Cheap land is still out there these days. The economic recession that began in 2007 made land and houses more affordable, and some markets haven’t yet fully recovered. If you happen to find a deal, it’s important to know whether the property could present a good value or if it’s just cheap.
Determine the Intended Use
Cheap land that is purchased with the intent of farming needs to have good soil quality. Without it, the farm will be a bust. Similarly, an office building needs access to major transportation routes for staff commuting.
Some uses for cheap land that may be worth your while:
Thoroughly Investigate the Property
Large acreage tracts can require a full year to properly assess. Even smaller lots are likely to take more time than you think expect. Identify the property’s boundaries and unique features at this stage.
Research Potential Usage Restrictions
Are there any limitations on how you may use the property? Learn about:
o If there are utilities that are not available, the cost to access them may be prohibitive
Close the Sale
Once you’ve identified a potential cheap land opportunity, you’ll need to assess what the land is worth now, and what it could be worth in the future. Consider the current value, the annual property taxes and the future intent or use of each parcel.
For a smooth purchase process, plan for the following:
The benefits of developing cheap land for investment purposes are simple and straightforward: the cost to purchase raw land is significantly lower than purchasing property.
More than just farm country, Currituck County, NC is an ideal site to establish or expand your business. The region’s proximity to the Hampton Roads region and Port of Virginia facilitates ease of product development and distribution to locations worldwide. Additional transport options include major rail and highways, the Atlantic Intracoastal Waterway system and the Currituck County Regional Airport, the only Outer Banks airport serving regional jet aircraft, neighboring Norfolk International Airport.
Learn about cheap land opportunities in Currituck County, and other benefits of locating your home or business here, by downloading our free guide 5 Reasons You Should Be Thinking Currituck.