When you think about your dream home, what do you envision? Do you picture a spacious, gleaming kitchen with a double oven and sprawling island? Do you see a cozy media room with a large tv and plush seating? Or maybe you think of a large backyard space outfitted with a private hot tub and rustic terrace.
Finding your dream home on the open market isn’t always possible since you’re limited to what’s available in your location. However, when you purchase a residential lot and build your home, you can get everything you’ve ever envisioned. But what are the other benefits of buying a residential lot in Morinville? We’ve provided three benefits below!
What is a residential lot?
A residential lot is an improved, empty plot of land in a municipality. While vacant, unimproved land doesn’t include much or any development, a residential lot is already developed with sewage and underground utilities tied in. All of the groundwork, road access, and zoning is complete, giving you (and your builder) a ready-made canvas to work with, so you can build your dream home.
When you purchase a residential lot to build a custom home, you don’t have to worry about paying thousands of dollars to remove any previous house or structure. Instead, you simply purchase the land in order to build your brand new home.
01. Appreciation in Value
There’s no doubt about it: land is becoming more and more valuable. And as the demand increases, prices also rise. When you purchase a residential lot, the land itself will appreciate in value. By the time you build a custom home and the market conditions are favourable, you can experience a significant return on your investment depending on when (or if) you list your home.
Even better, when you purchase a residential lot in Morinville, you can capitalize on more affordable land before prices jump. In the last five years, Morinville has experienced a sixteen percent increase in its population. And in the next thirty years, it’s expected to double in size. By purchasing a residential lot now, you can experience a high appreciation in value and have more lucrative retirement opportunities when the time comes to downsize.
02. Building a Custom Home
In almost all cases when you buy a home, there’s at least one thing you want to change—whether it’s the flooring type, cabinet colour, vanity choice, or any of the other countless features in a home. However, when you build a custom home, you get full control over every colour, feature, and finish.
Yet, to build a custom home, you first need the land. While you could purchase unimproved land, you’ll be responsible for all the groundwork, utility tie-ins, and zoning—not to mention gaining permits from whichever municipality you’re building in. Purchasing a residential lot means you don’t have to stress about all of the complicated details. All of that is already handled for you.
03. Choosing Your Home Builder
When a new stage of a community emerges, a series of lots are sold to builders. So when you purchase a pre-construction home, you’re limited to what builder you can choose based on the builder pool and who already owns those lots. However, when you purchase a residential lot from the land developer, you can bring your own builder, meaning you can choose the exact builder you want to design and construct your home.
This freedom allows you to shop around and find the builder that has experience with your style, has a robust portfolio and positive testimonials, and has a reputation for providing quality work and service.
For more information on how to choose the right builder, check out this past blog post!
Where to find a vacant lot in Morinville
While you’re considering purchasing a residential lot in Morinville, the next step is finding an option that works for you. Some of the things you’ll need to consider when looking for a lot in a new community is:
- How expensive is the lot and can you afford it?
- Does the lot provide enough space for you to build your dream home?
- Is the lot close to amenities?
- Does the community support your lifestyle?
Heritage Valley Estates is a vibrant community in Morinville with lots starting at only $145,000, making it the perfect option for families or couples on a budget. With lot sizes ranging from 26 to 38-foot pockets, you’ll have enough space to build the home you’ve always wanted while still having plenty of outdoor space to grow your dream garden or design the perfect oasis.
Located only 10 minutes from St. Albert and less than five minutes from grocery stores, restaurants, and parks, you have an easy commute and quick access to all of your favourite amenities. Right next to Heritage Valley Estates, there’s also a fenced dog park, a beautiful pond with maintained walking trails wrapping around it, and biking trails that take you throughout the community.
Living in a Landrex Community
For the past 50 years, we’ve been committed to developing thriving communities that promote healthy, balanced lifestyles. By investing in community amenities, upholding nature, and intentionally choosing locations with easy access to main roads and highways, we make life healthier, happier, and less stressful for families across Edmonton’s surrounding areas.