Several reasons make buying land a good investment. One is the fact that usage is flexible. You can decide to make it a hunting ground, build a home, graze cattle on it or even resell it for profit. It is a good retirement plan, and when it appreciates, it can make you outstanding profits.
Ontario is one of the best places in Canada to make such an investment. There are several options for land for sale in Ontario. While it is a good thing, this may further cause a dilemma when it comes to choosing. That is why you need to prepare and have goals and an idea of the land you want. Here are the different types of lands available for sale in Ontario.
1. Raw lands
These are Ontario lands that are in their natural state. In other words, they have never been developed. Some of the features of these lands include the lack of utilities and structures like roads and paths.
Raw land is the most illiquid form of real estate, but the investment is still worth making. The good news is that you can still get a loan to purchase this kind of land. However, it is crucial to do due diligence before making the purchase. For instance, consider the location, zoning restrictions, and additional costs or the cost of ownership.
When should you buy raw land? This will be a good option if you want to hold land rights, like minerals and water, or hold the land until its value increases.
2. Crown land
Crown land is yet another kind of land that you can buy. These lands are public and owned by provincial governments. They come with several restrictions on usage.
You can buy crown land if you have opportunities or projections from economic development.
As you plan to buy this kind of land, it is vital to consider the regulations and restrictions. This will help you assess whether the purchase aligns with your land ownership goals and objectives.
3. Vacant land
Vacant lands are also available for sale in Ontario. These lands can be partially serviced or fully serviced. This means that they can have water, electricity, paths, roads, and other utilities. It is worth noting that these types of lands are usually privately owned.
There are several factors to consider when buying vacant land. There are costs, restrictions, existing covenants, and permits to mention a few. It is essential to liaise with agents to find the best property and surveyors to help you mark the exact boundaries of your property.
There are tons of ways you could use vacant land. For instance, you could build a house, create commercial houses, create a recreational park, or even farm.
Conclusion
There are three primary types of land you can buy in Ontario. Before you make your decision, weigh the benefits and disadvantages of the different types of land. Also, consider your land use goals, as this will help you determine which land is the most suitable.