Whether you’re deciding to purchase land for sale in Barrie for a custom home, commercial/industrial development or as part of a long-term investment strategy, land can be a great investment. However, whatever the reason, there are some factors buyers need to consider before moving forward with their buying decision.
Before committing to the property, buyers should familiarize themselves with available utilities and municipal services available to the land. In some cases, either the land is not serviceable at all, or the cost of servicing the land can be significant. Buyers should also ask about the possible cost of electricity, availability of phone and Internet service in the area. Bringing these services can be quite expensive and should be factored into any buyer’s budget.
Zoning and Development Charges
Individuals should contact the municipality to see if there are any limits or constraints placed on the property and what development charges or other municipal costs there may be to develop the property. These charges can significantly add to the cost of developing the property. Buyers also want to ask if any plans are in the works to build new construction near the property. A knowledgeable Barrie real estate broker can also provide advice in this area.
Nature can play a big part when a person is considering buying land. Buyers need to think about if the land is in a flood plain or if there are other environmental concerns that could affect value such as contamination. If a person is thinking about buying land in Barrie, he needs to make sure to investigate these potential concerns with the appropriate authorities such as the City of Barrie and the Lake Simcoe or Nottawasaga Conservation Authority.
It is wise for buyers to have a survey done on the land. Individuals should know exactly where the property lines are drawn, so they can make sure that they do not need to go across another piece of property to get to the land and any easements that affect the property can be identified.
Get it Appraised
Buyers should consider having an appraisal conducted, so they can know exactly what the land is worth.
After an individual has considered all of these options, he is ready to purchase the land.
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