Often overlooked by real estate investors, buying land is an investment asset that offers a variety of methods to earn income and build long-term wealth. Including land as part of a well-balanced real estate portfolio is crucial for diversification, providing security against economic downturns that may impact one market sector. Unlike stocks, land is a finite resource that will always be in demand, and its equity is tangible and less likely to disappear overnight. In this article, we will explore five things to consider when purchasing land in Memphis.
Budget
You should understand your finances clearly, how much you can spend on the land and how much you’ll need on hand for development if that is the plan, and then look for property that works within your budget when buying land in Memphis. Working with a professional buyer like those at Memphis Home Buyers could help you save money on the purchase through savvy negotiations with the owner, and we never charge commissions.
Purpose
There are various reasons why buyers may be interested in purchasing land in Memphis, such as dividing it into residential lots or using it to expand their existing businesses and increase profits. Identifying your purpose for buying land in Memphis can help you focus on your target area and avoid unnecessary distractions. Consulting with experienced buyers, like those at Memphis Home Buyers, can provide valuable insights into the potential opportunities and benefits that land can offer.
Location
Now that you’ve clearly defined your intended purpose, the next thing you should look for when buying land in Memphis is the best location that fits your budget. Working with a professional buyer like those at Memphis Home Buyers means working with local pros who know Memphis to help you locate property with the proper zoning, utilities, access, and everything else you need to fulfill your goals.
Feasibility
When it comes to buying land in a competitive market like Memphis, a feasibility study can be an essential tool in identifying the most promising properties. By working with a professional buyer, such as the experts at Memphis Home Buyers, you can gain valuable insights into the potential returns on your investment dollars, allowing you to make informed decisions based on real data and analysis.
A comprehensive feasibility study involves evaluating various factors that may impact the success of your land investment, such as zoning regulations, environmental concerns, and potential development costs. This analysis can help you identify any potential roadblocks or hidden costs that could impact your overall returns and allow you to make more informed decisions.
Additionally, a feasibility study can help you determine the most effective use of the land, whether it’s for residential or commercial purposes. By analyzing market trends and demand in the area, you can gain a better understanding of what types of properties are in high demand and which areas have the most potential for growth.
Ultimately, a feasibility study can help you narrow down your options and make a well-informed decision that maximizes your investment dollars. By working with a professional buyer, you can rest assured that you have the most accurate and up-to-date information to make the best possible investment in Memphis‘s real estate market.
CAD
You should look for a professional to perform a CAD or a critical area designation study before you sign on the dotted line when buying land in Memphis. Otherwise, you may end up with a property you cannot develop. In addition, with a CAD in hand, you’ll understand your project’s environmental impact and have a plan to mitigate the damage. You’ll need this information before you can attain permitting. Working with a professional buyer like those at Memphis Home Buyers will help you take the right steps and help you understand the process.
You’ve taken the first best step by educating yourself about what to look for when buying land in Memphis. Your next step should be to talk to one of the seasoned experts at Memphis Home Buyers today about your goals for the land and how we can help you avoid making costly mistakes. Then, let the professional buyers at Memphis Home Buyers help you get started by locating the perfect land in Memphis to build your investment dreams. And don’t forget to ask about the current inventory at Memphis Home Buyers of the best investment land available in Memphis. Call Memphis Home Buyers at (901) 828-8419.