If you’re someone who wishes to invest in a property for rental or resale or simply want to have a piece of property that you can utilize or develop for personal use, later on, you might want to consider buying vacant land. Sure, the popular option when it comes to purchasing property is buying one that already has a structure in it — like a house and lot. However, you may be surprised to know that purchasing a vacant land (i.e. a lot that is free of any structure within its boundaries, apart from a fence or border-marking feature) can be a really smart and versatile decision.
That said, we’ll be taking a look at why more people are opting to buy empty lots:
The most obvious and arguably the most popular reason people buy vacant lots is that they’re very affordable, as opposed to buying a lot with a structure in it. As such, for those looking to invest in a property or hoping to acquire one to develop, later on, a vacant lot is the cheapest option. Additionally, if you’re planning on having a custom-made house, it could be a lot more economical to buy a vacant lot instead of buying a house and lot then renovating it (or having it demolished, then build from scratch).
A vacant lot is practically an empty canvas. You can do with it whatever you want with it (within legal bounds and local regulations, of course). But one of the best advantages of vacant lot is its customizability, you can turn it into a paid parking lot if there’d be nearby commercial buildings, you can make it into a warehouse, you canhire custom home builders in Guelph, Ontario to have your dream house built, put up a commercial/office building, or you can simply just sell it (and quite possibly at a big profit after a couple of years).
Peace of Mind
When you buy a property with a structure, even if you don’t plan on doing anything with it for the foreseeable future, you’ll have to ensure that it stays structurally sound (especially after an earthquake or any natural/manmade disaster). Then, you’d have to worry about vandalism, arsonists, and so on — basically, you’ll need to maintain the structure on the property you bought. With a vacant lot, there’s nothing to vandalize, clean, or repair — it’s just there, ready for you to develop, or sell, or lease out.
No Need to Inspect It
Unlike buying a house or building (and the land it’s built on), you really don’t need to be physically there and inspect. Basically, you just need a land surveyor to confirm the borders of the vacant land and any natural hazards. In other words, it’s a lot more convenient to buy it, some even purchase land over the phone or online.
Easier to Sell
As with the premise of the entire article, many people are purchasing vacant lots. So it’s just as easy for you to sell a vacant land as it is to buy it. If you eventually decide that you no longer want the land, you can simply contact a real estate investor, or even just post it on social media groups and pages that specialize in buying and selling real estate.
The Bottom Line
These are the go-to reasons for people who wish to buy vacant land, and hopefully, they’re enough to convince you to do the same.