Is buying land still a good investment in this market?
My wife and I have the chance to buy a 0.40-acre lot in a small village in rural NW Ohio. The current owner bought it for $34k in spring 2022 but is now desperate to sell, listing it for $25k and stating “Need to sell immediately” on Zillow.
The lot is classified as “Improved Land” with access to road, water, and electricity. Even if we get it for $22k and hold it for 10 years, I think it could be profitable. Thoughts?
The 0.40-acre lot in rural NW Ohio that you offered for $22,000 seems like a fair investment based on the facts you have supplied, but there are a few things to carefully think about.
Given the present owner’s urgency to sell, a comprehensive investigation would be necessary to rule out any underlying issues or explanations for the discounted price.
The lot may be less expensive up front if it is genuinely “improved” with access to roads, water, and electricity. In a market that is expanding, it may even appreciate in value if held for ten years. Research should be done on the demand and long-term viability for real estate in tiny rural villages, nevertheless. If all the research is accurate, $22,000 looks like a fair price overall. However, be sure to completely grasp the hazards and have a clear plan to maximize the property’s value.
Even now, purchasing land might be a wise investment—especially if it’s cheap. Should the property possess necessary services and infrastructure, its worth may increase gradually. Make sure you investigate economic considerations, possible development plans, and trends in the local market. It could be profitable to hold it for ten years.
Buying land will forever remain as one of the best investments because the population is continuously increasing which causes the price of land to appreciate. However, ensure you do proper due diligence before going through with the deal
Buying land can still be a good investment, especially if you believe in the area’s long-term growth potential. Given the discounted price and access to utilities, it could be a profitable opportunity.
If you get an opportunity to buy land and you have the money, you should not waste any second…in a few years when you sell the land you are sure to get your money back plus profit
Buy a piece of land on a main road and build a two-story structure. The first level can have garages for rent, and the second level can be your home. My cousin did this and now lives off the income from renting out the garages. It’s paying for his lifestyle. He’s only 31 and doesn’t need a regular job.
Land, especially in rapidly developing areas or locations with limited supply, can appreciate in value over time, providing a good return on investment.