Real Estate in Winnipeg Canada: Buying Vacant Land

If you’re looking to buy real estate in Winnipeg Canada, it is likely that you will come across vacant land in your search. Many buyers often assume that the majority of the cost of buying a property comes from the home. However, in most cases, it’s the land that makes up the majority of the price tag. As Canadians, we are lucky that the majority of our land mass is undeveloped and ripe for the taking. With this being said, Canada’s land prices do come at a cost higher than most. When you purchase vacant land, it is an entirely different ball game when compared to buying your average suburban home. To help you understand the process of purchasing vacant land, we detailed some of the most important information below!

All About Vacant Land & What to Know When Buying It

To start, it’s important that we define what vacant land is. Many people assume that vacant land and raw land are one and the same. However, this is not the case. Vacant land is a type of land that has already been developed at some point in the past. Generally, vacant land will contain buildings that are unoccupied or the remains of buildings. On the other hand, raw land is a kind of land that has never been developed before. Thus, there are no existing utilities or infrastructure. 

Before you buy vacant land, it is important to conduct or review recent surveys of the property. Land surveys will help you determine the legal boundaries and easements. If a survey has not been completed in the last one to two years, you will need to conduct a new survey. Costs are highly dependent on the size of the land in question. As you work towards assessing the land, you may also want to consider the following: performing a topography study, soil testing, determining environmental protections, and gathering a list of restrictions. Additionally, you’ll want to get familiar with zoning laws and common weather occurrences in the area. 

Once you’re ready to make a purchase, it’s time to consider how you will finance the property. When buying vacant land, the process of obtaining a mortgage is somewhat different. Some common options include a land mortgage, a construction mortgage, and an agricultural loan. 

Contact us About Real Estate in Winnipeg Canada

Buying vacant land presents so many opportunities. If you’re looking to buy real estate in Winnipeg Canada and build something new, it’s important to get in touch with an experienced agent!  As your REALTORS®, we are committed to providing you with the best services possible. If you have any other questions about buying a property in Winnipeg, contact us today! We’d be happy to help support you through your real estate journey. Be sure to check out our social media for the latest updates and more. We look forward to working with you in the near future!