buying a home from a distance

Cash Stash: The Case For Buying Land Before You Buy A Home

29 June 2016

Jeffery Wright

If you are having fun living the apartment life and most of your energy is dedicated elsewhere in your life, you may not be thinking about buying a home. If you are financially stable or if you have some savings, people may be pressuring you directly or indirectly to "settle down" and purchase a home. If you know that you will remain in your city and you have identified some neighborhoods that you prefer, it can be a good idea to invest in land prior to buying or building a home. Here are some reasons why you should purchase land even if you won't build a home for many years. 

Major plans can change

Life can change faster than you may think. You may find yourself getting married or having a baby well before you planned. Your parents could also fall ill and need to stay with you permanently or in order to heal. If you already own land, you can make the choice of building or buying a modular home to put on the land. Having a plan B to fall back on quickly can help you deal with life.

Financial stations change but, land is forever

As long as you continue to pay the taxes on your land, you can own the land forever. Depending on your industry and the economy, however, it may be more difficult to purchase land in the future. If you are aware of the city that you want to live in, finding a piece of land in a good neighborhood to hold "on ice" will make it easier to afford a home. You can later build a modest home or build a home little by little as you can afford it. Having this land offers you a series of options to exercise financially. 

You may receive higher offers in the future

If you live in a city with a large population, you may find that people can solicit the owners of land and homes while they are off the market. If you own a parcel of land in a desirable neighborhood, people may be interested in purchasing the land later on. If you sell the land for a higher price than first purchased, the money can be put into an account so that you can purchase the home of your dreams in the future. Depending on the worth of the land and how fast the population of your city builds, you may be able to sell the land for the price of a home itself. 

For more information, visit websites like http://www.cbgeorgerealty.com.

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