What Type of Land Is the Cheapest Option You Can Get?
Land is rising in price, but you can find cheap land options if youre willing to sacrifice some of your requirements. Were going to take a look at the cheapest land options as well as a few locations where youll find the cheapest land in the country.
Free land is a thing if youre willing to go out of your comfort zone. Dont get me wrong, there are a lot of opportunities, and free is not a bad thing. The only issue with free land is that it comes with numerous restrictions that youll be bound to as a result.
Where can you get free land?Marquette, Kansas: A town that's situated in the Midwest, and is a small, rural oasis. The town is giving away free land on one condition: you build a true home on the property. This cannot be a trailer it must be a real home. And as part of the agreement, youll also need to live on the property for a period of one year. If youre able to meet this criteria, youll get your own parcel of land.
Marne, Iowa: The great state of Iowa is also providing a free lot of land for anyone that builds a home on the provided property. You must have a conventional home built or a modular home. There are several cities around the United States that are just giving land away. The requirements are normally the same: build a home on the property. Camden, Maine also had incentives for businesses that provided 2.8 acres of land if the business functions in the city and is able to employee 24 people within 3 years.
Land in Struggling Markets
Land in struggling markets is another option. There will be a lot of land type diversity that takes place, but this isnt necessarily a bad thing. I do have to caution that youll want to inspect the land, despite the cost, as you find properties that are cleared, heavily wooded, contain swamp land and every other property you can think of.
Struggling markets include:
Detroit: The great city of Detroit has seen its population shrink and its thriving automotive industry shattered. The state has cheap land if you know where to look and properties that are $500 or less. Many of these properties are in areas with very high crime, or they have structures that are dilapidated.
West Virginia: The state of West Virginia has an abundance of land available, and many home and landowners have gone into foreclosure. Youll be able to find great properties in the state at rock bottom prices. There are also numerous bank auctions that will allow you to find great properties at rock bottom prices.
Do your own research, and find areas that are struggling economically. Youll find land of all types available at prices so low, theyre near impossible to pass up.
Less Desirable Land Types
Land is valuable, but the type of land has a major impact on the perceived value. There are a few land types that can be purchased for less, but this does come at lower long-term profitability for the investor.
Marsh Land: This land is less desirable because its very difficult to build on or utilize. In some states, this land may be used for hunting. It isnt unheard of for owners to have the land stabilized, and build a home on it. This happened with one school in New Jersey that was built on swamp land. The foundation began to sink, but the problem has now been corrected, and the land is being utilized.
Desert Land: Living in the desert is a tough life, but there is land for sale. Youll find that many desert communities are becoming more populated, and the climate isnt as stifling as you may think. Just look at land owners that had prime land in the desert of Las Vegas. If you have the foresight, you can own this land for a fraction of the cost and have a lucrative long-term investment.
Degraded Land: Perhaps you want land that is meant to be a little more functional than what is listed above. After all, youll need to have a lot of patience and money to remedy marsh land for building if its even possible depending on the property. Land that is degraded can be used for farming or building a home, but the soil has simply been degraded so much that its screaming for nutrients. Using this land for farming would require a lot of money and time, but you can revitalize the property for a much smaller cost. Note: It takes a lot of time and money to restore soil levels.
Raw Land:Raw land that is still wooded and not ready for a residential property will cost more than land that has been cleared. A lot of work needs to go into these properties before a person can build a home. And youll need to have a lot of upfront capital to knock down trees and run power lines. If you come across land that is deemed residential but is raw, you can haggle the price down due to the investment youll need to make to make the lot buildable.
Perhaps you want to purchase land that isnt in bad condition, but you dont want to pay a premium for it. You have two options: buy land for cash, or buy land where land is cheap. There are some areas, often far less populated, where land prices are still a bargain. And these parcels of land have a lot of potential, too:
If you choose to buy bulk land, youll find that oftentimes, youll be buying at a discounted rate because youre buying one massive lot for a high value. You have the option of then turning around and selling the land after it has been subdivided into several lots for a much higher price.
Cheap land is available, and your requirements, especially location, will be your biggest hurdle when trying to find land in your budget range.
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