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Is Land Banking a Good Strategy For You?
Learn why you can never go wrong with land!
By Kristy Limon
What the heck is Land Banking you might ask? Well let me start off with a brief description for you: The simple explanation is that instead of putting your hard earned money into a traditional bank, you instead invest your cash in a tangible asset – LAND! Most commonly, it refers to purchasing undeveloped land with the outlook of selling it at a later stage when society has caught on to your little slice of paradise. It’s just another way to attain financial freedom in your future.
Why Would you Consider Land Banking?
Well, instead of getting 1-2% interest on your money if it sits in a bank, you can have a property that you can hold onto and sell later for a profit. You can also use as a weekend getaway spot, or plan a retirement home and leave it as a legacy to your family. It’s really a win/win! Even if you decide to NEVER go visit your property, you can still enjoy the increase in value when you decide to sell. This is the perfect investment for someone that wants to be a bit more hands off.
Vacant land doesn’t need any attention, nothing will break or get stolen, it is truly a buy it and forget it strategy. If you are looking for a place to escape the city and get away, then its perfect for you too! Many of these properties are ‘off-grid’ meaning they don’t have utilities, but that makes them a perfect spot to unwind and de-stress. Imagine the family memories you can make camping and exploring the wilderness on the weekends!
Land banking has a relatively low point of entry with a long term investment outlook. It’s perfect for those that have a bit of extra money and would like to invest it wisely. There is a finite amount of land, so having a piece is always a good idea and a great way to diversify your portfolio!
What are the First Steps to Start Land Banking?
It’s actually very simple! Find an area that is on the outskirts of a city, and then wait for people to move out that way! Remember a few years ago when that property just out of town was still wooded and undeveloped, and now its a shopping center!! That’s the idea! As cities get larger, people want out so they migrate further and further away. You want to find an area that has public appeal, buy, and wait. You can buy property at today’s low prices and when the city grows you can cash in at much higher prices. It’s simple economics of supply and demand. The bonus is if it is in an area that you love and want to visit regularly!
