Is Buying Acreage a Good Investment?

Posted by Morrison Real Estate Group on August 6th, 2021

Any investor worth his salt knows that real estate property is always a good form of investment. Historically, prices for real estate properties steadily rose. And with the increasing need for bigger land, buying Acreage For Sale in Penticton can be a good investment.

However, it’s still important to know what you are buying. Just because it is an acreage for sale in Penticton doesn’t mean it’s the best option. There are still many factors to such as the following:

1. Topography

As with buying empty real estate properties, you should know the topography of the real estate acreage for sale in Penticton before buying. If it has a lot of hilly areas, it might cost you a lot of money to flatten it if you plan on building a house or converting it into a residential area.

It’s a good idea to hire experts to determine the feasibility of the topography of the acreage to know if you will be able to execute your plans.

If you are buying to create a house or a recreational area with a good view, make sure you will be able to execute that. If there are going to be developments in the area, you might not get the view that you initially wanted.

2. Accessibility

Will you be able to access your land easily? Is it close to the main areas where you frequently go? Make sure the acreage for sale in Penticton is not hard to get to. You would want it to be easy to get to as well. Also, check how long it takes to go there.

3. Zoning

What are the zoning laws in the area? You might not be able to execute your plans when you buy the acreage for sale in Penticton if there are zoning restrictions. If you plan on creating a homestead, for instance, find out if this is permitted in that area.

4. Building

In addition to zoning restrictions, also find out if there are building restrictions. Are restrictions to what kind of property you can build in that space?

Plan what you are going to do with the acreage. Once you know what you should do with it, you can get the help of realtors such as Penny Morrison Real Estate Group to help you in finding the right acreage in Penticton that suits your needs.

When choosing an acreage, you also need to consider your budget. Compare the costs of different properties and make sure it is located in an area that you prefer. Location is still vital when buying acreage. Do your research about the area as well. Are there problems going to that area? What developments are slated to be done? These are the things you should know.

Josh Adams is the author of this article. For more details about Commercial Real Estate in Penticton please visit our website: morrisonrealestategroup.ca