When it comes to investments, many people don’t even consider land because they assume they don’t have the finances to cover something like property. However, you may be surprised to find that land can be affordable!
Depending on what type of land you’re looking for, there are likely more options available than you could have imagined. Are you looking for cheap land in the U.S.? Here’s what you need to know.
How to find cheap land in the U.S.
Before you start your search for land, it may be helpful to know just what factors go into the pricing. For starters, land prices may vary depending on the acreage, soil type, terrain, access, location, and availability of neighboring land.
There are so many factors at play, and everyone is looking for land for many different reasons, but having the above characteristics in mind can help you as you begin your search. Now, where can you find cheap land? You can work with an accredited realtor to find off-market listings, search for sale by owner listings, or even do your own research through online platforms like Land Hub, which offers tons of resources for buyers.
The cheapest states to buy land
While this list is ever-changing, the current trends suggest a handful of states have the most affordable land for sale. While the term “cheap” may be relative, a few sources, like Investopedia have ranked states in the U.S. as being more and less affordable to buy property. At the top of the more affordable list are Tennessee, Arkansas, and West Virginia.
Other Southern states like Alabama and Mississippi have cheaper properties available. Keep in mind that buying land near popular tourist areas will generally be more costly but can also offer a higher ROI.
Regardless of your intentions for buying land, you’ll want to do your research on the property you’re about to purchase. No matter the plans for your land, if you only make an offer on a property because its price is low, then you may end up paying more in the long run.
Special considerations when buying cheap land
Land can be affordable and a wonderful investment, and there are tons of factors that can make owning property a reality for nearly any budget. However, you don’t want to enter into any purchase blindly, and taking the time to do your due diligence can help you avoid more costs down the line.
- Look at similar properties around the area. How are they priced? What are the differences between the properties? Consider why one may be priced much lower than the others.
- Research zoning restrictions and regulations, especially if you have special plans for the property.
- Land can be priced differently for many reasons. Sometimes people inherit land that they’ve never even seen and simply want to get rid of it.
- Does the area susceptible to any natural disasters or phenomena? Depending on where the land is located, you may have to worry about wildfires, floods, or even tornadoes.
- Are utilities accessible? If you are looking to build a home or even place an RV or tiny home on this property, you will need certain utilities to make it livable. Ensure that the land has access to water and electricity.
If something seems too good to be true, it probably is. Don’t get distracted by a low price point – do your research and make a wise decision. With all of this in mind, it’s a great time to start looking for the land! Check out Land Hub’s listings to see if there are any available properties in your budget. Filter location, property type, and even budget to save time!
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