Buying a piece of land is always a great investment decision, no matter in which part of the world you purchase it. When you have land, possibilities are end – you can build the house as and when you need, or sell it when the demand is high, or hold it and wait for the right time to sell.
Maybe that’s why investment in land is often considered as owning the best available type of real estate asset there can be. So, whether you purchase it for immediate development or want it to pay back dividend over time, you will always be in the gain. However, not all land types are created equal and that’s why the kind of high return you expect will also depend on the location.
Yes, the location is the biggest differentiator for land and that’s why it makes sense to invest in an area or place that has potential for growth. Since Montreal is a world-class city with constantly rising real estate prices, buying a land here would always be a dream investment for anyone.
Before buying land in this fabulous city, it’s important on your part to do some little research into the location and then make the next move.
Here are some tips that can help you gain a good understanding of a location where you intend to buy the land.
The tips are –
Urban Vs Suburban
Land is a precious commodity. And for a city like Montreal where living standards are among the best in Canada, the demand for land always exceeds the supply and that too, by a mile. And when the supply is less, it always makes the prices soar to an unimaginable level. Having said that, you first need to know the purpose of the land and then start the search. You would ideally have two types of location – urban and sub-urban. If you plan to live in the heart of the city, you should then go for lands in urban areas. But yes, buying land in urban areas means you have to shell out obscene amount of money. Conversely, you can settle for lands in suburban area when the budget is not that high. So, it will all boil down to what you need and how much you can afford to shell out for the land.
Proximity to services
Ease of access to basic amenities and services is often a key consideration when one plans to buy land in Quebec. If the services are not nearby, that would pose problems when you decide to develop the land or build a house someday in future. With lack of proper facilities around the area, the land you buy might not remain as lucrative a proposition as it would be otherwise. That’s why, when choosing the location for your land, make sure you check its closeness to services. Some of the things you should check include – is the land has water supply from local municipality, will you get a septic tank system or have to operate on a freshwater well.
Understand your rights for the location
Buying land is never an easy task. It necessitates buyers to take so many steps and have knowledge of so many things that it can get overwhelming at times. One very important thing is consider with buying a land is the zoning on the land. Since the laws are not same for land due to different locations and types, you would be better off if you knew beforehand whether the provincial laws restrict you in any manner for the said location. At the same time, you should also seek information on whether the zoning permit of the location allows you to construct a single-family home on the land. In fact, you can only build multi-family houses in some location and this should also be considered well before buying the land.
Take environmental test and review the survey
You obviously plan to buy a land with a specific purpose in mind. And that purposes can best be served when the intended location fits your requirements perfectly. One key aspect that many land buyers ignore is taking the environment test of the land, or gaining some knowledge of the location in regard to the potential of a disaster. While such a test makes more sense for buying commercial or industrial land, you should also get it done even if you’re buying the land for residential purposes. When you have done the soil and water condition test on the land, you can feel relaxed that the investment is not bad, at least for the time being. Reviewing the surveys of the land is also a good step towards making a sound land investment. But make sure you rely on the recent survey of the location or area before considering the next move.
Land is easily the most coveted piece of real estate that everyone wants to own. And when you’re in a position to truly buy what you deserve, you should ensure that the investment is smart and value-driven for future. That’s why it makes sense to consult a real estate broker and seek their guidance before taking any serious move in your land buying journey.