Why Buying a Vacant Lot Would Be the Perfect Father’s Day Present
With Father’s Day fast approaching, you must be thinking about what to get your father figure. If you’re tired of conventional gifts and you’re looking for something that will last a lifetime and make this experience more meaningful, consider buying him a vacant lot of land. Not only will you be gifting him a finite resource whose value could appreciate with time, but there are plenty of ways your dad could use this gift and enjoy it.
Join us as we explore all the reasons why buying land would be the perfect Father’s Day present.
It’s a Relatively Inexpensive Gift
Gifting a vacant lot doesn’t mean you need to break your bank. Quite the contrary, land investment is less expensive than buying a house or another building. Of course, there will be high costs if your father intends to develop the land in the future. However, it’s pretty affordable to buy it, especially if you know the tips and tricks on how to buy cheap land for sale.
Land Is an Inexpensive Asset to Own
Owning vacant lots of land is pretty straightforward – there are no utility bills your dad will have to worry about and no hidden costs. Also, property insurance is not required, and even if he decides to purchase it, it’s a low-cost option with property taxes being fairly inexpensive. Moreover, no maintenance is required yet your dad can still sell the land at a higher price in the future.
Land Investments Steadily Appreciate
Gifting your dad a vacant lot of land is far less risky than buying him stocks, for example. The land won’t vanish or lose its value overnight. Regardless of the state of the global economy, land value continues to rise. Before buying the vacant land, research the location and nearby properties, as well as the allowed types of land use. It’s also important to consider your dad’s intended use when choosing a site. Before buying land, talk to your dad about his plans and get information about what the land can and can’t be used for.
For instance, purchasing a piece of land in a developing neighborhood would be ideal, especially if your dad’s primary goal is to see the value of the land increase over time. Likewise, buying undeveloped land with plentiful access to natural resources such as grass, air, and sunlight could be a great deal if your dad wants to earn some extra cash.
It Can Be A Great Source Of Passive Income
Money earned in other revenue streams is referred to as passive income. Such income needs either a one-time or minimal effort. A piece of land is an excellent example of a passive revenue stream. You could acquire land, gift it to your dad, and have him see the land appreciate without doing anything to earn money. Alternatively, your dad may use the vacant land in various ways, including renting raw land to other businesses or developing a tourist attraction on the property. He could even decide to sell the land later, which is another way of earning passive income.
Land Gives Freedom
Some investment options might be very limiting. With raw land, on the other hand, your dad can do anything he wants as long as he respects any local government laws. Again, the key is to examine your dad’s wishes and look for the most suitable piece of land.
For instance, if your dad loves fixing and flipping, you may look for undervalued properties. He will be able to rehabilitate the land, build a house, sell, and make a profit. On the other hand, if he’s dreaming of owning a large property where he could arrange camping and recreational activities for the whole family, you should look for plots of land close to city parks.
It’s A Great Retirement Plan
Real estate is a long-term investment. As time goes on, your dad will accumulate more equity in your property. When he reaches or approaches retirement, he could sell the property and use the proceeds to fund his retirement. If he rents the parcel of property out, the rent should cover other expenditures, allowing him to save for retirement without contributing money each month.
That being said, if your dad has such plans, he should consult a tax expert before selling the property to ensure that his tax liabilities are as low as possible. He probably won’t qualify for capital gains exemptions because it’s not his primary residence, but there are other methods to lower the tax bill.
Land Is a Gift that Keeps on Giving
Purchasing land is one of the most profitable investments a person can make. Purchasing real estate for your dad could be the best decision you ever make for him. Not only will the land appreciate over time, but your dad will be able to pass it down to their children, who will reap the same benefits. So, the land is definitely a gift that goes on to be given to future generations.
Do you like to surprise your loved ones? Do you enjoy surprising people with gifts? There’s no need to wrap this gift. Just place the deed in a little box and hand it to your dad. It will surely exceed his expectations when he finally finds out what you’ve given him!
By giving your dad the gift of land, you are giving him much more than just a piece of real estate. You’re providing him with an investment that will only grow in value over time and a world of possibilities. The greatest benefit of property ownership is that your dad can do whatever he wants with it. He can build a beautiful home or even apartments on it. Likewise, he can build business offices if the area is classified commercially, or start a ranch if the site is zoned agriculturally. Even if he leaves it alone, the land’s value will appreciate, becoming an excellent retirement asset.
If you’re looking for the perfect vacant land, contact DiscountLots — we have the best selection of properties at competitive prices!
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