People invest in a lot of things; stocks, bonds, businesses, homes… But oftentimes the benefits of New York land investment go over-looked. So why buy New York land? Because it is a safe and steadily appreciating investment that requires little to no maintenance.
Check out our latest blog below to learn all about the benefits of land investment!
Highly Motivated Sellers
Historically, some of the most profitable real estate deals have been found in land investment. Land sellers often have a low attachment to the property and will be open to hearing the most reasonable offers. If they live out of state or in a location far from the vacant land, they will feel even less attachment. Usually, land doesn’t generate the emotion that a home does.
Look for these “absentee owners” to find some great deals on New York land! Surplus Asset Specialists Inc. works with land sellers every day, and we can help you find the lot you’ve been looking for.
You Can Start Small
Typically getting a loan to buy New York land is more difficult than getting a traditional mortgage. You will need near-perfect credit to get a loan for a lot. Because of this, many people buy New York land in cash. Don’t let this intimidate you! Depending on where you’re located, you can find a building lot for only a few thousand dollars with owner financing.
Plus, when you pay in cash you are not throwing away money on interest payments or biting off more than you can chew. Paying in cash makes the process run smoothly and quickly!
Less Competition
The New York land market statistically has fewer buyers. People often overlook land as they are looking for investment properties that will provide them with a steady income. To these investors, land investment is boring. The land does not make you money each month (unless you are leasing it to a rancher or farmer, etc.) but it will, however, make you money on the backend once the property sells.
The goal is to see the potential of a parcel of land that nobody else does. Research the area, and learn about future developments. Position yourself to buy land that is soon to be “in demand!”
Low Maintenance
Raw vacant land is relatively low maintenance in comparison to other real estate investments. The beauty of buying land is that you won’t ever have to make repairs. There are no leaky rooves or faulty electrical circuits. Depending on the location, you might need to pay the city for routine maintenance, mowing, and clearing if the lot becomes overgrown.
Other than that, expenses are typically non-existent. Raw vacant land is something you can usually buy and walk away from. It is a “hands-off” investment that basically sits there. When you are ready to sell, there it will be, just as you left it.
Low Risk Over The Long Term
As we said above, land investment can seem boring. But sometimes boring is good. The cheapest land will appreciate year after year. The longer you hold, the higher your profit. However, you will want to ensure your property tax payments don’t negate your profits. Raw vacant land is oftentimes a long term investment. Purchasing low in an up and coming area, then selling high once the land is in demand, is a quick and profitable way to invest in real estate.
