One of the oldest tips/jokes in real estate is, “Always invest in land—they’re not making any more of it!” While an old and familiar line, there is some truth to it. Investing in land can be one of the smartest things you can do, depending on where you live, and it can make a very interesting addition to your portfolio if you’re smart and do your research. A vacant lot purchase in Alpine, TX might be just the thing to diversify your holdings and make your real estate investments all the more attractive. Our team has put together some quick tips for you to keep in mind as you begin exploring the world of land purchases:
- Location, location, location: The very first rule of real estate is all the more true when you’re purchasing undeveloped land in Alpine, TX or elsewhere. You want to make sure you’re selecting land in an area that is currently desirable, will become more desirable or will become desirable one day. This requires time and research—it’s not a decision you want to rush, and it’s critical to take your time as you look into these matters. You will be glad that you laid the groundwork for sound planning.
- Be prepared for costs: There are a number of costs to consider when you look into a vacant lot purchase in Alpine, TX, and our team at Carpenter Real Estate can absolutely help you navigate these waters. However, you should be prepared on your own terms to some extent. For example, you will likely want to look into title insurance, which offers you significant protections in the event of liens or other legal matters. You might also want to look into a land survey, which can give you a better idea of the parameters and challenges. These potential hurdles are just a few you need to consider.
- Know the utilities: You will want to have a good idea of the utility situation when you look into potential properties. If you’re looking to just keep it vacant, then this will not be an issue, but if you want to eventually build, you need to consider these critical elements. Sometimes places will already have utilities installed, which can save you a lot of headache, but if not, you want to look into issues like water and sewage. It’s possible that your land will need a septic system if it’s far away from municipal sewer operations, for example, which can be a significant cost.
- Flooding: If you’re interested in a vacant lot purchase in Alpine, TX, you want to make sure your assessment of the land includes the potential for flooding. Floods can be disastrous, so use all of the resources available to see if it could be a factor on your potential plots.
Looking into vacant lot purchases can be a savvy move on the part of a smart real estate investor. You can project your own fantasies and dreams on to a blank canvas, but you want to make sure that you’re going in with your eyes wide open about potential expenses and challenges. Reach out to the experts at Carpenter Real Estate for additional information and advice.