Entering the real estate market has never been tougher. With steep prices and housing shortage, you’re better off buying a lot and building your own custom home over it. Building a custom home also allows you more flexibility with design and helps you choose the best features.
However, the success of your real estate purchase depends on the lot you choose. It’s the foundational step to secure a property and your financial future. You need to keep several factors in mind before investing in a Lakeview lot for sale in the Okanagan region.
Tips to select the ideal lot for sale:
While choosing a lot to build a custom home, make sure to choose one with the right shape. For instance, even if two lots have the same square footage they may not be as easily buildable. Let’s consider the following situation:
- Option 1 has a square footage of 2500 sq ft
- Option 2 has a square footage of 3500 sq ft
If both are priced the same, option 2 appears to be the obvious choice. However, if option 1 has a regular rectangle or square shape while the other is extremely narrow, option 1 becomes the more attractive selection.
2. Physical state of the lot
Account for the physical condition of the lot as well before selecting one for the view. When you think of a residential lot, you probably picture a green patch of lawn on a flat surface in a rectangular shape. However, that’s the definition of the ideal lot and you may not get one while scouting different properties. Instead, you may get a piece of land with an irregular shape, large rocks and patches of mud.
These lots are less desirable since Okanagan home builders would need to do a lot of preliminary work to prepare the site for construction. That raises the overall cost of your new home. Make sure to negotiate for a better price that accounts for the higher cost of construction.
Slope is responsible for drainage and decides if your property is going to get flooded after a heavy rain. If the lot sits at the bottom of a slope and is more prone to flooding, look for a better option. Even if you use a powerful sump pump, it may fail during drastic weather conditions and completely ruin your investment. Pay a premium for lots that have an angled gradient and boast ample natural drainage.
With natural drainage, water won’t sit on your property and deliver sustained damage to your walkways, septic tanks and landscaping. Stagnant water is also a source of disease-causing microbes and invites all kinds of annoying insects. It’s also important to avoid a slope that’s too steep and increases construction complexity.
When you’re looking to build a luxury home with a hefty mortgage, it better come with a great view. The definition of good is different for everyone. If you love to see urban landscapes, you must buy a lot that presents a great view of the city skyline. Nature lovers would prefer to see lakes, clear skies, and forest cover outside the window.
If you’re planning a new development in Kelowna, you can get lots with picture-perfect views and no compromise on modern amenities. Take Sage Water, for example, a thriving, multi-generational community offering lots that cater to nature enthusiasts seeking respite from the urban hustle, creating a secure and cosy environment for raising families.
A lot in the middle of nowhere isn’t going to be very useful. It needs to be close to amenities to be accessible. If you plan to raise kids in your new custom home, it needs to be close to school. Looking to cut down on commute time, choose a lot that’s close to work. Apart from that, make sure that the lot is close to local shopping centres and entertainment districts. If you plan to buy a lot in Kelowna, expect close access to incredible hiking trails, vineyards, beautiful beaches and amazing restaurants.
Purchasing a piece of land for your dream home is a significant endeavour. It’s essential to thoroughly evaluate the factors mentioned above and ensure they align with your specific needs and preferences. This careful consideration is crucial in securing the finest lot within your budget, ultimately shaping the foundation of your dream home.