If you don't own land, now's the time to make the investment. Land is one of the best investments you can make, even if you're not ready to build a home right now. Here are some of the reasons why purchasing land is a great idea.
If you have undeveloped land adjoining your property, now's the time to buy it. You might not realize this, but that vacant lot provides the perfect opportunity for you to expand your own property lines. This is particularly beneficial in areas where the housing market has expanded. You may be enjoying the empty space, but as soon as that property is developed, you'll have another home right next to you. The best way to avoid the squeeze is to buy the adjoining property.
If you have plans to build a custom home in the future, buy the land first. Once you're ready to build, you'll want to get started as quickly as possible. If you don't own the land, construction may be delayed while you find the perfect spot to build. Unfortunately, if the market has improved, you may find yourself paying more for the property. Not only that, but you might have a hard time finding property that's for sale when you're ready to build. The best way to avoid those problems is to buy first. That way, you're prepared for future development.
If you're looking for a way to diversify your investment portfolio, buy land. One of the great things about land is that you don't need to worry about upkeep. Undeveloped land will continue to increase in value without any effort from you. If you're looking for the best places to buy investment property, consider areas where the housing market has seen a recent uptick. It's a good idea to watch the zoning requirements for any land you buy. For the greatest investment benefits, buy undeveloped land in both residential and commercial zones.
Finally, if you're taking steps to prepare for an emergency situation, you want to buy land. If a situation develops that requires you to leave the city, you'll want a safe place to retreat. That's where land comes into the picture. Once you buy land, you can bring in utilities such as water and electricity. You can even work to build shelters on your property. That way, you're prepared should an emergency situation develop.
Work with a local real estate agent to start looking at land for sale.