Introduction
Imagine investing in a tax sale property only to find out it’s in a flood-prone area or next to a noisy industrial site. Such oversights can cost thousands. In 2023, Canadian investors spent over $2 billion on tax sale properties, but many missed key details that could have been uncovered with a virtual inspection using Google Earth and Street View. This article explores how these tools can empower investors to make informed decisions.
Why Virtual Drive-Bys Matter
Virtual inspections are indispensable for Canadian investors, allowing them to scout potential purchases without leaving the comfort of their homes. With tax sale properties often located in remote areas, physically visiting every site is impractical. Google Earth and Street View offer detailed visuals, enabling investors to assess neighbourhood dynamics and environmental factors.
Leveraging Google Earth and Street View
Accessing and Navigating
- Open Google Earth or Street View from any browser or mobile device.
- Enter the property’s address to zoom into the location.
- Use navigation tools to explore surrounding areas.
With Tax Sales Portal’s listings, investors can quickly access property addresses for virtual inspections.
Identifying Key Property Features
Google Earth’s aerial views allow investors to identify property borders, nearby amenities, and potential hazards. Street View provides ground-level visuals to assess the property's condition, neighbourhood attractiveness, and proximity to essential services.
Spotting Red Flags
Investors should look for signs of neglect, such as overgrown vegetation or deteriorating structures, which can indicate costly repairs. Additionally, spotting nearby industrial facilities or vacant lots can affect the property’s future value.
Real-World Examples
Consider a case in Alberta where an investor used Google Earth to spot a floodplain near a promising property, saving them from a potentially disastrous purchase. In Ontario, a buyer discovered a hidden easement thanks to Street View, which would have complicated future developments.
Municipalities like Calgary and Toronto provide additional resources for verifying property details post virtual inspection.
Understanding Legal Implications
It's crucial to be aware of the legal framework governing tax sales, such as Ontario's Municipal Act, which outlines procedures and timelines. Investors should verify properties are free from liens and encumbrances, which Google Earth may not reveal.
Consult the Canada Revenue Agency for tax implications related to property purchases.
Expert Tips for Virtual Inspections
- Tip 1: Confirm property boundaries with municipal land registry offices.
- Tip 2: Use Google Earth’s historical imagery to assess land changes over time.
- Tip 3: Cross-reference Google data with local municipal maps for accuracy.
Beware of relying solely on virtual tools; confirm findings with physical inspections when possible.
Conclusion
Google Earth and Street View are transformative tools for investors aiming to minimise risk and maximise returns on tax sale properties. By leveraging these technologies, investors can streamline their research process, spot potential issues early, and make informed decisions. Explore Tax Sales Portal’s tools to enhance your investment strategy.
