Everyone is talking about the rise in property values, up-and-coming cities that are experiencing a sudden boom in real estate, and of course, the optimum time to buy, sell, and invest in property all across the United States.
What is harder to hear amidst the hubbub of home sales and cities that are best for commercial investments are mentions of all the amazing opportunities that are coming to the land market over the next few years.
I understand that it can be hard to decide between investing in an already finished home and purchasing land to build on. First, the process of building is far more time consuming than purchasing a premade home, and many people feel that they do not have the time to design, build, and sell a home from the ground up. Second, it is easier to see the prospects of investing in an established home by searching neighborhood statistics and incoming data about what is likely to develop in the surrounding community over the next few years. Third, it is not uncommon for potential buyers to disclose that, in truth, they are unfamiliar and therefore uncomfortable with what goes into buying land for building a custom home or for investing in for future sales.
An all too often misunderstood real estate investment, buying vacant land and lots may seem like a daunting task, but it is an extremely smart investment for the shrewd buyer who is interested in investing in something that the world will always have a need for – land.
There are a lot of reasons to make a move and invest in vacant land in the already emerging real estate boom that is happening in Southern Arizona, but these are my top five reasons to give serious consideration to a land investment.
1. The Market is Heating Up
There is still a lot of land available in Southern Arizona, and that means that there are a lot of motivated sellers who are interested in selling off their land while the market is seeing a bit of an upswing. What is also important to understand is that some land, especially those lots in premium areas like Tucson’s Foothills and Dove Mountain areas, are extremely rare lots to find, making them fast sellers and strong investments.
As people begin to flock to Tucson, Arizona more and more, there is a need not only for existing homes but also for new developments to support the influx of jobs-creating industries and job seekers that have begun to arrive and will continue to flow into the city over the next few years. Grabbing the right land in the right location make a smart investor primed to take advantage of future home buyer prospects.
2. Land Specialists Are Here to Help
It is important to have the right people who know all about the industry and specifics of the land in the area you are interested in to help you find the right land parcel for your needs. Because there are many areas of a land purchase that involve expertise and specialists, using a land specialist to make a land purchase is a smart idea. With the flux of interest in up-and-coming real estate investments in prime locations, you can trust that you will find local experts who know all about the city, the areas, land futures, and the prime locations for investment.
3. You Can Be Hands-Off with Your Investment
If you are convinced that a land investment is a great one to make but are not sure what to build on the property or if you even want to build at all, owning land allows you the freedom to choose not to build. As long as you are certain that the property can be built on, you are making an investment in the future of the property, not the present.
4. It is an Inexpensive Investment
If you can buy vacant land outright, especially in communities that are or will soon be supporting emerging neighborhoods, and are choosing to not build on the land, you will have only a small amount to pay for your investment upkeep and fees. Without the added cost of home building, utilities, and a mortgage payment, the only expenses that go into owning land are property insurance and property taxes, both of which can be minimal.
5. Land is a Limited Resource
No matter how you slice it, there is no denying that we simply cannot make more land to build on. Land has always been a solid investment because it is truly a precious commodity. There will always be a person wanting to build a home on a beautiful parcel of vacant land, and if you hold the keys to that property they are looking for, then you are in the place you want to be as a real estate investor.
