Land Assembly in Vancouver, BC
There's so much to discover about the potential of land assembly in Vancouver, Whether you are living in a house or part of a strata, your home could be worth much more than the BC Assessment value if the city has re-zoned it as part of the Official Community Plan. Or if you home is located within 800 m of a designat
Thinking of participating in a land assembly?
Here are 10 key points that homeowners should consider:
- Understand the purpose of land assembly: Land assembly is the process of combining multiple adjacent properties to create a larger parcel of land that can be developed into a more profitable project. Homeowners should be aware that their individual property may not be as valuable on its own as it is as part of a larger assembly.
- Be aware of the zoning: Homeowners should familiarize themselves with the zoning regulations in their area to understand what types of development are permitted on their property and in the surrounding area. Zoning regulations can impact the value of the property and the potential uses for the land.
- Know the market value: Homeowners should have a clear understanding of the current market value of their property and the potential value it could hold as part of a land assembly. It is important to work with a real estate professional to assess the potential value of the property in the context of a land assembly.
- Consider the timing: The timing of a land assembly can be crucial to its success. Homeowners should be aware of any upcoming changes to zoning regulations or infrastructure plans that could impact the value of their property and the potential success of a land assembly.
- Be aware of risks and rewards: Land assembly can be a high-risk, high-reward proposition. Homeowners should be prepared to take on some level of risk, as well as potential financial gain, if they decide to participate in a land assembly.
- Understand the legal process: The legal process of land assembly can be complex and time-consuming. Homeowners should work with a lawyer to understand the legal implications of participating in a land assembly and ensure that their rights and interests are protected.
- Consider the impact on the community: Land assembly can have a significant impact on the surrounding community. Homeowners should be aware of any potential negative impacts, such as increased traffic or changes to the neighbourhood character, and work with the developer to mitigate these impacts.
- Consider the impact on the environment: Land assembly and subsequent development can also have an impact on the environment. Homeowners should be aware of any potential environmental concerns and work with the developer to ensure that the development is sustainable and environmentally responsible.
- Negotiate with developers: Homeowners should work with a real estate professional to negotiate with developers and ensure that they receive fair compensation for their property as part of a land assembly.
- Be prepared for change: Land assembly and subsequent development can bring significant change to a neighbourhood. Homeowners should be prepared for the potential impacts of these changes and work with the developer to ensure that they are positive and beneficial for the community as a whole.
