The concept of purchasing land isn’t a new phenomenon in today world. However, most families within the United States of America do not own vacant land, and most likely will never own vacant land. The value of owning, and investing in vacant land can grow in so many different ways. Whether one wants to build their dream home, or pass down land to keep one’s family for future generations. Owning land is very important to me in my personal opinion, because one thing is for sure society isn’t making any more of it. The first thing that is highly recommended is for one to work with a real estate agent that specializes in land purchases, and building on vacant lots. Knowledge is power, and as a new landowner/investor, you want to ensure that you’re working with an expert. Now why is working with an expert very, very important? The number one reason is, that everyone doesn’t know everything, and having an expert realtor in your corner can make the process of purchasing land easier. Another reason is, no one can have what is considered a significant financial network, without having a significant network of friends, families, colleagues, etc. Please remember that most banks and lending institutions shy away from loaning money for bare land, and LOTS. It’s definitely in one best interest is to have enough capital aka money to purchase land or LOTS with the total amount of the price. As an investor, we do our best to find the right inexpensive fixer-uppers properties to make a profit. Depending on your budget, always ensure that when purchasing land that it isn’t landlocked, so that it is more accessible for not only yourself but for potential customers as well. Definitely do your homework when it comes to any and all zoning and rezoning issues that may, or need to take place before or after purchasing your land.
Ensure that you have environmental testing done on the land to avoid any environmental fines or liens placed on the land. The resources of what any sort of land can offer could add a lot of value to anyone financial portfolios. Resources such as rocks, dirt, trees, and more can be extracted from one land, and sold to governments, and private companies. Companies, states, and local governments pay landowners a good amount of money to place billboards and speed limit signs and more on their properties. Never underestimate the cost of building a home on your land. Expect cost to exceed any budget that may have created.
Always be aware of natural hazards that could be hidden once your contractor breaks ground for any construction projects you have planned. Also, prime real estate doesn’t always mean a big beautiful home. Prime real estate in my personal opinion is all about the location, no matter what structure is in place, or not in place. A great example of this, a single LOT in Washington, D.C., New York City, Los Angeles, CA can cost between 180k to 5 million dollars and more. The mere fact that the value of a single piece of land can grow because of it’s location can change any real estate investor's life. It takes patience, vision, research, and execution for anyone to become successful in the real estate business.
