Buying Land in Ottawa

For many years, the purchasing of undeveloped land has been a dream for many of us. Over the years in the Ottawa area, it has been a solid investment. Typically, you would plan to build on the land or hold onto it and sell it later for a profit. The unknown time frame of the COVID 19 situation puts the short-term future value of some types of commercial land in doubt. This uncertainty requires that meticulous research is more critical than ever before.

Doing this research and gathering all the necessary information has always been important. However, now, there are opportunities for long term profit, but having all the essential information is vital. There are several types of land: recreational, agricultural, residential, and commercial. Always start your research by contacting a Real Estate Agent REALTOR®.

 

Buying Land Checklist

• Is the title of the land clear? Have your lawyer verify all of the paperwork related to the  land
• What are the taxes on the land?
• Does the property have city water and Hydro, are there fees to connect to utilities? Will you require a septic system or new well?
• What is the zoning on the land and the adjoining lands? Are polluting or dangerous industries in the area?
• Is the land in a historic area, does it have any covenants that can reduce your options? Is there a neighbourhood association?
• What are the municipal plans for the entire neighbourhood? Will this have any impact on your future plans?
• Has any environmental testing been completed? What are the results?
• Is the land in an environmentally protected area or flood plain?
• Check with the Police Service to learn if the neighbourhood has a low crime rate
• Does if have good transportation links such as OC Transpo and LRT? Will you have to build a road?
• Is there adequate drainage for the land? Rerouting a stream will require government approval
• If the land near hospitals, fire stations, parks, schools, and shopping centres?
• Does the land have the best East/West orientation for potential use?
• What are the costs to prepare the site for future construction?

Complete Your Research and Make a Plan

The checklist can appear to be overwhelming; however, if you do your research carefully with the help of Real Estate Agent REALTOR®, you can prepare a reasonable plan. There is an excellent variety of land to purchase in our community. The timeframe for potential profit on resale will probably be longer, but there are still potential opportunities.