When it comes to buying vacant land, the opportunities are endless. You can build your dream home as you want and it can be a great investment, but it also comes with a lot of risks. Before you decide to purchase a piece of land, it’s important to weigh the pros and cons.
What is vacant land, exactly?
A vacant land is an undeveloped piece of real estate that could be the perfect space to build your dream home. It’s more commonly found in rural areas such as off-country roads and can be used for many other purposes, such as a farm, storage unit, vacation rental, and other recreational uses.
Pros of Buying Vacant Land
Buying vacant land will give you the freedom and flexibility to build whatever you want on your land. You can build a home, start a business, or just use it for recreational purposes. The sky’s the limit as long as it’s legal and you follow your town’s zoning rules and building rules. This is perfect for anyone who’s looking to build their dream home from scratch as they will be free to create their design and follow their preferences.
2. Less competition
When buying vacant land, you’ll have less competition compared to buying manufactured homes. Most people nowadays are opting to buy properties that they can move in right away and the competition can be challenging. Building a house from scratch is not everyone’s cup of tea, especially since it takes more effort and more time. With the fluctuations of the housing market, buying vacant land is an excellent choice to avoid intense competition as well as overpaying for a property.
3. Low Maintenance
Unlike a home or other property, vacant land requires very little maintenance. When owning a home, maintenance and repairs can add up to 1%-3% of the purchase price. If you are looking for a low-maintenance investment, buying a vacant land is perfect for you. A vacant land can benefit you if you don’t have the time or resources to take care of a more complex property.
4. Great investment opportunity
Buying vacant land is a good investment opportunity. Whether you decide to build something on your land or just wait for its value to appreciate over time, it can be a great way to make a profit if you decide to sell the land in the future, especially if your property is located in an area that’s growing in popularity.
Cons of Buying Vacant Land
1. More tedious process
Unlike when buying a house, the process of buying vacant land requires more research. You might even experience difficulty in loan approval. For lenders, land is considered a riskier investment than a house. So, some lenders will require a better credit score and debt-to-income ratio, and down payments and interest rates may also be higher. In some cases, they might not even provide land loans.
Also, boundary disputes are a common problem when buying vacant land. It is a must to always get a land survey to confirm that the surface area listed is the same as what you are buying.
2. Fewer options
When looking for vacant land, you might notice that there are fewer options downtown as this area is most likely developed already. With this, you might find more options in rural areas. This is not entirely a problem, especially if you are working remotely. But if your office is far from the rural area and if there aren’t enough local amenities to support your lifestyle, buying rural land may not be a good idea for you.
3. Zoning restrictions
Depending on your location, different zoning laws dictate how certain pieces of land can be used, which could limit your intended purpose for it. Make sure to do your research on the area’s zoning laws. While you’re at it, check the needed permits for building a property and how much they cost. There are several permits that you may need to build a house on undeveloped land, so it is best to know them beforehand to allow you to prepare for them and include them in your budget.
If you are hoping to move into your new home soon, buying land might not be the best option for you. You will need to consider the timeline if you plan on building on your raw land. And even if you already know what type of house you’d like to build, you still need more time to secure permits, find contractors, prep the land, and gain access to install utilities. So if you don’t have a lot of time to spare and can’t put in too much effort for your new property, reevaluate your options.
Click here to consult our team of trusted Real Estate Agents today to help you determine if purchasing vacant land is right for you.
When it comes to purchasing a new home, the allure of new construction is undeniable. The advantages of being the first occupant, enjoying a builder's warranty, benefiting from smart-home features, energy-efficient appliances, and embracing a contemporary design are just a few reasons why many opt for new builds. However, not all new construction homes are created equal. In this article, we will delve into the four different types of new construction, each offering unique advantages. By understanding these options, you can determine which type aligns best with your preferences and needs.
Determining the Best Fit for You: Now that you have explored the four types of new construction homes, it's time to evaluate your needs, preferences, and budget to identify the most suitable option. With a plethora of choices available, you will undoubtedly find a new construction home that aligns with your vision. To embark on a hassle-free journey toward finding your dream home, feel free to reach out to us. We are committed to assisting you in making an informed decision and finding the perfect home that meets your requirements.
Investing in a new construction home provides numerous benefits, and understanding the different types of new builds allows you to make an informed decision. Whether you opt for the affordability of production homes, the customization of fully-custom homes, the balance of semi-custom homes, or the convenience of spec homes, each type offers distinct advantages. By assessing your goals, preferences, and budget, you can confidently navigate the world of new construction and discover the home that fulfills your aspirations.
The kitchen has always been the heart of any home—a place where loved ones come together to enjoy good food, forge lasting memories, and create a sense of comfort. In recent times, however, the rise of minimalism has taken hold of kitchen design. While granite countertops, white cabinets, and stainless steel appliances exude elegance, an excessive dose of such elements can sometimes drain the life out of your kitchen. It's time to rekindle your kitchen's personality by embracing kitschy design.
If you're a fan of all things retro and kitschy, get ready to embark on a journey to create your very own retro-inspired kitchen. Designing your kitchen can be both gratifying and challenging, but with the right materials, accessories, and guidance, you can infuse your space with vintage charm and nostalgic vibes.
Here's a comprehensive guide to help you create your dream retro-inspired kitchen:
The key to a fun and playful retro kitchen lies in embracing bold patterns and vibrant colours. Consider it as an opportunity to infuse your kitchen with a whole new personality. If you're accustomed to white cabinets and granite countertops, you can start by gradually integrating neutral elements with pops of colour. The beauty of this design trend is that there are no mistakes—let your creativity soar.
Are you ready to embark on the journey of transforming your kitchen into a retro paradise? Contact our team of real estate experts in Ottawa today for more tips and tricks!
Everyone dreams of having their perfect home, but the question is, should you build or buy? Both options have their advantages and disadvantages, and ultimately the decision comes down to personal preference and circumstances.
Buying an existing home is often the more affordable option, and there are many great properties available that could meet your needs. However, it's rare to find an existing home that doesn't require some form of compromise. It might not have the right number of bedrooms, the kitchen may not be big enough, or the decor may not be to your taste.
Building a new home allows you to design and create your dream home, tailored to your specific requirements. However, it's important to note that building a new home is generally more expensive than buying an existing one. This is due to the cost of land, building materials, and labour expenses. Additionally, taxes may be higher in new areas as infrastructure is developed to support the growing population.
When considering ongoing costs, existing homes tend to have more predictable expenses, but they also require more maintenance and tend to be less energy-efficient than new homes. Commuting costs may also be a factor to consider, as new subdivisions are often further out from major population centres.
If you decide to build in a subdivision, there may be ongoing fees and covenants that limit your ability to enhance your property. Landscaping is also an additional cost to consider, even if it's included in the overall price.
It's important to be aware of potential construction delays when building a new home. Research your builder's track record and be prepared for unexpected weather delays. Also, consider the impact of living in a subdivision during the construction process, as it may be disruptive.
If you decide to build, be prepared to stay for a while, as the value of new homes can depreciate quickly if a lot of new homes are being built in the same area.
Ultimately, the decision to build or buy comes down to your individual circumstances and preferences. If you decide to build, make sure you do your research, factor in all the costs, and be prepared for potential delays. Whether you're looking for a new subdivision or an existing home in an established area, click here to contact the McCune Real Estate Team in Ottawa to get started.
It's an age-old adage that a picture is worth a thousand words, and in the world of real estate, that statement holds more weight than ever before. With the constant advancement of technology, potential buyers can now take a virtual tour of a property from the comfort of their own homes. As a result, the quality of the photographs used to showcase a home is more critical than ever before, as it can be the deciding factor in whether or not a buyer will visit in person.
When browsing online listings, buyers typically filter through properties based on location, price, square footage, school districts, and other factors. Once they have narrowed down their search, they will quickly scan through the photos, hoping to find images that will capture their attention and make them want to see the property in person. This is where high-quality, professional photographs become invaluable.
If your property's photos don't showcase it in the best possible light, you risk losing potential buyers. Even if your home is stunning, if the images don't do it justice, buyers may scroll right past it. Therefore, investing in professional photography is crucial, as it can set your property apart from the competition and pique buyers' interest.
A professional real estate photographer understands the importance of lighting, angles, and staging, and will ensure that your property is presented in the best possible light. They will capture the unique features of your home that make it stand out, and make sure that each room looks its best.
Remember, your property's photographs are the first impression that buyers will have of your home, so it's essential to make them count. Don't make the mistake of cutting corners or settling for mediocre photos, as this could lead to your property sitting on the market for months.
As technology continues to evolve, buyers are gaining more and more insight into a property before ever connecting with the seller or agent. Digital floor plans and drone photography are just a few examples of the tools available to today's buyers. Therefore, it's essential to hire a professional photographer who can showcase your property's unique features and make it stand out from the crowd.
Professional photography is an investment in the successful sale of your property. Don't miss out on potential buyers due to subpar photographs. Click here to contact our team in Ottawa today for more advice on how to prepare your home for sale.