So the auction is over, the settlement is complete and you finally have that perfect piece of vacant land. Now the question is what should you do with it? Many people who buy land on Bid4Assets report having bought it for a fraction of market price. Buying land at a discount at auction leaves you more capital to develop or otherwise improve the land for profit.
A new piece of vacant land is a blank canvas, often with many unique possibilities. Some investors want to resell their property (either on Bid4Assets or through an agent) for a profit. Others may plan to build their dream home or a rental property. Regardless of what your plan is, the most important thing is to have one. With that in mind, here are just a few ways you might put your land to good use.
The #1 reason people invest in land is for development. Whether you want to create a dream home for your family or develop something you can sell for maximum profit, don’t let your investment sit unutilized. Your local chamber of commerce may be able to help you find local real estate developers and home builders.
If you’ve bought vacant land located within walking distance of a major attraction, such as a sporting arena, a theatre, or a popular downtown area then you control a space where people frequently need parking. Check with the county planning office to see if parking (be it event parking or ongoing) is an acceptable usage for the property. Land can be easier to rent than homes and commercial buildings as it requires the most basic amount of maintenance.
When possible, renting land is a great way to produce income while your property appreciates. Properties can be rented to campers, for parking, or for an assortment of commercial uses. It’s important to check with the county to make sure any land usage confirms with the zonings and that you have any necessary permits.
No matter what you ultimately choose to do with your land, the most important thing is to do your due diligence and have a clear plan. We love to hear from our auction buyers, if you have a great land success story, please email us at [email protected] and tell us about it!