Whether you’re wanting land for investment or you want land so you can build your dream house, you’ll want to consider buying vacant land because of the many advantages of doing so. Those struggling to enter the real estate market should think about buying vacant land, and so should investors. Here’s a few reasons why.
- Affordability
If you want to buy a property, then you probably know that properties across the country are very high, but buying vacant land is usually the more affordable way to get onto the property ladder. When compared to land that has property built on it, vacant land is far more affordable. What you can do is buy vacant land today and then build property on it when your budget allows it. This will prevent you from being priced out of the market later on.
- Customization
Another good thing about buying vacant land is you can do pretty much anything you want with it, as long as you do so within local building codes and zoning codes. You can leave the land as is or you can build a custom home on it. You can have a large home with a small yard built or you can have a medium-sized home built that has a swimming pool in the backyard. Another option is you can have commercial property built on it.
- Maintenance
Vacant land doesn’t require much maintenance when compared to maintaining a property. You don’t need to make frequent repairs to vacant land, nor will you have to deal with finding tradespeople or perform renovations. The only maintenance really required is to keep the lawn clean and mowed, but other than that there’s not much to worry about. Vacant land doesn’t come with the stress that comes along with land that already has stuff built on it.
- The Costs
There are lower costs when it comes to buying vacant land as opposed to buying a property, and these costs include property taxes, rates and insurance to name a few. You won’t have to pay property managers either, if you’re an investor. Also, you won’t have to look for tenants or evict tenants.
You won’t need much money to buy vacant land. Furthermore, many lands can be bought in cash. This means you don’t have to worry about finding mortgage lenders.
- The Competition
Buying vacant land is great due to the lack of competition. This is why it’s easy to score good deals on land. This isn’t always the case with buying properties.
- Buy Without Seeing It
When you buy a house, you typically have to see it before you buy it, but this isn’t the case with vacant land. You do not have to go and see the land before buying it, which is great if you live in a different area of the country and you don’t want to travel in order to view the land in person. As long as you have access to the internet and/or a phone, you’ll be able to buy a piece of vacant land. Just make sure you are able to provide all of the information required, as this will make the process easier and move quicker.
