With today’s focus on investing in and flipping homes, there is an investment that has become lost in the glamour of high-profile home flipping....Land.
The purchase of land has always been one of the more secure forms of real estate investment, and if you are looking for a long-term asset land is perfect. There are numerous ways you can go about making a profit off your purchase of land, but most involve proper zoning and selling to the right person or company.
Before you purchase any parcel of land, do some research into the zoning of the area. Find out if it is zoned for residential, commercial, or both. Finding something that is zoned for both is a great find because it gives you the widest array of options when selling. Also try to find out if there are any liens or easements on the property, this information will be critical when selling. Now consider the area that the land is in, is it an area that is likely to be developed? How does it match up in terms of location and proximity to amenities existing or proposed?
Also, try to find out how the surrounding land has appreciated in the past years. If the area you are looking at has seen a push on development, there is a good chance that land will be selling for a premium price as the development continues. To make your land more attractive to buyers, try clearing it yourself (if possible). Having all scrub and stumps removed is an attractive aspect to developers as it will save them time and money in the long run. Prospecting on the value of land can really pay off in the end if done correctly. Development companies will pay top dollar for land in the right place. Our trusted tenant advisors at HOCO CRE can provide expert advice and resources to get you the best value for your investment. Contact one of our professionals today to get started by clicking here.