Why buying land for investment is a good idea
73Buying undeveloped land can be scary
It's been said that buying land is a good investment idea -they're not making any more - or so the saying goes.
But it can be a scary business if investment and profit are your motivators.
See - if you want to buy land so hat you can build your home on it then you're probably familiar with the neighborhood and have a good idea about land value.
But buying for investment land often means you are working in neighborhoods you are not familiar with. Iit would do you well to create a simple checklist that you can measure your purchase decision against.
My experiences with buying any property is that it's pretty easy to buy - and selling the land is when you find out if you made a good buying decision. And undeveloped land can be fraught with unseen landmines.
You need to be aware of zoning bylaws, buiding difficulties, availability of materials and contractors, selling potential, political climate, and on and on.
Creating a checklist is the safest way of navigating through the buying decision. It makes sure that you have asked all the questions that need asking - and if you make a good decision - there are enormous potential profits to be made in buying investment land.
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Hi Harry
Yes - buying land can be speculative - and that's where the profits are made. Of course - if you make the wrong decision it can really hurt. So you have to gather all the pertinent information before making the buying decision. I'll post a list of some of the questions you should ask later.
I heard about some guys in London selling land to foreigners. But they forgot to tell the buyers that the land was i a greenzone and would never get zoning to build homes etc. I guess that's one of the questions to ask - what's the land zoned for or waht am I allowed to do on the land.
You're quite right about the london scam and it is important for buyers of land to make sure that the land is zoned or can be zoned for the purpose for which they want to use it.
Can I use some of my IRA to buy land, and if I do am I going to get hit with an ugly stick from the IRS?
Hey chiipp
There are tax breaks to buying land but they depend on where the land is located and whether the Government is encouraging development with tax incentives. I would check that question with your tax guy or local IRS office before buying.
Hey Buying land,
I've got a beautiful piece near Ash Fork AZ if you know anyone who's interested. There's a great deal of speculation about a theme park going in nearby.
Contact me if you know anyone interested.
Phil
I had not heard of the London scam. Wow. That is a good reminder to ask for zoning information before investing in land.
hi can you please post some questions or checklist which needs to be asked before buying a land ?
i just took the longest sh**
I have found land to be a solid investment and UK land is offering great returns. You have to ask the right questions and do your homework, but hey I am making money.
Hi please can you help me I'm 26 and I would like to invest in a plot of land but I'm not sure what land I should buy,people say don't buy green belt land but I'm not sure if this information is correct please can someone advise me in what land I should buy, I don't mind if there is no planning permission but I would like to apply in time (years) xxx
I know what ill do if i by land all work the ground up and grow some outdoor and trun over a buck in he end
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Harry 4 years ago
Thanks for the land info - but isn't buying land a really speculative thing. I mean -the media is full of stories of developers going broke.