You should be careful whether you are purchasing land for investment purposes or you looking for a place to build your home. You need to know that when it comes to the buying and selling of land in Toronto, there are cons who want to reap where they never sow. You can, however, cut them off completely, but putting specific measures in place. Let us look at some of the pitfalls to avoid when purchasing land in Toronto.
Stick to your plans
Make sure that you have a plan before you buy land. Carefully go through the various covenants, zoning, and other restrictions before purchasing land. There is some land that is classified for agricultural use whereas others are classified for residential purposes. Make sure that you get as much information as you require before buying the land. Get information about the restrictions and determine whether or not the limits will derail your plans.
Historical and environmental conditions
You should also learn about the historical and environmental conditions of the place that you want to buy land. If an environmental survey has not been done in the area for a long time, consider doing your research. You should also tread carefully because when it comes to raw, it may be as result of the endangered species. Be on the lookout not to purchase archaeological sites or protected areas like the national parks. Look at the proximity to things like cemeteries since it may give you nightmares especially at night.
Kindly note that for you to confirm your lot lines and acreage, you will need to conduct a land survey and obtain insurance for the same. Do not rely on the legal description that is typically cited on the title deed of the seller. You should always consider the up-to-date surveys since the lot lines, and acreage is usually subject to change because of various factors. The change could either have happened ten decades ago or recently. Using the up-to-date survey will help you get your acreage in order.
Logging and mineral rights
Another pitfall to avoid when buying land is avoiding areas that have the logging and mineral rights unless you have alternative usage. As a land investor, you may be interested in logging or using your piece of land for mining purposes. Make sure that you can enjoy the exclusive rights that you want to use your land for.