Before purchasing undeveloped land, it is crucial to take into account the amenities and luxuries available nearby. The proximity to infrastructure, daily conveniences, and special luxuries will impact the value of the property. Individuals seeking a secluded lifestyle must have easy access to well-kept roads, schools, hospitals, and utilities. Likewise, investors in land should be on the lookout for neighboring developments that could drive up property values and zoning regulations that may draw in interested buyers. Prior to finalizing the purchase of a plot of vacant land, thoroughly examine the surrounding area for these amenities and luxuries.
Luxurious Properties and Upcoming Developments in the Vicinity
To enhance the potential for profitable returns on your land investment, consider acquiring a property in close proximity to high-end residences or upscale developments. The value of your land is likely to increase if it is situated near million-dollar homes compared to areas with more affordable housing options.
A similar principle can be applied to investors interested in raw land. Purchasing undeveloped land near industrial areas with attractive leasing opportunities may attract commercial real estate investors seeking to construct rental spaces.
Preserving Nature: Public Land and Conservation Areas
Many individuals are interested in acquiring land close to public lands or conservation areas. Having a portion of your potential property adjacent to government-managed land reduces the likelihood of future development.
Such land not only provides enhanced privacy, natural beauty, and access to free camping but also naturally restricts the availability of similar land parcels in the vicinity. By managing the supply of undeveloped land near a protected zone, you enhance the probability of high demand when the time comes to sell.
Being situated near protected land does not guarantee that neighboring lots will remain undeveloped. Open spaces overseen by federal entities can still be sold or transferred, albeit requiring multiple votes for rezoning.
Exploring Restrictive Zoning Regulations
Public land is not the sole type of land that is resistant to development. Various types of land zoning, such as historic, agricultural, and rural zoning, have specific regulations that make it challenging to alter the underlying zoning, thus regulating urban buildout.
Individuals purchasing vacant land for custom construction will find these zoning regulations beneficial, as they allow for the enjoyment of a new home without the disturbance of nearby construction activities.
Not all land buyers aim to live off the grid permanently. Many acquire land with the intention of selling it to developers. In such cases, it is advisable to acquire a parcel zoned for the desired type of development.
Keep an eye on residential, commercial, and industrial real estate trends. That way, you can buy land for cheap and sell it a few years later when development expands beyond the nearest city.
Ensuring Access to Water: Nearby or On-Site Sources
Water is a valuable resource, no matter where you purchase land. However, a parcel with an existing water source may have a higher value than a neighboring vacant lot without one.
Plots of land that are included in the municipal water supply are slightly more convenient than plots that require well water. People buying land for personal development can rest assured that they won't have to go through the permitting and planning processes required for building a well. Investors can use municipal water supply as a selling point for future developers. An existing water well can be a luxurious perk for people buying land.
At the very least, buyers should ensure that the plot of land is eligible for well construction. If you're considering purchasing raw land, check with your state's water resources board to see if any other environmental factors could limit your ability to drill a well.
Municipal Sewer System
Most people wouldn't think of living close to a sewer system as luxurious, but land investors know better. Like water availability, having municipal sewer lines nearby can make a big difference in the development value of a plot of land.
If you're looking at undeveloped lots, check to see if there are any municipal plans to expand the sewer system into that area. Even if there's no such plan on the horizon, it may be possible to connect to the existing sewer system with a private line.
Septic systems are the go-to option for many landowners. Having one on-site at the time of purchase can set your investment up for success, too. Installing a septic system is a costly and time-consuming process that many prospective buyers will be glad that they don’t need to bring utilities to vacant land they’ve purchased.
Enhancing Community Infrastructure: Hospitals, Schools & Accessible Roads
Hospitals near land
The quality of schools and hospitals in an area will have a big impact on property values. Families with young children are especially sensitive to the quality of schools. They'll be looking for good school districts when they start their home search, and they'll be willing to pay a premium for a home located within those boundaries.
Hospitals shouldn't be overlooked, either. Living close to a top-tier hospital can provide peace of mind and increase property values.
Finally, drivable roads are a must for many property owners. Snow removal, pothole repair, and regular street resurfacing are all services that keep roads in good condition and improve your quality of life.
Prime Investment Opportunity: Vacant Land Near Premier Amenities
Before you purchase a plot of land, do your research to ensure that the location has certain luxuries and amenities that will maximize its value. Proximity to high-value developments and desirable zoning types can increase property values for all investors. Finding an area away from urban sprawl is ideal for many buyers, but all land investors can benefit from nearby schools, hospitals, and high-quality roads. The most valuable luxury near your plot of land is anything that increases the value of your investment.
