Most real estate investments, despite the name, are really about the buildings and structures on that land. But buying vacant land, without such infrastructure already in place upon the property, can be lucrative as long as you enter into the deal with your eyes open and a clear strategy for what you’ll use that land for set in your mind. The process starts with setting up a support network of professionals who can help you analyze undeveloped property; as there are significantly more unknown factors in play with vacant land lots than with those which have already seen development. Use your network to help you prepare a plan for how the land will be used and built. Then consider your finances, because development and construction can be quite a bit more involved, and expensive, than simply buying an already existing structure. When you have all this plotted and lined up, then it’s time to go looking for the right piece of property to execute it on; considering factors such as road and utility access, as well as the zoning and other neighborhood issues. Before you get caught blindsided, be sure to evaluate permits and other legal regulations that will be financial and process checkpoints if you were to develop the property. After you submit an offer that’s accepted, get inspectors going and ready your plans for implementation.
Things to consider:
- Does this land offer easy year round access?
- Does this land have good cell service and access to utilities (sewer, water, electricity)?
- Is this land zoned for the type of development you desire to build?
Empty land is a blank canvas for the right real estate developer. Just follow the steps. #Ironclad
- 1Vacant land is often cheaper to acquire than land that is already developed and less expensive to maintain.
- 2It can be hard to obtain financing for vacant land.
- 3You cannot claim depreciation on vacant land.
See the original at: https://www.fortunebuilders.com/buy-vacant-land/