Whether you are just beginning your real estate investment adventure or you want to add to an already robust portfolio, land can be a safe and profitable choice. There are many great things about buying land in New York. Learn more about some of the benefits in our latest post!
When people think about real estate investments, their minds don’t usually jump to buying and selling land, although maybe they should. Land is easy to buy and easy to own. It doesn’t require time, effort or a large down payment. It is an appealing asset to investors of all levels and can be an extremely simple way to generate profits fast. Keep reading to learn about a few of the many benefits of buying land in New York.
The profits on land can be huge and can happen almost overnight in some cases. In one scenario you can buy a lot in an up and coming area, and resell for a few thousand more than what you paid. Another option would be to find an ideal piece of land to develop and determine its highest and best use. Maybe you can build a rental property, a duplex, or a commercial office building. Whether you choose to hold the property without developing it, develop and rent it out, or sell it once it has been developed, you will likely be able to amass thousands of dollars in profit. Before making plans to develop a property, make sure it is zoned the way you need it to be or that you are comfortable and feel confident about requesting a zoning change. Nothing is worse than making plans to build and finding out you won’t be able to go through with the project as intended.
Great Way To Get Started
Buying land is one of the easiest ways to begin investing in real estate. For a few thousand dollars you can own a piece of land outright, without ever having to borrow any money from a lender. By not taking out a loan, you can potentially save thousands on loan origination fees and interest. When using land to begin your portfolio, you can buy in a growing area and quickly resell, taking the profits and reinvesting into something larger. Keep this up, and you will have created a massive portfolio in a short amount of time!
If you choose to keep the property, your maintenance costs will be little to non-existent. The only real costs of owning land come from property taxes. Also, depending on the lot’s location, you may have to pay to have it cleared once in awhile. Land in some subdivisions needs to be maintained so it is not overgrown. When you own land in New York, you won’t have to deal with repairs, renovations, or high property taxes. You won’t have to worry about the property being damaged or vandalized. In most cases, owning land is a completely hands-off and low-maintenance investment, with the potential to bring home big profits in the long-run!
No Geographical Limitations
Buying and selling land is much different than buying and selling other forms of real estate. In most cases, you don’t even have to see the property in person in order to confidently make an offer. With the tools available to you online, you can research and view a piece a property no matter where you’re located, opening the doors to investment opportunities all over the country and even all over the world!