The opening words…of the preface to the National Association of Realtors’ code of ethics is “Under all is the land,” and they’re right. Whether you are looking to buy a parcel of land on which to build a house or you are looking to buy land for investment proposes, a vacant lot has a number of advantages.
Looking to build that private retreat – Look no further! Be prepared to fall in love with this piece of property. Low Livingston County taxes, centrally located for easy commute. From Whitmore Lake Road, West on Spicer, property is on North side of road.
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Your 2016 New Year’s Resolution may be to finally build your dream home. Throughout our years living and working within Livingston County MI, and the surroundings areas, we know many quality Designers, Architects and Builders. We would love to help get your project off the ground!
The Advantages of Buying Vacant Land
By by Solomon Poretsky, Demand Media
Low Entry Price
One of the key benefits of buying vacant land is that it is almost always cheaper than buying an improved lot. Depending on the township, all things being equal, a piece of property that has a building on it will be more valuable than one with nothing. Even if a building is worthless, the owner of the land will have to pay to demolish it.
When you have an unimproved piece of land, you have a blank canvas on which you can do whatever you want within the limitations of your jurisdiction’s zoning and building codes. If you are building a house, you can choose between having a big front yard or a bigger back yard. With commercial properties, you might have the ability to choose between building different types of buildings or between building one large building or a few small buildings for single tenants.
Minimal Carrying Costs
Since vacant land is less expensive than a comparable improved property, it usually costs less to own over time. If you have a mortgage, the payments will usually be lower, and your property taxes and insurance will be less. Although you might need to do some maintenance like mowing or trash removal on your lot, it will usually cost less than keeping a building on the property in good condition.
Unlike buildings, which gradually fall into disrepair if they are not maintained, vacant land will usually remain in the state in which you bought it unless an external force, like erosion or earthquake, has an impact on it. With this in mind, vacant lots typically track the market very well. This can make them better long-term stores of value than improved properties, which usually lose value if they do not receive periodic capital improvements.
Significant Appreciation Potential
Vacant land can also be an excellent investment for speculative investors. Land in areas that go from undesirable to desirable can offer extremely high returns. This can happen because of large fundamental shifts, like the development of the Las Vegas Strip, Walt
Your 2015 New Year’s Resolution may be to finally build your dream home. Throughout our years living and working within Livingston County MI, and the surroundings areas, we know many quality Designers, Architects and Builders. We would love to help get your project off the ground!