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When I bought this farm, the bank would only mortgage the house and buildings and 5 acres....the remaining 95 acres was not part of the mortgage and I had to get a loan to buy it.Quote:
Originally Posted by greatwhite
Nice to find out the day your signing the papers, at least they were happy to 'lend' me what I needed.
As other posters have pointed out, do a little homework. I've bought and sold a lot of vacant recreational land over the years. be aware of zoning regs, as well. Depending on what you plan on doing with it, it may be your benefit to seek a parcel in an unorganized township.
Land purchase can often be financed with 50% down, depending on your bank. You can actually also go through a process, whereby you can buy the land, and then enter into a financing agreement to build, which will convert to a conventional mortgage once the construction is complete.
There is a company out of Barrie called the H.M.Dignam Corp. I bought many of my parcels off them at first. They also will hold the financing on the land.
Good luck.
Look into who the neighbours are, zoning-bylaws, possible outdoor activity restrictions etc. Some funny things have been happening with more people moving up north, out of the city & getting restrictions made in some areas. Reason being one item south of parry sound. Even though the law has been amended to allow ATV/UTV along the side of roads. One fella had council stop the allowance in one of the townships.
Road Allowances can be a real problem.
If your property is divided by a road allowance it may not be possible to build a road connecting the two.
You may have to apply to the township to purchase part of the road allowance.
Also, anyone can access, walk, ATV, etc along an unopened road allowance that is owned by the municipality- might be some safety and privacy issues to be aware of.
Real Estate agents are most definitely conflicted with the pending transaction.
They only get comp'd if the deal goes through. Commissions seem higher on rural properties.
Let your insurer know you have the land; you will want to carry liability or an umbrella policy at a minimum to protect yourself against injuries and damage that someone might incur while on your property; Friend or trespasser,,,,
Make sure there is a survey. Having to eventually get one on your own is very expensive.
Look at title insurance if no survey is available or completed. Depending on what size of parcel and where it's located can really make the cost of a survey sky rocket...
Be sure local Municipal Bylaws permit construction of storage buildings even if there is no permanent housing. That was a huge hassle on my property-- although I eventually prevailed-- it was a difficult fight.
Get a survey done, even at your own expense. Do it close to finalizing the deal. It's rare for the property on sale to not fit the description of the legal boundaries. But the last thing you want is to spend a lot and find out your boundaries are less than you expected.
Are you on permanent road access? If not be prepared to someday have to maintain a road in at considerable expense or effort.
Hopefully you are in a Google Earth High Resolution Zone.
You can learn a lot about your land and the neighbouring land before buying.
Think about how far away it is from your home for doing stuff like trail work and fieldwork. If you have lots of projects for the property, you want to live close or have a lifestyle flexible enough to be away from home for several days in row.
Hope u guys realizing u starting to scare the hell out of him :)
Some vacant land has been that way for hundreds of years without spoiling. The neighbours may use some, but they normally leave a bit to avoid having the owner put up signs. They will often treat it as their own and look after it as such. Once a PRIVATE sign goes up, then it's a new ball game....
If you are buying an entire lot, its not really needed.Quote:
Originally Posted by sawbill