The Pros And Cons Of Buying Vacant City Land
When people think about buying land, they tend to think of rural pastures. But not all available land is found in rural areas. It may be possible to find urban vacant land such as old disused car parks, parts of people’s yards that are being sold off or areas of land containing buildings that are scheduled to be demolished. This spare land could be the perfect location for your project - whether it’s to build a home or a building to rent/sell.
Buying this land does come with its pros and cons. These are worth understanding before you get stuck in. Below are just some of the biggest pros and cons of buying vacant city land.
Pros: Accessible utilities
A rural plot of land may not always have convenient access to mains water, electricity or gas. This typically means paying huge amounts of money to get hooked up to the grid or having to rely on self-sufficient options like solar panels and wells. With urban plots of land, it’s typically much easier to get hooked up to utilities. In fact, if a building was already there, there may already be existing plumbing and power lines.
Pros: Accessible roads
In urban areas, plots of land are likely to have accessible roads leading directly to them. This may not be the case with some remote rural plots of land where you may have little more than a dirt track. If you decide to build on the land, having accessible roads could make it easier to transport construction equipment there. It could also be more convenient for you or any occupants of the building once it’s completed.
Pros: Attractive location
While some people love living in rural areas, towns and cities can often be more attractive to a greater number of people. They can provide convenient access to shops, public transport, schools and other amenities. If you’re developing land to build housing or apartments to rent, this could be something to consider - the majority of people looking for somewhere to rent are more likely to want to live in a town or city than in the middle of nowhere.
Cons: Tight zoning restrictions
Urban plots of land often come with much tighter zoning restrictions, which can be a big downside. Certain structures may be more likely to impose on other people’s privacy or block out views/sunlight which may lead to protests against your plans. As a result, you may not have as much freedom to construct the home of your dreams. The real estate development company will be able to help you look into local restrictions and build within these where possible. Obviously, it’s important to do your research beforehand too (ideally before you make a decision to buy the land, just in case you cannot legally build upon it!).
Cons: Shortage of undeveloped land
There aren’t as many available plots of land in towns and cities, and those that are available are unlikely to be undeveloped. You’re much more likely to find vacant land containing abandoned buildings or rubble. This will need to be demolished and cleared before you can use your land for your own purposes - and this will add a lot to the overall cost.
Cons: Higher price tag
Available land in a city can be a lot more expensive per square foot than what you may get in a rural area. Be prepared to pay a lot more for a lot less. Those that want a larger plot of land may find that urban plots of land are too pricey.
