What is vacant land, exactly?
Pros of Buying Vacant Land
2. Less competition
3. Low Maintenance
4. Great investment opportunity
Cons of Buying Vacant Land
1. More tedious process
Unlike when buying a house, the process of buying vacant land requires more research. You might even experience difficulty in loan approval. For lenders, land is considered a riskier investment than a house. So some lenders will require a better credit score and debt-to-income ratio, and down payments and interest rates may also be higher. In some cases, they might not even provide land loans.
Also, boundary dispute is a common problem when buying vacant land. It is a must to always get a land survey to confirm that the surface area listed is the same as what you are actually buying.
2. Fewer options
3. Zoning restrictions
Consult your trusted Real Estate Agent
Buying vacant land can be a more challenging task than buying an actual property. It may be a daunting process at first but once you know the right strategy for finding the perfect lot for you, it will all be worth it. The reward will be as much as the effort that you have put into it.
If you need any help in real estate investing, feel free to call me at [contact number] or send an email to [email address].