likely to yield the return you expect. Find out the track record of the agent and find out someone with experience representing sellers and buyers. However, you need to have a mind of your own and check the prices of Summerland houses for sale to stay surer about the location.
· Zoning and building regulations
Are you aware of building and zoning regulations? They are the key aspects of land development. So, you need to research deeply and be sure about the kind of constructions permissible in that area. Following these regulations will also impact the resale value down the line. The homes for sale in Summerland BC have been built based on zoning regulations and in desired locations. At Hunters Hill, you will come across readymade houses and vacant land in your preferred location.
· Value of houses in the neighbourhood
One of the biggest aspects of constructing a home is the scope of optimisation it offers to the residents. If you are planning to buy land in a known community with other houses in the neighbourhood, be sure to research the prices of the other homes in the locality. The higher the clues you get about the neighbourhood houses, the better it is for you to identify the price trends.
· Road access and utilities
Do not forget to check whether the vacant land has accessible roads similar to Summerland houses for sale. The development in the area around the land decides the profitability of your investment.
· Size of the new build
When buying land, be sure that it will accommodate the size of the property you desire. Even if you are selling off a portion of the land later, the buyer should find the purchase as profitable. When searching for locations around the Okanagan Valley, you must check Summerland real estate in-depth to make a beneficial decision.
Don’ts of buying land
· Not knowing your budget
The financial resources you have are one of the biggest factors to consider. If you fail to determine what you can afford, you will end up indulging unnecessarily. Create a budget at first and make sure you follow it through thick and thin as it is one of the prime requirements of land investment.
· Not conducting environmental tests
Similar to the kind of background research you conduct when buying a readymade house, a plot must also be explored to find out whether it is eco-friendly. So, do not miss the environmental tests to determine the contamination of the soil. Residential homes are not to be constructed on contaminated soil, you might need to look for vacant land elsewhere. Afterward, a professional needs to evaluate the test for the best results.
· Do not skip the survey
Do not forget to appoint a surveyor to survey the piece of land, especially if it is lying vacant for a few years.
Purchasing vacant land is the best move for people who prefer building a custom home. To become a lawful landowner, you need to research the plot thoroughly and follow the dos and don’ts so that you can construct the house of your dream. You need to jump through various hurdles to make the right decision.
Lois Lane is a professional blogger and a seasoned Content writer for wellhousekeeping.com. With a passion for simplifying complex Home Decor topics, he provides valuable insights to a diverse online audience. With four years of experience, Lois has polished his skills as a professional blogger.