Buying land has always been a great way to invest your money whether short-term or long-term. Professional guidance in the process is always advised. Land values can be based on land use/zoning, if it has utilities ready, and location.
Pros And Cons of Holding Land
One of the biggest cons of buying land is that most banks have very few products to finance land so if your loan is not approved, it can leave you with a heavier bill at your feet. The best way to invest in land is to buy it in cash. While buying raw land is more of passive long-term investment, not being able to get a loan can make it harder. Thankfully, there are also private lenders and owner-financing specifically for land that won’t break your budget.
Another important aspect to take into consideration is the cost related such as taxes and maintenance costs.
For the pro, buying land is much cheaper overall and even though you must maintain it, you’re not paying nearly as much as you would if you had a property to maintain. It’s also a much better way for passive investors to secure savings. All you have to do is purchase the land, use a little bit of your funds to maintain it, and look for the perfect opportunity to sell it in the future.
The only thing that really is the driving factor here is how much time and research you put into the piece of land that you buy. If you buy land in an undeveloped area, a place where no one’s going to want to live in a million years, you’re not going to enjoy a great appreciation rate.
However, if you purchase land in an upcoming area where value will increase in value a couple of years down the road, now that makes for a great investment!
Understanding Where to Invest
So, now that we know that the only thing stopping you from having a successful passive investment is the location, what better way to tackle that than connecting with an industry professional with a proven track record of success?
That’s exactly who Yaima Lamela is. Operating out of her real estate firm, Prestige Empire Realty, Lamela is one of the most reliable and experienced realtors out there. Especially when it comes to the Miami area, she has spent over two decades closing deals and working on the biggest projects in town! And with buying and holding land, that’s the kind of voice you need on your side. So, don’t wait any longer, visit www.yaimalamela.com and start looking at the best land out there!