should i buy the land?

Question

i'm in the process of buying an acre for fairly cheap. but i've just found out i've very little chance of gettin planning cuz i'm not from the area. should i call off the agreement or buy it as an investment in the hope that a local will buy it off me. it is a fantastic site in ahighly sought after area..... but it's still lot of money to hand over. need advice fast!!

no one else has been given the option to buy it. it's to me or not for sale at all.

Answer 1

I would buy, they aren't making any more land . Don't know where it is at but around where I live it is hard to find an acre of land. you should be able to make a profit on it, depends on how long you are willing to keep it and how much taxes are.

Answer 2

I can buy an Acre of land in Fiji. I'd say that's pretty desireable too, but eventually you have to decide whether or not it was money well spent as an investment, with regard to what you can recoup from it in a sale. What's desireable to you, may not be to others, and I suspect if it's so great why hasn't a "Local" snatched it up already anyhow???

I guess the bottom line might be how long might it take to relaize a profit? What might that profit be? AND how might that compare with other investment options?

If all you're interested in is buying to profit, then raw land is a LONG term investment.

Rev. Steven

All that said,,, There is no more of it. Once it's all gone, or at least all built over, we can't create more.

Answer 3

Is the area fast-growing? Is buying the land in your heart? You say it's prime land. If yes to all the above, I'd say go for it. It is just an acre though, but you may get offered a nice price for it one day. If you even wanted to sell it later, you can do that. Just price of land will never go down, it always goes up. Also remember that you'll have to pay taxes annually for your land. A little story...this elderly lady had a bunch of land, didn't use it and didn't want to mess with it, so she sold it for 5cents/acre...today, that land she sold is known as Atlanta, GA, hmmm.

Answer 4

If it had planning consent it would probably cost a lot more,
It could be a good investment you may be able to put a mobile home on the site check with the local council to see if they can advise you about planning issues before you go ahead
You could let it for someone to put a pony on then you could possibly put an animal shelter on the land

Answer 5

buy buy buy

at present it has not got planning but that will change in the future you say that the restriction is that you are not from the area but if you were to wait that would change or you may want to move there and the restriction would not apply

what if you bought built a house for yourself and lived there for a couple of years and then sold

I had a similar option when I was younger and chose not to go ahead regretted it ever since

Answer 6

if you are not going to use it I wouldn't buy it, it could be a waste of time or money, have you looked into all the fee's etc or what the land can be used for.

I would love some land of my own though for my horse and my friends horse to run around in

Answer 7

If its in a desirable location go ahead with the buy......you can re-sell later for a profit. If the area is developing, the property value will go up as development increases.

Answer 8

Buy it if it is as desireable as you say. Holding on to it for even a short time should bring a return.

Answer 9

I would bail out if you do not think you can build on it - that's how the money is made - by building on it then selling. Sounds like more of a hassle than it's worth.

Answer 10

Unless you want a field, don't buy any land that doesn't already have planning permission.