POS and cons of buying Rancher
- Thread starter Ajit1975
- Start date
Agreed. Land most often cannot be rezoned and often cannot be split up into separate lots. Best to assume the most you'll be able to do is tear down what you have and build something bigger. Note that if you want to rebuild, you must obtain permits and there are limits as to what (how big) you can build.
They are generally one level houses spread across a larger lot - rather than 2-3 story houses that get their square footage by going up (rather than wide).
I guess I am too stuck up with Vancouver market. You can find ranger and multi-level houses in the same size lots (33 x 110 standard lots).
You can find that anywhere. However generally speaking, when dealing with small lots (e.g. 14 x 100) - you're never going to find a rancher (at least not in downtown Toronto) - it's going to be a 2 story if not 3. If you go a bit out the downtown core, ranchers are everywhere - although obviously on significantly larger lots. The kind I'm referring to are the older ones that are generally called bungalows here. They are being torn down left, right and centre to make room for larger multi-level houses. People often see them as good real estate buys because you get a big lot without paying for a three story house (which you can put up yourself if you want to). However as for splitting those lots, that's extremely difficult if not impossible to due to zoning.
I think it's a bit different depending on where the house is. Not sure where OP plans to buy. And I am not sure when he said more house means multiple units or just a bigger future house.
There are still some lots sold as its in Vancouver (not downtown for sure) and the house really isn't the factor of the selling price. Investors just buy it as the land value.
He said "more homes". This means more than 1 home. He would have to apply at the City to subdivide the existing lot in order to do so.