“Buy land, they’re not making it anymore.”
— Mark Twain
Whether you want to increase your assets, expand your portfolio, build your dream home, or become a landlord and own rental properties, buying land is always an excellent investment.
When buying land, some key factors to consider are the zoning law that govern the land you wish to buy, land classifications, and how you can add value to your land, if you choose.
The different zoning types for land are; residential, commercial, agricultural, industrial, historical, recreational, and aesthetic. Land can be classified as either residential, recreational, industrial, agricultural, or mining.
When considering buying land for residential purposes, it’s important to consider the value of the homes in the area you wish to build in, the soil and elevation of the land, and the amenities in the area (schools, parks, restaurants, job opportunities, shopping, etc). Residential land is an excellent investment for building rental properties and generating income.
Recreational land is a great investment if you enjoy being outdoors, hunting, fishing, ATVing, or just want your own weekend retreat or holiday getaway with your family and friends.
Advantages of Buying Land
When you buy an empty plot or vacant land, there are many advantages that come with it. Some of the advantages that come with buying land are;
Low Property Taxes – Land has a low property tax when you first buy it.
Tax Deductions – Recreational land has tax benefits. Speak to a real estate agent to learn more about the tax deductions buying vacant land provides.
High Return, Great Value, Low Risk – Land is a great investment that has high returns, great value, and minimal risks.
Valuable Resource– Land is a valuable resource with finite possibilities. When buying land, you can alter it to serve just about any purpose you want, depending on the classification and zoning. For example, if you buy land with commercial zoning, you can build businesses and generate income. If you buy vacant residential land, you can build a home or rental properties.
Tangible – Unlike stocks, bonds or other liquid assets, land is a tangible asset that is profitable, especially if you expand or build on your land.
Buying land is an excellent investment. It can serve many purposes and be profitable. Adding value to your land is simple as long as you have a solid plan and the finances to support it.
Author Bio
Brandon Mickens has been involved with buying and selling land for the past 15 years and now wants to share his knowledge and experience with others.
