Buying land has always been an aspect of “the American dream.” After all, land ownership offers numerous advantages and opportunities. Read our list of 7 benefits of buying a lot to determine if this would be the right next move for you.
1. Easy to Buy
To start off, land is extremely easy to buy! It is a much simpler and quicker process than buying a house, as you don’t have to go through the same inspection processes or as much paperwork. Much of the process can also be completed entirely online and in a couple of phone calls, so sit back and get looking!
2. Low Maintenance
Additionally, buying a lot does not require the same level of maintenance. While construction costs can vary depending on what you plan to do with the land, you will not have to plan for repairs or renovations. With minimal maintenance costs and low property taxes, your finances will benefit from a wise land purchase.
The fact is: buying a lot is much less expensive than purchasing a finished site. There’s a lower entry barrier to investing in vacant land because there’s no building on top of it to pay up for. You just may find that building your own customized home on top of your new land is cheaper than buying one.
4. Build Your Dream Home
The best incentive to buy a lot is that you have all the flexibility to build the house you’ve always wanted. As long as you follow zoning and building laws, you can let your creativity run wild in designing your home for your new lot. Leave room for a garden, pool, or bonfire pit if you desire! Building from scratch also allows you to add features that you find value in, such as environmental energy-efficient systems.
5. Make a Profit With Research
You can contact your local planning and zoning department to find out the limitations and restrictions of the land you’re interested in. They can help you learn what the lot can be used for if it’s a flood zone, and if construction is permitted. You can make money off your land before you even sell it by making it an area for outdoor recreational activities, boat storage, billboard advertising space, a solar farm, and more. You can generate passive earnings with your land. If you do your research, you may even find a lot in an area the city will probably expand into in the next few years. This could lead to major profits!
6. Great Resale Value
Land actually gains value better than real estate because it is immune to outside changes. Over time, buildings degrade and need more maintenance but land just keeps on getting more valuable. There is only so much land available and its supply cannot be increased to meet market demands as the population rises. This guarantees market rivalry and results in higher price points. When it comes to investing, nothing is certain but buying a lot is about as certain and low-risk as you can get.
7. Can Be Passed Down
The land acres you may decide to purchase can stay in your family for generations to come. After you make years of memories on your lot, you can pass it down to keep it in the family. It’s cool to think about how 100 years from now, your descendants could still be living on and enjoying the lot you bought.
How the Talons Group Can Help You
If you check out our home finder tool, you’ll see we have numerous lots available right now in the Auburn-Opelika area. The Talons Group is your local, trusted boutique real estate and development firm. We believe in ongoing relationships with our customers and community. Contact us today so we can get to know you and your needs!