The year 2021 is full of good forecasts for the real estate market! Although last year was marked by the corona-virus crisis, the real estate market has managed to reinvent itself and has everything to expand this year. So, buy a lot is a great deal for you who are thinking about building a house or making an investment.
Regardless of the reason, before making the purchase, it is important to research what are the main guidelines and what the experts are predicting for the sector this year. It is also necessary to consider the differences between buying land and a lot, and what are the advantages of choosing to buy a lot.
Difference between land and lot
The land designates a piece of land, rural or urban, intended for the construction of real estate. It can remain intact or it can be divided into several parts, as in residential condos in Abbotsford BC. These parts to which the land can be segmented are called a lot.
But the big difference of the lot is that it has a basic infrastructure and must comply with all the rules required by national and regional laws, being much more complete than the land.
Now, follow our tips and stay on top of everything you need to get this investment right!
Plan financially
This is a great time to invest in the purchase of a lot, since the rate is low and interest for financing is also low. This gives more people the chance to buy a property, heating up the segment.
So it is time to take the opportunity to pay cheaper on this investment and guarantee the dream of homeownership. Investing in lots is a safe and profitable business, with much less risk than investments in the Stock Exchange, for example.
Make a financial plan and calculate everything that will be invested. If possible, set aside an amount for contingencies. Another advantage of buying a lot is that the bureaucracy involved in maintaining the lot (property tax, city taxes and taxes) is generally less than that of a built property.
It is worth mentioning that buying a lot in 2021 is a great investment, since the potential for real estate valuation is high, and you can buy now for a low price and sell later, making a profit of double or triple the amount paid.
Search the region
Before buying a lot, visit the neighborhood, get to know the amenities that are close by and gather as much information about the place.
One factor to consider about the location is a trend that was created due to the Covid-19 pandemic. Before, large cities were overvalued, but now, with the type of remote work (home office) that was and is a reality for many in this moment of social isolation, there was a relaxation of the place where they live.
With that, the search for houses in the countryside was stimulated, whether to live, spend a season or vacation. In addition to the purchase, the demand for rental in the countryside also grew, because many people decided to rent to test the options available in each city, and then choose the new house. This move is beneficial for anyone thinking of investing in real estate to sell or rent.
Check if the documentation is up to date
It is very important that all documentation is up to date and within the legislation so that there are no future problems.
Therefore, before buying a lot, check that everything is in compliance with the law. Thus, you guarantee the peace of mind to enjoy your investment without having to go through unpleasant bureaucratic problems.
Clear all your doubts
Talk to the brokers and the heads of the company you want to do business with. Buying a lot is a very important investment and it needs to be accurate. So do not hesitate and take all your doubts, that’s what the professionals are there for and they will surely attend you with pleasure.
Schedule conversations and visits as often as necessary. Visits are very important for you to make sure that the property really won you over!
You can build the way you want
A great benefit of buying a lot instead of buying ready-made houses in Abbotsford BC is that you can start from scratch and build the house the way you’ve always dreamed of. You can make this process a real personal project.
Another great advantage is that you can build gradually, according to the resources you have, without going into debt and without being charged.
In addition, if you want to sell, you will be able to charge a much higher amount than you spent to build!