Buying land

Discussion in 'Buying & Selling Real Estate' started by Investor, Jan 10, 2015.

  1. Investor

    Investor Well-Known Member

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    Most people tend to buy a house, an apartment, or they rent a place until they have enough money to buy what they like. But, they never frequently buy just land. I think that buying just land as a distinct advantage as you can decide what to do with the land. Whether, use it as a dump, or, a business complex, or your home. How many of us here actually own just land?
     
  2. My401K

    My401K Well-Known Member

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    Well it is not that simple just buying land. Not all areas will just let you do whatever you want, there are zoning restrictions in some places so even if you bought a lot of land there is no guarantee you could build whatever you wanted. the same goes for a buisness, if an area is zoned residential or agricultural you will have limitations, you might be able to put up a house and run a small business with approval, but you certainly might have problems if you were planning to build a factory or run a dump.

    I live in an area that borders the rural areas and the end of the suburbs in New York, it does not seem like a day goes by when we hear some news of someone wanting to do something on a piece of property and there being a zoning issue. case in point, the building next to me was a business, they sold it to someone that opened a retail business, the old business was a service business, an engineer. Now the new owner is discovering a major issue, parking! They have went to the town board to change the on street parking and were denied. How can your store thrive if there is no where for your customers to park? they should have researched their business model before they bought the property.
     
  3. Investor

    Investor Well-Known Member

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    Well of course, before one buys land one should always check the restrictions, or to use a legal jargon, the "burdens" that the land carries with it. Once you have done that, and you are satisfied with what you can do with it, one should really consider buying it. Well, that's what I would do. And, may be the authorities may deny me from changing the use of the land now, but, in the future, one cannot tell, it may happen that they do accept your bid. To be honest, in the many years past, not all business places were only for businesses, I'm sure homes could have been there, possibly a school. Who knows!
     
  4. shilpa123

    shilpa123 Banned

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    In my family, we usually prefer to buy land that have all the resources required. And in later years we build a house or a apartments that is going to be really useful and productive. We prefer to build rather than buy.
     
  5. tournique

    tournique Well-Known Member

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    Owning land is subject to certain building restrictions. Check your area and if you have a pretty much free for everything policy then it could be a good choice to buy the land and rent it out.
     
  6. crimsonghost747

    crimsonghost747 Senior Investor

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    Owning land only makes sense if you can turn the ownership into profit. So you need to be able to rent it out or use it for things such as agriculture.

    There are too many restrictions in my opinion, and you never know what the government decides to do, so the only land I'm thinking of owning is the lot for my future house.
     
  7. tournique

    tournique Well-Known Member

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    The land restrictions do not change very often and that doesn't make them less and less appealing to potential buyers.
     
  8. shilpa123

    shilpa123 Banned

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    Owning a land only is useful if you know how to make it profitable. I think it can be really useful when you have a wonderful time earning real money from the land you own and invest it in the right manner. I hope to own a land very soon.
     
  9. Muthoni

    Muthoni Guest

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    In my tribe it is very important to own land. I must admit that I have made wrong investments in the past and cannot afford to buy land at the moment. A friend of mine advised me to buy land a few years back when I had some money. I should have listened to her because that money is gone now.
     
  10. shilpa123

    shilpa123 Banned

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    I think it is quite difficult to get your property into an investment especially when you have to make the land into a beautiful property that people would actually enjoy buying. It is better to buy apartment.
     

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