Top Reasons Why You Should Make Buying Land This New Year’s Resolution
2023 could be a great year for real estate investing. Rising property values mean you can expect to reap significant returns on your investment. And, with property competition increasing, land investment can give you an edge in the buying process.
Whether you’re investing in a rural property or buying a place to call home or a primary residence, buying land can be an attractive option. With little research and savvy negotiating skills, owning land can be an attainable investment.
Here are some key reasons why you should make buying land this New Year’s resolution.
Why 2023 Could Be a Great Year for Real Estate Investing
A real estate investment’s profitability is impacted by various factors, not only price.
Demand, cash flow, and borrowing costs are other significant variables that directly affect the return on investment. But a significant factor in the equation is the cost. Although prices are rising, many housing experts believe they will begin to fall in 2023.
There has been a noticeable drop in demand, reducing market competition. Additionally, there has been a significant increase in inventory, which has slowed the rate of home price increases and is anticipated to continue in the coming year.
All indications point to a slowing housing market in 2023, which may or may not be accompanied by a recession. In other words, it can be a great time to acquire land properties at a more affordable rate.
Top Reasons to Make a Land Purchase This Upcoming Year
For many reasons, buying land this following year is a great opportunity. From attractive prices to more favorable buying conditions, investing in vacant land could be one of the smartest decisions you make in 2023.
Here are some top reasons why purchasing a land parcel now is a smart idea:
Real estate investments in 2023 could mean buying vacant land at a discount. With land sales slowing down during winter months, prices are more attractive than ever, and buying land now could be a great way to save money on your investment.
Less Competition for Raw Land
Unlike buyers of an existing house or home, which are active types of real estate all year round, people are more reluctant to make raw land purchases in winter. Buyers consistently view winter as an odd time to invest in land properties, so the competition may be less intense during the winter.
People prefer to stay inside during the cold months because many of the lots are beyond the city limits, which reduces competition and increases the chances of finding undeveloped, raw land that suits your needs.
During the winter months, many potential raw land properties are posted but fail to attract the attention of average investors who don’t search around carefully.
Land Owners Are More Willing to Negotiate
Landowners who advertise their cheap land for sale around the holidays are likely to be having discounted sale campaigns and are willing to work with you on the purchase price.
They can’t wait for the brisk spring or summer buying season of real estate, as evidenced by newly listed properties and those that have been on the market for months. As a result, your chances of winning a lower price than market value are higher. Here’s where DiscountLots comes in! We are offering a 15% sale of all properties sitewide! Use the Promocode Bellow:
You’ll Have Plenty of Time to Sort Things Out Before Construction Begins
Winter is a popular time for builders to start new construction projects. There are many things that must happen before the actual building process can start. It would be important to do due diligence before planning to buy land lot.
The colder months are perfect for gathering all the necessary blueprints, permits, HOA permissions, and construction loans, surveying and marking the building envelope, clearing the property, obtaining utilities, and other steps that include checking out zoning rules, working with the local government, banks and construction professionals.
If there are any issues with zoning restrictions, construction loans or the resources on your future development, now is the best time to take care of them before you start working on your dream home.
You Can See the Lay of the Land
When you buy land at the beginning of 2023, you’ll automatically have the chance to see the area around your future house in a very different light throughout the winter than you would on a warm summer day because of how the earth rotates, which shifts where the sunrise and sunset occur.
You’ll get a much better view of the property lines and any unique features the property may have once the leaves have fallen off the trees, as well as make sure your piece of land has a wide enough road access.
It’s certainly easier to see things like streams, waterfalls, outcroppings, beautiful granite rocks, old trees, and more. For instance, the cleared viewpoint will make it easier to see how you could position your future home on the land to best take advantage of natural sunlight. Or, perhaps, you don’t want the winter light beating down through your kitchen window.
You Can Confirm Firsthand That The Plot is Accessible in Winter
By looking at rural land in the winter, you can feel more confident that there won’t be any severe weather-related issues hindering your ability to enter and exit your property, and that there is always road access for heavier winter mechanization that would clear out the snow from your piece of land.
Although it isn’t always the case, some purchasers still think that living in the mountains would mean being cut off by huge snowdrifts and unplowed roads. A trip during the height of winter is the only way to truly appreciate how little and fleetingly the snow covers the area.
Flexible Options for Cashing Out Taxable Income
Interested in selling investments to fund a down payment? Discuss the effects of that withdrawal on your taxable income and your tax bracket with a tax expert. To lessen the effects, you might opt to take some out this year and the rest after January 1.
You Could Start Your Investment Earning Potential Now
Land investment can start earning money right away in several different ways after purchasing. Oftentimes, a rural property has timber that may be quickly cut for a profit, then replanted to start the timber investment process all over again.
Some areas of pine trees can be raked to make pine straw, which can then be sold to landscaping businesses. Farmland can be easily leased to farmers and is a fantastic investment if you find yourself having more land than you need.
A landowner can also enter into many other forms of leases to generate income, including hunting leases and even leases to solar energy businesses, which use the property to generate electricity. Until you buy your own property, you won’t be able to start making money off it.
Everyone Is More Committed At the Beginning of the New Year
When the skies are clear, the sun is shining, and the weather is nice, many landowners still prefer to list their property for sale. Buyers are aware that land owners during the winter are often the most motivated and is easier to make a good investment by purchasing land.
Winter is a more dedicated time for owners; thus, buyers shopping for properties will notice this. They won’t be opportunistic property owners who test the market while unsure of their true desire to sell.
Quite the contrary, they intend to make a profit and are ready to adapt to the market. For purchasers, snowy, chilly days can mean that fewer other bidders are out on land search and fewer may also show up on the auction day, so the price to buy land may be quite reasonable.
In the same vein, people looking to find land and brave the freezing temperatures to attend inspections are probably more committed to buying than tire-kickers. They might be moving for work or seeking investment tax savings towards the end of the year.
You Can Start Making New Memories With Your Loved Ones
We all enjoy creating memories with our family and friends. And what better way to do that than on your raw land piece of property?
When you own a piece of land, you may start spending time there right away doing activities like camping, ATV riding, hunting, and fishing.
The memories you will create over a single campfire will last you a lifetime. Use land ownership to your advantage and start making lifelong experiences right away.
Land Is a Scarce Resource
The classic quote from Mark Twain goes, “Buy land, they’re not making it anymore.” The truth is that the most sought-after property types are already quite rare. They are becoming more difficult to locate yearly than developed properties.
For instance, riverfront real estate is highly sought after, and every year new river tracts are included in programs that take them away from the control of regular landowners.
Almost all types of land sold more quickly than they did the year before. This demonstrates that it might already be too late if you put off buying that parcel you’ve been eyeing.
The bottom line is that investing in undeveloped land this upcoming year can be an incredibly rewarding experience. Not only are you investing in a tangible, scarce resource, but you’re also buying into the potential of new experiences and memories to come.
Prices may not stay reasonable forever, so if you’ve got your eye on a particular parcel of land, now is the time to act.
If purchasing land in the new year is something you’re interested in, Discount Lots can help. Our team specializes in buying and selling land at discounted prices. Additionally, we sell directly to you — there’s no real estate agent or any third party, which is perfect for those looking to get the biggest bang for their buck.
What is more, we offer flexible payment options and owner financing. That means you won’t have to wait to get approved for a raw land loan! We operate completely different than a traditional lender, so no financing options are needed! Plus, we’ll guide you through the land-buying process and ensure a successful transaction.
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