Investing in a land without a house on it isn’t a hot ticket on many people’s minds- but it should be! With a low chance of having much competition for buying, you can find land at almost any price point.
Here are some reasons you should invest in land and things you can do with the property after you buy!
1- You Don’t Have To Babysit It
Instead of buying a home as an investment, where you’d have to maintain it and make sure the property stays a good investment, you can leave the land alone, and it’ll be fine. Some landowners don’t see the country in person from when they buy it to when they sell it. This option is extreme, but an excellent example of how little you need to take care of the land.
2- There’s No Need To Upgrade It
You don’t have to do anything with the land. You could put a building or home on it or leave it alone as is. The choice is up to how much work or money you want to put into the land. If you don’t want to build, there’s absolutely no pressure to make anything of the land.
3- Low Competition
Most people purchasing properties are doing it because of the house that’s on it. If you want to own land, you won’t have to deal with an intense bidding war. This decision means there are more options available to you, especially since sellers are highly motivated to return on their investment.
4- Low-Cost Long-Term
Owning property is incredibly cheap in the long-term. Because of the lower property value than a piece of land with a home on it, you’ll pay lower taxes every year. Owning land also means you’ll have to deal with little to no maintenance costs, and there’s no pesky homeowners association to try and charge you a couple of hundred dollars a month on this plot of land.
5- A Stepping Stone
If you’ve never bought property before, before jumping to a mortgage estimator, you can get used to the steps by purchasing land. This step will make purchasing a home easier for you in the future and can offer important knowledge.
What You Should Do With Land
1- The immediate option is to do nothing! You own land, and it holds value whether or not you build anything on it. There are no roofs to repair, or leaky faucets in kitchens to tighten, and you can let the land do as it wishes until it’s time for you to decide otherwise. If you don’t want to do anything with the property, you don’t have you.
2- If you do build on the land, you can only increase your property’s value! Whether you fit a tiny modern house on a small lot or a large mansion, you can make a new home from scratch that suits what you want. By building new, you can look at what’s popular in your area, and create something people will want to purchase.