If buying a house is the project of a lifetime, buying a piece of land and building your own home on it is also one of a larger scale.
Sometimes people would like to buy land without building a house directly. Is this possible? Your realtors in Lanaudière can help you.
Buy land and build later: it can be done
It is possible to buy land and build your house on it later. Building on a plot of land is not compulsory if you do not want to do it on the land you buy, whether it is buildable or not. The reasons differ from case to case, but it is mostly for personal or financial reasons.
If a buyer finds a rare gem in a real estate investment, they may not want to miss out on the opportunity. However, they may not have sufficient funds to start building a home on it.
Sometimes a buyer will purchase a piece of land to build a home for his or her retirement, so there is no need to build immediately.
Make sure that the land meets all the necessary authorizations
One of the first things to know before buying a piece of land is whether or not it is buildable. Some land is for sale and is not buildable. Their price becomes lower but you will never be able to build, even later.
As a buyer, you must pay close attention to the conditions attached to the land sale. Because if you are free to do what you want with your land, it is in the case where the seller does not issue any restrictions. You must be very careful! If there is a clause preventing construction on your land, or if it mentions that the land must only be used for a certain type of activity, you will have to comply with it.
The purchase of a piece of land involves major consequences and it is essential to be aware of all the related risks. The role of the real estate broker is to intervene in this stage of life to help. Regulations from one city to another, unsuspected purchase criteria, so many parameters to take into account and which require the support of a competent expert.
Can you buy land without building on it?
Yes, as mentioned above, if nothing is stipulated at the time of the sale of the land, it is yours, and you can do whatever you wish with it.
However, it is possible that along with the sale of the land the obligation to build is included. This is not always the case, but if it is, this mention is visible at the time of the sale. In most cases, this applies to land sold in a subdivision or sold by a municipality in order to increase its population.
In this case, you usually have 5 years before starting construction. We are talking specifically about 3 years, plus 1 year renewable twice. If the period is different, it is mentioned in the sales contract.
If you clearly have in mind not to build when buying a plot of land, consider instead a plot of land specified as non-buildable to save money.
Guillaume Tremblay assists you in the purchase of land in the Lanaudière region
Are you looking for land for sale in Lanaudière? Our team intervenes in the region and many of its cities: Rawdon, Sainte-Julienne, Chertsey, Joliette… Feel free to contact us so we can help you find the land of your dreams!
The support of a real estate broker will be very useful to make sure you make the right choice. We understand the importance of such a purchase, that’s why we are open to dialogue, to understand your motivations, your concerns, and to help you find the type of purchase and the place that will suit you best.