Before You Buy That Property
With interest rates at near record lows and the Bank of Canada indicating they will remain low until at least 2023, homeowners in Ontario have been buying and selling property in historic numbers. With ongoing lockdowns due to Covid-19 and a shift towards work-from-home, homeowners are looking to leave the city to buy property in smaller towns and rural settings.
Before you buy that property you should ensure the property is suited for your needs and goals. Some questions to ask yourself:
- Is the property zoned for the intended use?
- Will the setbacks give you enough room?
- Do you know all the setbacks that could affect your property?
- What is the soil and terrain like in the property?
- Is your property going to require a site plan control agreement?
- Will there be any minor variances?
- Will developing the property be profitable?
If you need help answering these questions then ask our team about a Property Consultation Report.
What is a Property Consultation Report?
Unfortunately, many Ontarians are making property purchases with intentions to build or to hold the property as an investment, without fully understanding some of the hurdles they may face in doing so. Similarly, those selling often do not realize that they may be able to better maximize the value of their sale through severing their property.
Professional Property Advisory Services
Before purchasing, selling, or severing a property, how is a homeowner or seller able to understand options to maximize the value of their property, or identify potential challenges before they arise? Buyers and sellers usually consult a real estate agent who may advise them on aspects of these considerations. However, most real estate agents will simply provide market value for a similar property without considering other potential impacts. Similar to the advice that an investor would seek through an independent financial advisor, consulting firms that offer integrated Planning, Surveying and Engineering services can provide a Property Consultation Report to provide professional property advisory services.
Property Consultation Report
A Property Consultation Report should be the first step before considering buying or selling property in Ontario. A Property Consultation Report can advise purchasers or sellers about:
- Additional expected costs such as surveying, studies and reports, engineering and geotechnical;
- Zoning regulations and Official Plan restrictions that may limit building options;
- A requirement for future studies prior to building or severing such as an Environmental Impact Assessment;
- Nearby proposed development or construction which may limit or affect the property value or intended use of the property;
- Are there some other considerations we are missing?
Providing Peace of Mind
For most Canadians, the sale or purchase of a home or property may be the biggest financial decision of their lives. To maximize the value of a property and provide peace of mind, contact a professional advisory service that can assist.
