Buying land is one of the most viable and safest investment options you can never go wrong about. That’s because land always appreciates. What’s more, it offers good returns. However, you must do your research to know more about that particular area you want to buy your land.
If you are still undecided whether to buy vacant land or go for an already developed land, you are in the right place. This article gives you some of the top benefits of buying vacant land. Without wasting more time, let’s delve into them.
- A huge return on investment [ROI]
As already mentioned, the land never depreciates- it always appreciates in value. So, let’s say you buy your piece of land today, in the next 5-10 years; it shall have increased in value tremendously. Generally, the more an area develops, the higher the prices of the land shoot. If you buy vacant land today in an undeveloped area, it can be a prime location in the next few years. It is worth noting that buying vacant land may not be a viable investment for an investor who wants to generate a quick return on their investment. But if you are willing to sit on the asset for a few years to come for a good ROI, it is a great option.
- It is an affordable investment
Buying vacant land is generally cheaper than buying an improved plot. Of course, it is no secret that a piece of property with a building on it will be more valuable and expensive than vacant land. So if you are considering owning land but on a limited budget, you should buy vacant land as it is the most affordable option.
- Maximum flexibility
Another top benefit of buying vacant land is the flexibility that comes with it. When you buy vacant land, you can decide to do what pleases you with it as long as it is within the limitations of your jurisdiction’s zoning and building codes. If you opt to build a house in that land, you can build a house with either a big front yard or a bigger back yard. It all depends on your needs. On the other hand, you may not enjoy this privilege when you buy a developed piece of land.
- Stamp duty concessions
When you opt to buy a vacant piece of land, stamp duty charges may apply. There is usually a first home vacant land concession. To help you understand it better, you can contact a conveyancing law firm such as Conveyancing Toorak. They will help you determine whether or not you qualify for stamp duty concessions.
- Low maintenance
Finally, buying a vacant piece of land comes with low maintenance. In fact, other than fencing it and frequently mowing the lawn, there is nothing much required. In addition to that, rates, property taxes, and insurance will also be lower. You will also not have to worry about somebody managing it on your behalf.