In today’s economy, there are so many options to choose from when deciding where to invest your money. The news is dominated by company stocks and cryptocurrencies that rise and fall by the minute. If your heart can take the stress, by all means, join the Wall Street venture with your money.
But if you’re looking for a reliably safe alternative, look no further. When it comes to smart investing, real estate and land have always been contending options. Unlike many companies in the stock market that produce products or offer services, the land is one commodity that is not being produced and never will be. There is a finite amount of land in the United States and as we grow as a country, that land will only increase in value as space becomes scarce. This fact alone makes buying land a good investment, most of the time.
But when is buying land a good investment?
When it comes to being smart with your money, understanding the real estate market climate and indications of where it is heading is going to be your first priority. Right now, housing prices are on the rise and the population of the Phoenix metro area continues to grow. With an influx of people, that means more space is necessary to accommodate. Land in and around Phoenix are starting to feel those effects. New amenities, housing, schools and more are needed when the population starts to grow.
Here are a few helpful tips to make your land hunt go a little smoother:
- Figure out what you want
While this may seem obvious to know what you are looking for before you start looking but so many times people begin looking without really evaluating what they are looking for.
The basic goal of an investment property is to buy it at a lower price than what you hope to sell it for in the future. Establishing a firm price and sticking to it can save a lot of disappointment and potentially costly mistakes.
While this is not as crucial because every piece of land is going to be different in both price and size. However, if you are looking to invest in a commercial piece of property vs. residential, then size will play a role in your search. Zoning- understanding the different zone classifications and how each can affect the value and appeal of a piece of land. Commercial, residential, industrial, agricultural or mixed-use are all different and should be understood.
- Location, location, location
These are the three most important words when it comes to real estate of any kind. The location will often dictate the price and the right location can outweigh the size or quality of the land. Depending on what your investment goals are, the location will most likely be the biggest component of your land venture decision.
- Figure out what you want
While these factors are important to narrow down before beginning your search, the most important and helpful thing you can do for yourself is to enlist the services of an experienced real estate agent. I have been serving the Phoenix, Scottsdale and Paradise Valley communities for nearly 20 years, so I truly understand the markets and where they are headed. My experience has led me to be named one of the top real estate agents in the country and I would love the opportunity to help find your ideal investment property or dream home. To start your search today, visit https://homesellerarizona.com/homes-for-sale-in-arizona/.