What are the Benefits For Owning Land?

Question

What are the benefits for owning land. There is land taxes. Is this the same as property tax?

Are there any good books?

How do I know what someone is selling me is legal? The deed may be fake?

Answer 1

Do a search at the court house ask for ID and get a title guarantee. You may want to have an attorney handle the tranaction to protect yourself.
Yes there are usually property taxes,
The benifits are it is usually a good investment but if you utilize the land it is a better investment.If your not going to use it whats the point ?

Answer 2

Owning Land

Answer 3

Well, like most things they aren't making anymore land can be a good investment. There are many places land can be had for as little as $500 to $1000 an acre. The average condo in New York sells for $1000 a square foot. You get the idea. There are residential real estate lots for sale in Arizona and California that sold for $10,000 an acre 20 years ago that are now 6, 8, 10x that much. I've seen lots in Scottsdale Arizona that at one point were considered uninhabitable now starting at $1,000,000 and go as high as $3,000,000. Those are obviously extreme examples but good ones none the less.

There are tax advantages to owning real property. The mortgage interest is generally deductable and may have a positive impact on your bottom line from a tax perspective. Land can be a great way to buy into a promising neighborhood you might want to live in but may not be able to afford to do so now.

Property tax rates vary so look into the area you are considering buying. They can be as little as nothing and as high as 1.2% for some places in the US. Most places have special assesments and fees for services so it is always best to check the area you are considering carefully to know for sure. Title to land is best obtained through an escrow process and part of that process is a title search. Title insurance is obtained to insure your interest are protected. This process isn't required in all areas but you would be less than diligent if you didn't do it. The county recorder in the area you are looking to buy can tell you who holds the deed to a psrticular parcel. In some areas attorneys handle the transaction and are used in lieu of the title company. In any transaction an attorney is a good idea.

You will find owning property to be very empowering. Some of the richest men in the world got that way by investing in real estate and being in the right place at the right time. Good Luck.

Answer 4

If you are having these doubts, you need to contact an attorney who specializes in real estate- look in the phone book and/or call around. They can research the title and deed, and make sure you are protected. You get tax deductions from owning your house that you don't get as a renter (you get to deduct the mortgage interest), you will always pay less to own than to rent (why would someone rent something to you for less than their mortgage payment?). You can't be evicted because the owner decides to rent the place to his cousin. And then there's that feeling of standing on your own land, even if it is only a fraction of an acre-- It's mine, and I feel like sitting on the front porch with a shotgun and scaring off all intruders!!!

Answer 5

Use a realestate attorney, if you are financing you probably will have to get a clear title search. If not go to clerck of court and check out the property, who ownes it what lends are on it. other than that buy it. make sure it is selling at a comparable price to other similar land in the area, and get with a good notary who can write up a good buy/sell agreement that protects you and the seller. If you are not financing dont worry about an appraisal just compare it to other sold or selling properties. Bottom line is land is allways a good investment

Answer 6

I love owning the acreage I bought three or four years ago. I have fenced it in and have complete privacy, and anybody who decides they want to intrude are very aware they are violating my privacy, and out in this part of Texas, they know that's not a very smart thing to do. You never know when you might be mistaken for a wild animal, and rifles and shotguns and pistols are a-plenty around here. And, I can let my trees grow as much as I want, and I don't have to worry whether someone's going to cut down my trees for their profit, and I have some of the most serene and wooded area I have ever had, and it sure makes life wonderful. And, if that ain't all, if I need monetary resources somewhere down the line, this land and it's trees are a naturally growing bank account that pays higher than any bank's interest rates will ever consider, and more reliably than Wall Street ever thought of. Save your money and buy some land. My uncle told me that consistently decades ago. I wish he were still alive to see just how well I listened to him since he loved nature so well, as did my dad, who taught me to respect natural beauty and keep it sacrosanct. God Bless you.

Answer 7

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None. Ownership does not even entitle you to a visa to visit your property. You still must qualify just like every other tourist.