The ever so adventurous and nostalgic ride of life is flagged by milestones which leave indelible mark in one’s memory. Of the many, buying a vacant land for turning it into a home or a summer house might be considered to be the most exciting and soul-satiating process though tad bit daunting. Besides being a significant capital investment, the process of acquiring a vacant land for sale is no plain sail. From narrowing down the space to detangling the vacant land financing to finally closing the deal; the process is demanding, both in terms of time and understanding.
So it is only a wise call to sit down and ask yourself the following 3 questions before picking the place which you will end up calling home or a fun summer pad-
Are you financially ready?
Once you have sifted through the options and have nibbled away at the spaces in context of your needs, the most important question needs to be put to rest is how much money you can put in up-front and how do you need to plan for financing vacant land. One needs to take into account all the on-going financial obligations such as car loan, educational loan, healthcare etc. before putting in money for owning property. Having surplus fund at disposal can surely be put into a new space, still planning the A to Z of property financing surely ensures value of every penny invested.
Is it worth every penny you are putting in?
No matter the quantum of investment you are making, a financially sound decision is always gauged by the fact how much it can pay-back the investor. And not just in term of money! Surely, the selling price of the property is sometimes taken into consideration while buying a space, but more importantly it should tick-off the maximum number of checkboxes in your buying vacant land checklist. The neighborhood, basic amenities such as water and electricity, the development prospects etc. are something one has to take into consideration before buying vacant land. Additionally, climate of the place and its accessibility from main city/work-place needs to be factored-in for making a prudent call regarding the purchase. After all, nowadays, people do not buy space for house but home.
You might be looking for a home, a summer place or looking to flip around the space for a steady source of rental income; everything should be done with keeping in mind the degree of effort it needs and the time and focus you can spare to make your expectations meet the reality. Surely, you can narrow down on space and list down your needs in black and white, but can you keep your finances in line while investment? Can you take care of paperwork and zoning requirement while breathing life into the space and turning it into your home? This is where is you need some professional help who is already familiar with this type of environment.
So that is the long and short of it. Surely, there are other factors such as how often you will live in the house you construct on vacant space, how much you can spend on its maintenance and what is your plan with regard to the space in next 5 to 10 years which you need to strike-off before buying vacant land. But the above-mentioned 3 questions are something you just can’t afford to overlook when you are thinking of making home which is a right investment of your money, mind and soul. Happy home hunting peeps!