Created on Wednesday, November 05, 2014
Updated on Monday, February 26, 2018
by Land Century
Tennessee Land Finding the Right Plot
Many plots of land in the great state of Tennessee include numerous acres, but small residential plots are also available for aspiring homeowners looking to build their dream home. No matter whether you are looking for waterfront property, farmland or a stretch of land near the mountains, Tennessee has something for everyone.
When searching for land, there are a few things that should be kept in mind:
Location: The location of the land is, in most cases, the most important thing. This is true for both investors and buyers looking to build a home. The closer the land is to a populated city, the higher the value. With the average person in Tennessee driving 24 minutes to and from work, its beneficial for investors to consider land close to employers in major cities, such as Memphis and Nashville.
Purpose: What purpose will your land serve? Are you looking to build a home, or use the land for recreational purposes? Perhaps you want to use the land for farming. Its easy to find cheap land in Tennessee, but some cheap plots may not be suitable for your purpose. Make sure that the plot is buildable if you plan on building a home. If youre considering leasing your land to hunters, make sure that your plot is in a desirable location and offers an appropriate amount of acres.
Utilities: No matter what the purpose of the land is, its important to consider the plots access to utilities. The land becomes much more valuable and versatile if electricity, water and sewer lines are already available. If they are not available, you may need to add the cost of running these lines into your budget.
Access: Access to main roads is another important thing that you need to consider. If the property is easily accessible, it will make building or leasing the land much easier.
Tennessee Housing and Economy
There are more than two million households in Tennessee, and the state boasts a high homeownership rate of 68%. With the median value of homes being $138,700 and the high availability of cheap land, Tennessee is a great state to consider if your goal is to build a home and sell. Housing units in multi-unit structures sits at 18.2%, so this state should also be considered if you are looking for housing development opportunities.
Numerous major corporations are headquartered in Tennessee, including AutoZone, FedEx, Nissan Motor Company and Regal Entertainment Group. The state is also home to a Volkswagen factory. The average household income is on par with the rest of the country, and the states beautiful scenery attracts thousands of tourists each year. With a stable economy and a thriving tourism industry, land investments in Tennessee are profitable on both the residential and commercial forefronts. The state is also known for its agricultural industry, which continues to thrive to this day.
While industry makes up the majority of Tennessees economy, agriculture still plays a major role. The states leading crops include soybeans, tobacco and cotton. Dairy products, hogs and cattle are also the states top farm commodities. With a thriving agricultural industry, Tennessee is also a great place to invest in farmland. As an added bonus, numerous farms are situated along the river banks and are just a short drive from some of the states major cities.
From an investors perspective, Tennessee is a great place to invest in land for residential, commercial or agricultural purposes. Cheap plots of land are available that offer numerous acres and allow you to easily make a cash transaction. With the Appalachian Mountains to the East and the Mississippi River to the West, Tennessee offers something for every type of investor. But plots of land in this state dont last long. Investors would be wise to take advantage of great investment opportunities quickly.