Real estate markets have continued impressing buyers for a long. Naturally, people looking for homes have started exploring other avenues like purchasing vacant lots to build new construction homes. It is fast becoming one of the most popular alternatives for buyers who are keen to avoid competing with other people when choosing existing homes.
However, there are plenty of things you need to be aware of when investing in West Kelowna lots for sale. Extensive research is needed to ensure that you are securing the best lot and all you need is a contractor or builder to get started with the construction.
How to find lots for sale?
When buying lots for sale in West Kelowna, you need to be aware of how one property differs from the other. Not every lot that is available for sale is viable for home building. It may be too rough or situated in a remote land. First, you need to know whether it is raw land or vacant land.
Raw land is undeveloped with a lack of access to sewage, water, internet, and power. Some of these lands may not have access to proper roads. While some of these issues can be resolved, fixing others can be out of the question.
Vacant land, on the other hand, may be partially or fully developed like roads, utilities, or other features. Such properties are usually situated near prominent locations and may also have a few structures on them. Sometimes those structures remain and at other times, they are cleared for constructing new homes. So, here is what you need to know when buying a vacant lot for constructing homes:
- Learn about the zoning regulations
First, you need to know the zoning factors when buying vacant land. Wondering what it is? Zoning determines the kind of developments that are permitted on the land. It is a significant aspect to consider as regulations may impact the value of the property.
If you want to know about the zoning regulations of the vacant land you are planning to invest in, try to search the website of the municipality to know the location of the land. Besides, you can also connect with the local department of planning to get more information. Once you know the zoning regulations align with your intent of investment, you need to move to the next step.
- Don’t forget the land survey
Before buying lots for sale in Kelowna BC, don’t forget to conduct a land survey. It will help you learn more about the boundaries surrounding it and the potential issues that may affect your buying plan. Once the experts survey the land, they may come to know several things like the exact size, the easements, the property lines, or zoning violations. Finally, you will come to know about the environmental issues associated with the property.
- Price to pay
When buying vacant land, you may consider it an excellent investment opportunity but with that comes the costs. Besides, the price you need to pay for buying vacant land, you need to consider the associated costs.
One of the biggest expenses associated is the cost of building construction. Naturally, you need to keep in mind the money you need to pay for obtaining permits as well as the other fees.
Apart from this, don’t forget the property taxes as they may be on the higher side, especially if you are buying land close to the urban area. For instance, lake view lots for sale in Okanagan usually cost more than vacant land elsewhere.
- Get info about roads and utilities
Be it industrial or residential land, ensure it is near utilities like phone lines, power lines, water, and gas. Such amenities may be hard to find in remote or raw land. However, some of the properties in remote locations may allow greater flexibility than the rest. With well-maintained roads, you will access essential services readily and also get good rewards if you are planning to sell it shortly.
- Know the restrictions
If you are buying land for new developments in West Kelowna BC, you need to confirm the restrictions for constructing fences, and parking cars, and learn more about the maximum height of the building.
When buying vacant land, you need to find a trusted source that can answer all your questions and guide you through the investment. Try to learn as much as you can before making this significant purchase and feel happy about owning vacant land in the location you prefer.