What to do with Raw Land

4 Replies

  • I've recently been gifted a plot of land back in my hometown (East Preston, Nova Scotia, Canada if any of you are familiar). It's in what I think is a good location, but it's rural and still has an overgrowth of trees on it. My question is, I don't have the money (I doubt I'd qualify for the mortgage right now) to build an income property on it yet so I'm thinking of other ways to monetize it while working on saving for my first long distance deal.

  • One way I think would to clear it, put a slab down and rent it out as a mobile home plot or something along these lines. Does anyone have experience/an idea of what that entails? Is this a good idea, or should I just hang onto it as is for now? I'm not really looking to sell it yet as the property tax is pretty minimal and I'd like to eventually move there at some point in the future but it'd be nice to find a way to cash flow it for now.

1st thing I would do is find out what it is zoned for and can you build a home on it? In Ontario we have greenbelt and you cannot build on any land that is zoned greenbelt

Are there services to the lot? Gas and electricity? Water source and septic can be built if there is no public water and sewer.

Sometimes it so rural you need propane tanks and to supply energy and heat..

Originally posted by @Hai Loc :

1st thing I would do is find out what it is zoned for and can you build a home on it? In Ontario we have greenbelt and you cannot build on any land that is zoned greenbelt

Are there services to the lot? Gas and electricity? Water source and septic can be built if there is no public water and sewer.

Sometimes it so rural you need propane tanks and to supply energy and heat..

So thankfully it's already near public services since while being rural there is a community around it, so it's not completely barren of utilities.

It's zoned as multi use too so I have plans to put something there, it's just a matter of what to do with it untill then

 

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