Real estate listings suck

[SomeGuy]

Since I started this thread I've shifted gears and I'm now researching vacant land instead for a place to build. Whole new set of issues to watch out for: zoning restrictions, setbacks, soil types and slopes, flood plains and wetlands, rights of way and easements, utilities available, nearest fire station, etc. I'm very confident that most agents won't be very helpful in this area, and I need to do all the work myself so I'm in agreement with Slow-poke that a buying agent is just a waste of money.

What I would like is someone who can be hired to do both a risk assessment w.r.t. my intention to build a house and separate garage, and an independent valuation for me on a property I'm interested in buying. That would have value.

Find the conservation authority for your area's mapping tool, they'll show you regulation limits, flood plains, wetlands, etc. and you'll quickly discover that any prime piece of vacant land that isn't already built on is 99 times out of 100 not buildable due to restrictions. That, or the price will be absurdly high. Then throw on top of that needing to put in well, septic, utilities, driveway, etc. and it gets even more grim.

I've been browsing as well and originally wanted vacant, but am starting to think any lot with a reasonably serviceable house on it would be better. Build my garage with a 1 bedroom in it and then tear the house down and rebuild what I want sometime in the future.

 

[David]

That's certainly the case here. Any buildable land commands a stupid price.

 

[Mike R]

If I want reasonable prices, I need to get well out of the city like @Warlock suggested. That needs the approval of the better half. Its also tough, in that I think I still want to be close to town, not completely out there. Proximity to family plays a role in picking a spot, otherwise I would fully pick up stakes and live out where there is nobody else.

I looked for properties for rebuild, or with a minimally viable house, the sellers are in dream land asking way above what I think they're worth, which set me on the path of vacant land. Or maybe I'm still living in the past and don't think a 2 acre piece of land 30-40km from down town, without city services like water and sewer is worth more than 1/2 million dollars. Throw on another 1/2 million+ to build, and its not a reasonable amount of money.

Who knows, maybe we'll end up in a recession, and IF I can be lucky keep enough money around I can capitalize on the situation to get something cheap.
Or I can buy a lottery ticket - probably same odds of me coming out a winner.

 

[Downwindtracker2]

My cousin's wife drove around until she found a place that was where she wanted, land ,area, then made an offer to the owners. My cousin and her have good business heads . I know another case where the impossible was done using that method.

 

[SomeGuy]

If I want reasonable prices, I need to get well out of the city like @Warlock suggested. That needs the approval of the better half. Its also tough, in that I think I still want to be close to town, not completely out there. Proximity to family plays a role in picking a spot, otherwise I would fully pick up stakes and live out where there is nobody else.

I looked for properties for rebuild, or with a minimally viable house, the sellers are in dream land asking way above what I think they're worth, which set me on the path of vacant land. Or maybe I'm still living in the past and don't think a 2 acre piece of land 30-40km from down town, without city services like water and sewer is worth more than 1/2 million dollars. Throw on another 1/2 million+ to build, and its not a reasonable amount of money.

Who knows, maybe we'll end up in a recession, and IF I can be lucky keep enough money around I can capitalize on the situation to get something cheap.
Or I can buy a lottery ticket - probably same odds of me coming out a winner.

Oh pft, I wish it were $0.5m would be way easier...down here in the southern part of Ontario those sort of lots are typically $1.0-1.5m.

 

[YotaBota]

which set me on the path of vacant land

If no city services are available you could ad another $50k to $100k+ for power, water (well drilling), septic system, land prep and so on.

We did the bare land thing and were about $70k before the first nail was pounded in, and that was with power and water to the property line.

 

[David]

Same here.

 

[slow-poke]

We considered buying a lot and building at one point. A few doors down from us at the cottage there is a retired architect that has developed countless properties. He owns about half the property around our lake. Anyways he decides to build a cottage for his son on the non lake side of the access road. The cottage is < 300' from the lake that has perfect drinking water.

Turns out the space for the basement of the cottage is solid rock just 2" under the forest, and as soon as the basement space was carved out of the rock water was seeping through the rock into their newly created swimming pool of a basement space at about the pace of the titanic.

So he decides to have a drinking water well drilled. They drill and drill and drill and drill some more for days to get to a viable water supply all solid rock, cost him a fortune for that well.

Which reminds me of the excellent advice my lawyer (the only honest and likeable lawyer I have ever known, no offence to the honest layers out there where ever you are;-) ), gave me regarding purchasing property "never assume anything about the property. Whatever plan is in your head verify the plan is viable before you make an offer"

After weighing the cost of a decent lot, the development costs and a couple of conversations with the very nebulous "go to architect" in our area we decided to run not walk away from that fantasy.