Why buy Vacant Land?
While some may believe what Mark Twain once said, “Buy land, they’re not making it anymore,” other investors believe that vacant land “eats” and doesn’t produce. So the question can be asked – why buy vacant land?
Most times vacant land doesn’t have water, sewer, building, electricity or even an address – just latitude and longitude coordinates. So what is it that attracts some buyers to those wide open spaces?
The most common reason would be to build on it. Whether it’s an office, warehouse, industrial building or anything else, when you construct it yourself, you can control all of the details – size, shape, exposure and more. And, when you build on land, you increase the property’s value.
Some people buy land to hold as a long-term investment. If you do your homework, you might be able to turn over a parcel for a nice profit. You do have costs to maintain it with no income coming in; but with low-interest rates and low land prices, if you are willing to put the time into it – 5 to 10 years – you might be able to make some green.
When buying land, make sure you ask about the zoning, any plans for properties nearby and if the price is right. And, if you find a piece of land that looks good to you, give us a call, and we would be happy to help you!