TODAY I'M OUTSIDE

September 2, 2020

6 Benefits of Owning Land

Written by

Daniel Wade

6 Benefits of Owning Land | Today I'm Outside

6 Benefits of Owning Land

While many may see vacant land as something that needs to be transformed into something else before it serves any purpose to the owner, there are actually many benefits to owning land that reveal themselves with only a little bit of digging. Regardless of any fixtures on any given plot of land, or any development around it, land itself has become a solid asset for a variety of reasons. As investment in vacant land has risen in popularity, many people are wondering exactly what some of the benefits to owning land are.

For those who would like to know more about some of the many reasons you should consider owning land, we've compiled a list of 6 unique benefits to land ownership that you might not be aware of. If you're someone who has been debating whether or not to invest in a plot of land, this list may be the tipping point you need to finally decide in its favor.

Owning land poses many benefits to the owner, some of which are practical and some of which are monetary. Many people view buying and selling land as an avenue to make extra money, while others view having extra land on hand as being useful for either storing other property or camping. Finally, many see vacant land as a place to develop and move to after they retire, providing an oasis for the future that helps keep them motivated through their working days. 

Table of Contents:

6 Benefits of Owning Land

1. Land Provides the Owner with Extra Storage

Quite possibly the greatest thing about vacant land is that it is property you can ostensibly do whatever you want with. So long as there are no specific rules and regulations put in place against it, vacant land can provide an excellent place to store trailers and recreational vehicles. As well, you can cheaply build a large storage shed on your land and use it to store whatever you want.

With the price of developed land, and land overall, always increasing, having your own undeveloped land to store your extraneous property can make a huge difference, especially for those people that have a good deal more stuff than they know what to do with. Having your own land will make it so you don't have to resort to third-party storage units for extra space-- and you may even be able to flip the land back to a third-party storage unit for a profit once you're done with it.

2. Owning Your Own Land Gives You a Place to Go Camping Whenever You Want

For those who like to go camping often, the luxury of having your own reserved spot 24/7 any day of the year can't be overstated. Owning your own land makes going camping on a whim a breeze, as you can simply pack up all your stuff in a jiffy and head out to your own private lot without worrying about crowds or reservations. As you choose your land and what's on it, you can optimize the choice to best suit your camping wants--- you can buy land next to a river if you're a fisherman and even build yourself a nice brick fireplace that blows the rickety metal ones in commercial campsites out of the water.

When you're camping on your own land, you don't have to worry about having enough parking spots for all your vehicles, as the entire land is your parking spot! And you don't have to worry about anyone coming up and crowding your space or blasting loud music because you own the land, giving you all the peace and privacy that you could ever ask for. Camping on your own land is a much different experience than camping in a populated camping spot, and much more similar to camping out in the woods or the forest.

Many people will even choose to leave their recreational vehicles at their vacant land so all they have to do to go camping is pack their bags into their everyday vehicle and make the drive. This can save a lot of time and hassle, turning your vacant land into essentially a permanent fully-furnished camping home. Some people even go a step further and have small log cabins erected on their land that serve as luxurious off-the-grid vacation homes and possible places for retirement (but more on that later). 

3. Vacant Land Doesn't Require Any Maintenance

As far as investments go, there isn't much that you need to do with vacant land in order to maintain it. Whereas businesses and other ventures can require constant upkeep and staff, vacant land will typically remain in it's potential state the same as the day you bought it regardless of how often you visit it. Because of this, you could spend the majority of your time thousands of miles away from your vacant land and still reap the benefits of it. As well, you could potentially buy and sell land without ever even seeing it for yourself!

For those who want to invest in something where there is little to learn and little hands-on maintenance necessary, investing in land is the perfect stepping stone. Given that there is little to no work involved in regards to maintenance, land investment is the perfect side-hustle on top of your day-job or other avenue of work. Investing in land may require some overhead capital, but that's just about the only hurdle you'll need to overcome.

Since there are no developments on the land, there are no assets that can degrade overtime and cause the value of the property to wane. The land will simply sit as it is until the right buyer comes along with the right plan to develop. You don't have to worry about things being stolen, broken, or vandalized, and you don't have to constantly monitor or reevaluate your investment.

As well, unlike other investments such as residential buildings and businesses, you don't have to worry about dealing with people. You don't have to upkeep the buildings or worry about collecting rent, and you don't have to constantly renovate in order to compete with other properties. With vacant land, the investment stays safe and secure without you doing much of anything.

4. Vacant Land Is Cheaper and Easier to Purchase

Once again, the lack of development on vacant land stands as both a pro and a con. Oftentimes, the cons may outweigh the pros for the seller, giving the buyer a great deal. Sellers rarely ever have emotional attachments to vacant land, which means that the value of the land is determined on a purely logistical basis. As well, the fact that vacant land hardly ever inspires passionate bidding wars (as it's all essentially the same to most people) means that you can oftentimes get vacant land for even less than a more ideal value of the property.

In fact, many current owners of vacant land are incidental owners who inherited it from a family member or separate transaction. These owners may be effectively oblivious of the land, and might be liable to sell it off for practically nothing. Those who are savvy and know where to look can find some incredible deals when it comes to vacant land that can't quite as easily be found with more developed properties.

Given that vacant land is oftentimes cheaper than developed land, many buyers are able to buy a lot of vacant land outright with their own money. When this is done, there are no mortgages involved in keeping the land. As well, the fact that vacant land has no development means that there are little to no bills to pay, with no utilities to speak of and property taxes being barely existent.

5. Land Is a Limited Resource

The most valuable thing about land is that there are limited quantities of it available-- you can't produce land in a factory. That means that, no matter what, land will also retain its value, and generally even grow in value without you having to worry about it. This is true regardless of if the land is developed or not. Because of this, there are few investments that are considered quite as secure as land is.

While the low-risk involved in investing in land also means you aren't liable to make it rich quickly, patience and perseverance can make land investment a great opportunity for those with an inclination for it. The low overhead and lack of experience necessary, combined with the sustainable value of land, makes investing in land seem like a no-brainer for those with the money to do so.

6. Your Vacant Land Could End Up Being Your Future Home

Finally, those looking ahead to the future may see more in land ownership than a campsite or an asset that may be converted into cash at a later date. While moving out to your vacant land might not always seem like an appealing prospect now, your vacant land may prove to be your paradise once you're ready to retire. Many retirees yearn to move out of the city and get off the grid, something that vacant land can effortlessly allow.

Vacant land means potential, and that potential can become anything you want once you're ready to make the move. You can sell it to someone to develop, or you can simply develop it yourself when the time is right. If you're someone who dreams of retiring and living off the land when you get older, investing in land today that you can develop later should be seen as the easiest way to go about doing it.

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6 Benefits of Owning Land

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