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 local laws and ordinances, it may be possible to build a number of structures on your vacant lot. For instance, you may choose to buy a trailer and keep it on the lot, and you may also want to look into building a tiny home on it as well. Tiny homes are generally 500 square feet or less and may be created for $50,000 or less. Of course, you can always choose to do nothing with your land until you are ready to build on or sell it.
Design Your Home From Scratch
If you do decide to build a more conventional home on an empty lot, starting from scratch can offer many different benefits. For instance, you can design every feature of the house such as how many bedrooms it has or what materials the kitchen tiles will be made from. You can also put a pool, hot tub or other outdoor feature in an area that is easy to access yet is far away from trees and the leaves that drop from them.
There is Less Competition to Buy Vacant Lots
One of the pitfalls of trying to buy a home or other existing property is that many other people may want that same property. This creates a bidding war that usually results in a higher purchase price. By paying more than a home or commercial property is worth, it may reduce its profit potential.
However, there is generally little or no competition to buy vacant lots of land. Therefore, you stand a better chance of getting the lot that you want without paying too much for it. Real estate agents may be able to help you learn more about empty lots for sale Wisconsin or elsewhere in the country.
Those who are interested in building a home or something to invest in should consider buying empty lots. They offer a lot of potential for price appreciation, and they also provide flexibility to those who want to build a custom home. Affordable lots may be available in almost any market.