GMAC Real Estate - Investing in Lots and Land: What to look for in Lots and Land
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What to look for in Lots and Land

Takeaways

  • As with any real estate location is key when buying lots and land.
  • Keep your short and long-term goals in mind when investing in land.
  • Understand how the size of the property affects your usage rights.

Did you know?

  • Be sure to look into any zoning restrictions attached to the property.
Keep your goals in mind when looking for land to buy. The old real estate maxim "location, location, location" is a good starting point when you're looking for lots or land.

Consider your short-term and long-term goals as a prospective land purchaser. What kinds of zoning restrictions are there? Is this land you want to keep and hand down to your heirs - or are you seeking to turn a quick profit on the purchase?

How big is the parcel? Size determines property usage.

It's always a good idea when thinking of land investments to enlist the aid of a professional real estate agent who is a member of the Multiple Listing Service (MLS) (link to MLS advice). Then when you talk with your realtor, the more specific you are about your goals and requirements for land purchase, the easier it will be for him or her to tap the resources of the MLS for tracts of and that meet your needs at the best possible price.

Learn More About Investing in Lots and Land

To learn more, explore the advice on Lots and Land Investment in this section of our site. To search for lots and land in your area, please visit a local GMAC Real Estate office's web site to search for available properties, and to find a Real Estate agent that can discuss opportunities for investment.