Vacant Land is one of the most misunderstood and overlooked real estate investments on earth.
A lot of real estate investors totally fail to recognize the incredible benefits that come with owning land in its natural form.
It’s sad, because the stability and simplicity that goes with owning the right piece of land can completely outweigh the host of issues that will come up with any other real estate type.
While it is believed that vacant lands are the best places you can put your money, there is another side of the story that should be cautiously considered. There are a few things that require evaluation before buying a parcel of vacant land.
Land Can Be Deceptively Complicated
On the surface, it seems like such a simple creature – but there can be A LOT of possible issues hiding beneath the surface of any piece of land. I wouldn’t necessarily say all these problems are common, but the fact is – any one of them could possibly be a deal killer if not taken care of correctly.
What is the Zoning on the Property?
It is critically important to know what a property can be used for, and what the highest and best use of the property is. With just a phone call to your local zoning department, most offices can give you the necessary information quickly.
Once you know the zoning classification (residential, commercial, mixed-use, agricultural, industrial), ask them to provide you with some examples of what type of property would be allowed under each of these particular zoning classifications. They may even offer you some ideas that you hadn’t thought of before. Once you know the ideal use of the property, you can swiftly decide whether it will fit your needs or the needs of the individuals you want to market the property to.