| What About Land Foreclosures? |
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| Written by John Burrows | |||
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As the Home Real Estate Market has started to appear like a frozen island that few would want to vacation on, one must look not too far ahead with a slight squint of the eye to see a warm fireplace burning with a background silhouette of what has always been this countries most prized value. Land that is, yes Land is the one commodity that carries value through every turn of a spastic economy!!!
Construction companies are walking away from development properties as new home orders are dwindling, home owners living in homes for many years that decided to refinance using new age methods are having to throw in the towel as a result of the inability to keep up with their newly increased mortgage rate, & business owners who opened there stores to regular customers are forced to sell as those customers can't afford to purchase beyond the basic necessities. So what do we have here? A ghost town of homes, businesses, and land similar to the days when the new sheriff ran arrived in town to discover the misfits had run all of the good citizens out of town by making it impossible for them to afford staying. Land is often seen as the palette to all of our dreams & imaginative creations in this amazing thing we call life. Before you grab your check book and run for the hills to purchase land that seems like a half off sale at your local shopping center beware that research is required as well as knowing there can be obstacles to overcome. Land is not unlike those new home purchases that now require credit that isn't beaten up but it also goes a step further in leaping a few hurdles before you can stick the sold sign on your new land property. The great friend of ours that follows us everywhere known as taxes comes in to play as you will need to understand the property taxes associated with the land you are interested in. You also can't just stick a hot tub any where you want as soon as you arrive you have to understand the zoning restrictions for that piece of land you just purchased. Then there is this little piece of business that should be handled, yes it had to be brought up, Insurance which protects you if a relative visiting loses their step when visiting you. Before you decide to close on the purchase of the land you probably have to do a check to make sure there are no pink ponds with blue ducks floating in them due to some strange blue plants growing all over the property. Yes you will need to make sure the land is not toxic or impacted by any pollution because that is an eradication bill you will have to pay with no buts about it. Don't cringe at the word audit because in this case it can be your friend if you have it done before you sign the dotted line. So with all the fine print flashing like at the bottom of the TV screen quickly after your purchase out of the way you can now get ready to reap the benefits of the land that you just bought. Not so fast, as in anything in life it is going to take time before you can enjoy the fruits of your labor. That cotton candy had to spin and form before you could eat it and so is true for the land that you just purchased. It took a few years for the bottom to drop out of a high home value market so it is going to take time for your land reveal it's true value. The market typically takes four to six years to recover from economic hiccups and waiting it out with that land can be a sound business decision. In a market where you can purchase Saks Fifth Avenue land at Wal-Mart prices one would be wise to take that chance and enter the market of land ownership. In a society where some people have purchased land 20 years ago for a couple thousand per acre and now see their land valued at millions of dollars for those same acres it is still a buyers market. With Homeowners and construction companies specializing in home building abandoning their posts at every turn it is time to look at the potential of your purchasing land for it's future value because after all it is and as far as we can see shall remain valuable soil gold.
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No matter the value homes are currently at in a market that reminds you of the teeter totter ride many of us loved as kids, the one thing that continues to grow & hold value during these uncertain times is soil gold also known as land. Land is sustaining while there is still demand for commercial property development and land plot purchases for future homes continues for when the home market finally stops coughing & is able to treat its severe cold that always goes away in time.