What to Consider When Buying Land

Zoning bylaws are one of the most important aspects to consider when exploring land buying options in Halifax. They vary by location and specifically outline permissible uses of the land. This is particularly vital when considering rural properties in Nova Scotia.

In many cases, land in rural areas around Halifax is zoned as agricultural. Should an individual or a builder wish to repurpose this land for residential or commercial development, they would need to navigate the process of getting it rezoned. This is often a complex and time-consuming aspect of investing in vacant land in Nova Scotia, especially if approval is required.

The mantra of Location, Location, Location is paramount in real estate, especially when considering the Best areas to buy land in Nova Scotia. The choice of location is as critical as the construction itself. It’s not just about the lot; it’s about the surroundings too. I often advise my clients that while the interior of a house can be altered numerous times, the location remains constant.

Considerations include:

• Are there nearby bodies of water that could present a flood risk?
• Who, or what else is next door? Are they residential, agricultural, or industrial?
• How far away are grocery stores, schools, fire stations, and hospitals 
• Are there any planned future developments nearby?
• Are there any restricted covenants that compromise your intended use of the property?
• Is there any regulations about protected vegetation/wildlife, easements, right away, wind power, farm animals, or business restriction?
• Will the lot be accessible for services like water, sewage, and power?
• Does the lot have enough road frontage?

Buying land and building a home can be a lengthy process, and it certainly isn’t for everyone.

Timelines for building can be affected by several different factors, including weather conditions, the composition of the land (do you have a lot of clearing to do? Will you need to bring in soil or other land preparation?), your budget, building supplies, delays in materials and labor worker availability.

For those embarking on this journey, it’s wise to anticipate a timeline of at least eight months to a year from purchase to move-in. This timeframe allows for a thorough and less rushed approach to building your dream home, especially relevant for those new to investing in vacant land in Nova Scotia.

The mortgage process for buying vacant land is a little different than what you may be familiar with. While pre-built homes are typically financed through conventional mortgages, there are several different options for financing land.

Land mortgages and construction mortgages work similarly to regular mortgages, but typically they have higher interest rates and down payments because they require your lender to take on more risk.

A land mortgage finances the land itself, while a construction mortgage finances both the land and the construction of the home. Construction mortgages will have several draws of financing to cover each stage of the building.

For those who already own property and are considering building a second home or a vacation retreat, leveraging the equity in your existing home is a viable option. This can be achieved through refinancing your current mortgage or obtaining a Home Equity Line of Credit. Given the complexities and variations in rates and programs, consulting with a financial broker or mortgage specialist is a prudent step in financing your land purchase in Halifax. This guidance is especially beneficial for those exploring Halifax land buying for first-time buyers or investing in vacant land in Nova Scotia.

Hello there! I’m Alisha Caillie-Fleet, a seasoned Real Estate Agent located in Halifax. With a sales history dating back to 2014 across Nova Scotia and Ontario, I bring a wealth of expertise to the table. My specialization includes residential properties, investment opportunities, and military relocations. I’ve wholeheartedly committed myself to honing my skills to ensure that your experience of buying or selling a home is seamless and free of stress.

Being a military spouse, I also have personal insight into the challenges military families are confronted with. As a result, I’ve developed a tailored approach to cater to the unique demands of the DND moving process.

Let’s establish a connection and have a conversation about your real estate goals!