Buying land can be an affordable investment for you and your family now and in the long term.
Do you love fishing, hiking and camping? Purchasing land in a rural area may be the right move for you. Outdoor sports such as hiking, fishing and swimming can help keep you physically active. The long walk to and from that perfect fishing spot, the nature filled hike or soothing swim can help improve muscle tone, stamina and lung capacity. In addition to the physical benefits, health and wellness experts are telling us that spending time in nature can also improve our mental and spiritual wellbeing. Being in nature has been proven to lower blood pressure and reduce stress hormones and anxiety levels. Spending time in the great outdoors also enhances immune system function, produces increased feelings of self esteem and improves mood. A weekend of camping, swimming, fishing and hiking is also a great way to spend time bonding with your family. Strengthened family bonds and improved physical and mental wellness equals a huge ROI.
Things to think about if you are thinking of buying land for personal use alone.
– Are you and your family outdoorsy enough that you will be using the land on a regular basis? – Do you have the money to spend on an investment in which the ROI is strictly wellness and quality of life orientated?
You may wish to see a more money centric ROI from day one. If you are buying land as a getaway plan for you and your family, you may not want to sell to developers or develop any of the land yourself. If this is the case there is another option. You could give up your development rights and donate a conservation easement. Some non profits are even willing to buy conservation easements. This would protect the land from being developed, saving the land for future generations while still allowing your family to use the land for recreational purposes. You would also be eligible for some nice tax benefits that would ultimately leave you with more money in your pocket.
Things to think about if you are thinking of giving up development rights and donating a conservation easement.
- Are you passionate about conserving land for future generations?
- Are you certain that you would never want to develop the land yourself either for a home for you and your family or as a business such as a campsite?
- Are certain you will never want to sell or that future generations would not want or need to sell to a developer?
If monetary ROI is what you are looking for in a land purchase, you could choose to set aside some of the land to create a campsite or build cabins that you can rent to the public. This will cost you more initially but it will also put actual cash in your pocket on a regular basis. This development option creates a business for you and future generations but also requires more hands on attention. You would need to be available to maintain the campground and/or cabins and deal with any issues that arise. If this is not an option for you, then you would need to be willing to hire someone who would do this work for you. If being a hands on boss is not your thing but you would still like a monetary ROI then selling to a developer may be the right choice for you. The great thing about purchasing land is that there is not a lot of competition and it is a finite resource. As long as you have done your research of the area in which you plan on purchasing land, you can make a nice profit selling to developers looking to build homes, shopping areas or other businesses in the area.
Things to think about if you are thinking of selling to developers for profit.
- Do you have the time to research the areas in which you are looking to buy to ensure that the property is a good investment opportunity for yourself and potential developers?
- Is making money off of your investment your goal or is having an investment that you can pass on to future generations your ultimate goal?
Whatever your motivation, buying land can be an incredible investment. Whether you are looking to improve your families health and well-being, looking to conserve land and natural resources, or to be a part of the continued improvement of the surrounding community through development, purchasing land is an affordable opportunity you can’t afford to miss.