Cheap land for sale - is it a good investment?
Cheap Land for Sale! You see this phrase or ad often times when searching for real estate to buy. Heck we even offer lots for sale and that's one of our ad slogans! But is cheap land a good investment choice? The only correct answer is: maybe?!
Inexpensive real estate, just like inexpensive used cars, can sometimes fall under the mantra of "you get what you pay for". But like a used car, if you do your due diligence, you can vary likely find an incredible investment.
There are a few things you should do before investing in any real estate, cheap land, acreage, property etc. in the United States. The first thing is to make sure you're getting title via a General Warranty Deed. This is the highest and best form of title transfer! If you purchase property whereby you only receive a Special Warranty Deed, well you're most certainly "getting what you paid for"......which isn't much. Take a look at our Types of Deeds common to Arkansas guide. This gives you a brief description of the various deeds and various ways to take title.
The second thing you should always do is get title insurance. Wikipedia defines title insurance in the USA as an "indemnity insurance against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. Title insurance is principally a product developed and sold in the United States as a result of the comparative deficiency of the US land records laws. It is meant to protect an owner's or a lender's financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy." That's pretty well stated, but simply, it's just piece of mind knowing that someone else will help you fight for, and also pay for, protecting your property title should a problem ever arise.
Then you should simply check out the area. Contact local real estate companies and ask them what other similar properties are worth in their opinion. Or check out their listings to give you an idea what they believe they're worth. I would caution you against telling them the exact property or location you're talking about though! There are real estate agents out there that will take that knowledge and either buy it out from under you or go directly to the seller and get them to sign a listing agreement, so the agent can make a commission of the sale.
Often times cheap land for sale is really a good investment, especially if title is transferred through a General Warranty Deed and Title Insurance is available. You'll see this a lot in foreclosed properties, for example. And one thing that always makes real estate investors sleep easier at night, versus stock owners, is that they know when they wake up in the morning, some bad news about XYZ company didn't just cause the collapse of their investment: you can insert BP, Worldcom, Lehman Brothers etc. for XYZ company
Just remember, do your own "checking it out", or due diligence. If everything is on the up & up, go ahead and buy that cheap land. Remember, they're not making any more of it.
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