Many Nanaimo realtors advise that buying a lot to build on can be a good investment - if it’s done right. But it’s important to make sure your transaction goes as smoothly as possible. Here are 12 things to do and look for when buying a lot to build on in Nanaimo BC.
#1 Clear of liens: checking to make sure the land is free of liens and has a clear title can help you to make a fair offer on the parcel you’re thinking of buying.
#2 Buy ahead of the market trends: buying lot in the path of development is a good way to build future equity in areas that are growing in population and popularity.
#3 Get a new survey: instead of relying on an old survey that the seller of the lot provides, get a new survey to ensure that there are no boundary disputes or issues with the location of easements.
#4 Land with a tear-down property: if you’re looking for a lot to buy within the Nanaimo city limits a good option might be to look for a lot with an older tear-down property that can be demolished.
#5 Talk to a builder first: before you make an offer, consider bringing a builder to the lot to point out potential problems with preparing the land for construction. A good builder can also give you ideas of how to best use the lot’s space, light, and natural views to build your new home in Nanaimo.
#6: Work with a professional: working with one of the Nanaimo realtors who has experience buying and selling lots will make your negotiations go better and help ensure you’re not paying above market value.
#7 Prepare for a bigger down payment: financing a lot to build on is much different then obtaining a regular home loan, since down payments for getting a loan for a lot generally run at least 30% or more.
#8 Beware of hazards: potential hazards on the lot and the land surrounding the lot can include being in a floodplain where a low elevation can cause problems during heavy rains or snow, composition of the soil, and the slope of the lot.
#9 Check the zoning: checking on the zoning of the lot and verifying what kind of structure can be built on the lot is a best practice to follow when buying land in Nanaimo.
#10 Research the neighborhood: check for possible nuisances such as unexpected noise, smells from nearby farms, hunters out target practicing, or snowmobile routes.
#11 Identify roads and access: lots are more valuable when they have direct access to major public roads. If there’s not current access check the rights of way and future road plans to make sure it will be easy to get to and from your new lot.
#12 Hire a land planner: a land planner is a professional who will walk the lot and check for any items that might become big issues later. Potential problems include certain types of vegetation, wetlands, soil type that’s difficult to build on, the water table, and the slope and access of the lot are just some of the things that affect what type of home can be built on the lot.
They don’t make more land
These 12 tips will help you avoid potential problems and choose the right lot to make an offer on. One of the biggest reasons people prefer to buy lots rather than a home that’s already built is because it’s much easier to construct and customize construction for their own personal taste.
The second reason is that they don’t make land anymore: Buying a lot in Nanaimo to build on is like having your own little piece of the earth. It’s something you can pass from one generation to the next while also having a place to call home.