The Hidden Perks of Buying Vacant Land

Are you looking for a great investment property? Do you want to build your own home? Are you not sure where to start your real estate journey? If the answer is “yes” to any of these questions, it might be time to consider buying vacant land. Believe it or not, there’s still plenty of open space around South Florida—and there are a few hidden perks you’ll want to know about before you buy.

It’s more affordable

Dollar bills

As home prices keep rising, vacant land remains a more affordable option for South Florida buyers. Buying an empty lot is a lot less expensive than you might think, and there really is something to suit every budget.

Let’s take a second to break down the numbers. The average home in Miami-Dade County sells for around $290,200, and the average list price has climbed to $409,415. However, vacant land often sells for half of that price…and you can even get more acreage for a lower price.

You get more options

Person planning on buying vacant land

Whether you’re a commercial real estate investor or a buyer looking to build a home, you’ll find plenty of options when you invest in vacant land. If you can dream it, you can do it—and all it takes is a fantastic agent to help you find the property of your dreams.

As of early 2020, there is around 1,000 residential and 5,000 commercial acreage currently available for development in Miami-Dade County. That means you’ll have plenty to choose from when you begin your search for the right plot of land! From there, you can connect with a builder to craft a property that truly suits your needs.

It’s a fantastic investment

Steps to buying vacant land

Vacant lots in South Florida have appreciated dramatically over the last few years, which means now is the time to make an investment. Even if you don’t quite know what you want to do with your lot, you’ll likely gain money whenever you go to sell it.

Wondering what kinds of features offer a bigger return? You can never go wrong with waterfront properties, as buyers are almost always willing to pay a premium for stellar views. Lots on golf courses also enjoy a higher than average appreciation rate, as do plots on a level piece of land.

You have direct ownership

Cash book with dollar bills and house figure

Most real estate transactions involving an empty lot are a cash deal—and that can come with some pros and cons. Although it is a larger investment up front, you won’t be taking out a mortgage to pay for it. That means you won’t have a loan hanging over your head, and you’ll also own the land free and clear.

Every deal is different, so be sure to negotiate terms that you’re comfortable with. Either way, not having a mortgage means you can spend your money elsewhere—and you can even start building your next home.

Buying Vacant Land? I Can Help!

Buying vacant land in South Florida requires the guidance of an expert, and I’m here to help! I’m Scott Patterson, and I’ve been buying and selling vacant land for years. I’d be honored to be part of your next real estate adventure—just give me a call with any questions and check out my latest listings for more details.

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