Most people are knowledgeable about the benefits of investing in homes or commercial properties, but not everyone understands the value of Central Florida land. Land is limited in supply, which means it’s an appreciating asset and a highly effective way to diversify your portfolio. There are many benefits to owning land and multiple ways you can earn a significant ROI. Below, we’ll share how you can unlock the benefits of this valuable, yet often overlooked asset as well as a few tips on how you can start investing today.
Benefits Of Investing In Central Florida Land
Purchasing land at the right price is the key to maximizing your return. Working with a good real estate agent that specializes in land transactions is the best way to ensure you’re getting a good deal. If you can grab a lot for a good price, below are some of the major benefits of making an investment in Central Florida land:
- It Requires Very Little Work
Owning vacant land requires very little work or maintenance. Unlike a rental property owner, you won’t have to worry about expensive repairs. The most you’ll need to worry about is minor landscaping (and this is dependent on local municipal code). - You Can Add Income Streams
Land appreciates over time, but that is not the only strategy for driving a ROI. You can also transform your land into a business. There are literally dozens of ways to make money from vacant land, which can help drive more immediate revenue. Having the ability to stand-up a new income stream can be especially useful during retirement. - Land Use Is Flexible
Your land doesn’t have to sit vacant. Even if you don’t plan to run a business, you can use it for personal storage, residential development, or hunting and recreation. It’s your land, you can do what you want with it! - It’s A High Growth Area
Few places are seeing high-growth and demand for land quite like Central Florida. Because of the beautiful weather, the booming economy, and the easy access to Orlando and Florida beaches, you can expect your property to appreciate faster than land in other areas of the country.
Tips For Investing In Central Florida Land
Many people like the idea of investing in land, but they don’t know how to get started. The process doesn’t have to be intimidating. Below are some tips on how to begin:
Be Clear On Your Goals
Before you start your land search, take some time to set your objectives. Are you looking at this exclusively as an investment? Or do you plan to use the land too? It’s a good idea to set a budget and build out a long-term business plan, especially if you’re planning to finance the land purchase.
Choose A Good Land Agent
Land purchases are a lesser-known area of real estate. In some ways, they can be more complicated than buying a home. Choosing an experienced land agent is the best way to ensure you’re investing in the right property. An agent can help you find a property that meets your goals, negotiate a deal, and navigate the closing process.
Evaluate The Land
When deciding whether to invest in a property, there are a wide range of items to consider. Zoning, utility access, easements, and construction feasibility all must be taken into consideration. Your agent can also help you identify a property’s best traits.
Consider The Area
Location, location, location — whether you’re buying land or a home location is always one of the most important considerations. Buying land in a high-growth area can really drive a significant return over time.
Shop For A Lender
If you’re planning to finance your land purchase, finding a lender that offers competitive rates on a land loan is the next step. Your land agent can recommend local or national lenders that specialize in land.
Land in Central Florida can be a vehicle for long-term wealth, and buying it doesn’t have to be complicated. Palmetto Realty is highly experienced when it comes to land transactions, and we help our clients invest in valuable real estate every day. If you’re ready to start the process, give us a call today.