Most would-be landowners view the process of buying land as a scary venture that is risky to their finances and even life. The horror stories depicting harrowing stories of hapless land buyers duped of their life savings don’t make the situation better. However, with the right information, you can invest in real estate without as much as a scandal or losing sleep. Also, you will discover that most of your unfounded fear is based on misconceptions and myths. We demystify some of the land investment myths you might have heard from others.
Myth 1: Land is land. So, why pay higher for some land?
Land prices differ based on various factors such as the location, size, land rates, land use and other factors. Not all land is the same and you need to have all these considerations in mind as you plan to buy land.
Myth 2: I need a lot of money to invest in land
Your worry as an investor should be on why you need the land and if it will meet your current needs whether you want to build or buy a home. As mentioned above, the price of land is dependent on several factors. So, the size of the land and its location will determine the cost. Also, you can get help financing your land investment in the form of a mortgage.