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Hi Ladies,
Have anyone invested in land before and how did you guy about researching? I have a gut feeling a currently rural area will boom soon but obviously this is a big gamble because I have nothing to back it up by.
How do I do research? Do i just ring up the local council and ask?
HELP Please
Thanks!!
Land is a funny thing really - my mum has had a block of land for about 10 years now, and although the whole area has boomed, she put hers on the market for 200K more than what she paid for it - no bites. So she still hasn't sold it, and its just sitting there.
You have to be careful too, in case there are covenants on the land that specify that you have to build in a certain time frame - some in development areas specify you must start building a house within 12 months.
I think that land is good - if your intention is to build on it yourself and live there - but if its for investment purposes, you are better off buying a house to rent out - because at least you are getting something back for your money immediately - especially if you have to borrow money from the bank to purchase it.
If you live in Vic then there is land tax to consider...
Thanks for the advice ladies. I think DH just wants to live simply now, he doesnt want any investment or anything until we pay off our house.
I just feel like we are not living for the future if we dont invest in something =(
Thanks once again!
Ahh honey but if you already have a house in your name - that is an investment ;)