With home inventory low and interest rates climbing, purchasing a house in 2022 is much easier said than done. But have no fear; understand that you have options you may not have even considered yet… like buying land and building your own dream home!
There are many benefits to purchasing land, and this may be an option you should seriously consider. With many lots available, great prices, and the flexibility to build exactly what you want, we’re breaking down our top 4 reasons why you should consider buying land for sale this year.
Land Is A Safe Financial Investment
Unlike a home that has the potential to change in value drastically, land generally stays about the same price in the foreseeable future. This means that you always have the option to get back what you’ve invested, and if you plan on building on the land, that value will roll into the potential sale price when you’re ready to move to your next space.
Land also has far fewer variables of uncertainty than home purchases do. Once you purchase a house, the potential for damage, theft, fires, and other destruction of your purchase is possible. But land offers you the peace of mind in knowing that what you purchased is what you will keep.
Land Purchases Are Less Competitive
We all know the housing market has been highly competitive over the last few years. And while trends seem to show this decreasing over the next few years, the market is still competitive, and inventory is low. On the other hand, land is much easier to come by and far fewer competitors are interested in the same properties, especially when dealing with residential lots.
oday, you can buy a few acres of land in a suitable location without burning a hole in your pocket. This allows you the freedom to save up and adequately budget for your new home build.
Land Is Low-Priced
Unlike other real estate assets, land is very affordable and requires minimal effort for maintenance. You don’t need to pay utility bills, mortgages, or roof repairs or replacements when you purchase a property. Whether you plan to build immediately or let the land sit for a few years, the option is yours.
Landowners are also not required to pay for the insurance. While you will need to pay property taxes, they are often relatively affordable depending on where you purchase and won’t require unexpected costs while silently increasing in value.
You Gain The Freedom To Build Your Dream Home
Once you secure land, the opportunity to build your dream home becomes a real possibility. While building a home requires finances, materials, and time, you can rest assured that whatever you want in your home can happen with you as the designer and builder. Your timeline can also be flexible once you have land in your possession. Start planning to build your home this year, or wait a few years and allow your land’s value to increase.
Ready To Look For Land?
So are we! The team at the Matt Weaver Group is here to help. We can find you with where to start in looking for available properties and how to game plan next steps for possible builds. Contact our team today to learn more and get started.