In most cases, a person will buy a lot that has a house already built on it. This may be preferable because it generally takes more time and money to build a house as opposed to buying an existing one. However, there may be times in which buying an empty lot may be beneficial.
Land Values May Increase
The value of land may increase whether or not a home is built on it. This may be especially true if you have purchased that land near a lake, beach or other scenic area. The reason is that people enjoy having unspoiled land to fish, hunt or otherwise enjoy for the scenery it provides. Lot values may also increase during times of strong growth in the housing market as developers and home buyers look for new or relatively inexpensive land to build on.
You Can Build a Variety of Structures
Depending on … Read More